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Retirement Plans Newsletter

April 6, 2023


[Guidance Overview]

IRS Employee Plans Examination Process Guide

"The Employee Plans Examination Process Guide clarifies the steps in the examination process and introduces resources for retirement plan compliance.... A general explanation of the EP Examination process from the initial contact through conclusion. It explains general examination techniques and procedures used to conduct examinations of qualified retirement plans." [Includes links to relevant IRS publications and forms.]  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

What to Love (and Fear) About SECURE 2.0 (PDF)

13 pages. "It's complex, confusing, and filled with opportunities for advisors, plan sponsors, and -- importantly -- participants. What should retirement plan professionals watch, and watch out for, in the landmark legislation?"  MORE >>

NAPANET the Magazine

[Guidance Overview]

Plan Establishment and 'Compensation'

"Pass-through businesses, including sole proprietorships, partnerships, limited liability companies and S-corporations