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Retirement Plans Newsletter

April 3, 2023

4 New Job Opportunities 4 New Job Opportunities


[Official Guidance]

Text of Instructions for IRS Form 8915-F: Qualified Disaster Retirement Plan Distributions and Repayments (PDF)

35 pages; rev. Mar. 2023. "What's New: [1] Qualified 2021 and later disaster distributions ... [2] Dollar limit.... [3] Determining the qualified disaster distribution period ... [4] Determining the qualified distribution repayment period ... [5] Determining the disaster's FEMA number and other information ... [6] New line 1a ... [7] New Worksheet 1B." [Also available: Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments. Rev. Jan. 2023]  MORE >>

Internal Revenue Service [IRS]


Don’t miss ASC’s 403(b) Enrollment Deadline This Week!

Do you provide document services for 403(b) plans? Enroll with ASC before April 6th! Get more information and access our easy online enrollment here.

Sponsored by ASC

[Guidance Overview]

SECURE 2.0: New Rules for Correcting Overpayments Add Protection for Plan Fiduciaries

"Plan fiduciaries may still qualify for the relief from liability even if they seek recovery of the overpayment.... If a plan fiduciary does not seek recovery of the overpayment, the recipient is permitted to continue to treat the overpayment as eligible for a tax-free rollover (if it otherwise qualifies as an eligible rollover distribution). Alternatively, if the plan fiduciary decides to recover the overpayment, the portion of the overpayment shall be permitted to be returned to the plan and treated as an eligible rollover distribution transferred to the plan."  MORE >>

Trucker Huss

[Guidance Overview]

To Roth or Not to Roth

"[P]lans that currently offer catch-up contributions but do not offer Roth must either add a Roth contribution option or eliminate the plan’s catch-up contribution option for all employees. Plan Sponsors should consider creating a process early on to identify participants as the compensation standards may differ from those regularly used by the plan, requiring more work on the back end to identify these individuals."  MORE >>


[Guidance Overview]

Choosing the Right Retirement Plan in California

"[M]ost employers with five or more California-based employees are required to register their employees for the CalSavers program unless they offer a qualified plan.... This article provides an overview of the CalSavers program and a summary of the defined contribution qualified plans that employers may offer in lieu of participation in CalSavers."  MORE >>

Trucker Huss

Seventh Circuit Sets Forth Pleading Standard in ERISA Duty of Prudence Claims

"[T]he court concluded that under its newly articulated pleading standard, the plaintiffs sufficiently alleged that recordkeeper consolidation and soliciting an equally capable but lower-cost recordkeeper were plausibly alleged available options, especially given the plaintiffs' comparison to other university plans.... The court concluded that the plaintiffs plausibly alleged that waivers of investment minimums were possible and that Northwestern University could have negotiated for institutional class shares." [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 23, 2023)]  MORE >>

Faegre Drinker


A better 401k audit. A better experience. Starting at $9,000.

401(k) audits are required, but they shouldn’t be so intrusive, take so long, or cost so much. PriceKubecka’s audit technology reduces the hours needed to produce a high-quality audit by 70%. That saves time – and money. Let’s schedule yours.

Sponsored by PriceKubecka

The Retirement Saving and Income Handbook (PDF)

28 pages. "[T]his handbook provides a basic description of each product or solution, a synopsis of common features found in each, and a visual representation of how each one functions. It is intended as an introduction to annuities and other solutions that provide investors with opportunities to accumulate wealth, fully or partially protect investable assets from market risk and market volatility, and efficiently distribute wealth to create supplemental income throughout retirement."  MORE >>

Insured Retirement Institute [IRI]

More Retirement Plan Committee Meetings Are Including Legal Counsel

"According to [one] annual survey ... there has been a sharp rise in the presence of legal counsel at DC committee meetings, with internal lawyers attending meetings at 49% of the companies in 2022, up from 11% in 2017, and external counsel attending meetings at 36% in 2022, up from 21% in 2017.... [T]he top areas of fiduciary focus were plan governance and process, investment structure evaluation and plan investment management fees."  MORE >>

InvestmentNews; subscription may be required

The Duty of Impartiality (PDF)

"n this article, the author examines the duty of impartiality, observing that although it is infrequently discussed in the case law, it is an important element of the common law of trusts of which practitioners should be aware."  MORE >>

The Wagner Law Group, via Benefits Law Journal

Retirement Income: A Modern Approach Driven by Advice

"Retirement income solutions need to be customized to address the myriad of possible retirement scenarios, and to accomplish that ... they need to include three core pillars -- personalized, holistic, and advised."  MORE >>

Empower Retirement

What Is Social Security's True Funded Status?

"64% of the decrease in the funded status of Social Security since 1983 is attributable to changes in the valuation date each year, 30% of the decrease is attributable to economic data and assumptions and 13% is attributable to disability data and assumptions. The remaining sources (including demographic data and assumptions) have contributed very little to the decrease in the system's funded status since 1983. This latter fact is important because it seems to contradict the frequently heard assertion that Social Security's funded status has deteriorated largely due to demographic experience since 1983."  MORE >>

Ken Steiner, FSA Retired


Where Are the Retirement Tontines?

"Tontines are ... well‐​regarded noninsured financial arrangements that can be used to generate lifetime income from pots of money. They have proved successful in the United States and elsewhere. Unfortunately, they are likely not permissible for use by private‐​sector DC retirement plans. Congress would do well to consider retirement policy broadly to allow and facilitate the use of tontines, and possibly other non‐​insured arrangements, for converting private‐​sector DC plan accounts into lifetime income."  MORE >>

Cato Institute

Executive Compensation and Nonqualified Plans

Employers Should Consider an NQDC Plan for Pre-Tax Make-Up Contributions

"[The] 'Rothification' of catch-up contributions was a revenue raiser to help balance other provisions within the budget bill containing SECURE 2.0.... [O]lder highly-paid executives who desire to save more for retirement would have to do so with after-tax contributions ... [An] NQDC plan can allow some or all of those executives to defer salary on a tax-deferred basis instead of through catch-up contributions ... Additionally, the NQDC plan does not have to limit deferrals to the catch-up amount ($7,500 in 2023)"  MORE >>

Trucker Huss

Employee Benefits Jobs

View job as Client Service Specialist
            for EPIC Retirement Plan Services

Client Service Specialist

EPIC Retirement Plan Services

Remote / Norwich NY

View job as Client Service Specialist for EPIC Retirement Plan Services

View job as ERISA Technical Consultant
            for Voya Financial

ERISA Technical Consultant

Voya Financial

Remote / Franklin Park NJ

View job as ERISA Technical Consultant for Voya Financial

View job as Senior Retirement Analyst
            for Dunbar, Bender & Zapf, Inc.

Senior Retirement Analyst

Dunbar, Bender & Zapf, Inc.

Remote / Pittsburgh PA

View job as Senior Retirement Analyst for Dunbar, Bender & Zapf, Inc.

View job as Retirement Services Director - Specialized Services
            for Minnesota State Retirement System

Retirement Services Director - Specialized Services

Minnesota State Retirement System

Saint Paul MN / Hybrid

View job as Retirement Services Director - Specialized Services for Minnesota State Retirement System

Selected New Discussions

SECURE Act Amendment for Terminating CB Plan

"I'm terminating a cash balance plan with a PYE 7/31 and am trying to get all benefits paid out prior to that date so that the 5500 for that PY will be the final 5500. The plan document is from FT William which has a Secure Act amendment for terminating DC plans but has advised that it won't have one for terminating CB plans for several months. Any ideas?"

BenefitsLink Message Boards

Late Filing Penalty for Late Deposit Form 5330

"We prepared a 2021 Form 5330 for a client who had late deposits. For several reasons, we did not prepare it until December 2022 but we calculated the interest/excise tax through 12/31/2022. They will also need a 2022 Form 5330, which I believe we could have included the 2021 info on that for only one filing, but we elected to do two separate filings. The client remitted the form (along with excise tax payment) fairly quickly; the IRS apparently received these on Jan 9, 2023. I know this because they actually sent our client a letter assessing penalties. Granted, the amount is quite small (< $10) but I have never heard of a late 5330 letter being sent by the IRS. Has anyone else heard of their clients receiving a late 5330 letter, ever? I know the IRS is beefing up their staff and perhaps now have employees eager to take action on things like this. Also, could the client have avoided a penalty if we had done a combined reporting on one 2022 Form 5330?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SECURE 2.0 Corrections: EPCRS/Overpayments

April 27, 2023 WEBINAR

Boutwell Fay LLP

Last Issue's Most Popular Items

Suggested 402(f) Notice Changes Related to the SECURE 2.0 Act of 2022 (PDF)

The SPARK Institute

Changes to the 2023 Form 5500

Legacy Professionals LLP

District Court Reexamines ERISA's Church Plan Definition After Supreme Court Weighs In

Thomson Reuters / EBIA

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BenefitsLink® Retirement Plans Newsletter, ISSN no. 1536-9587.

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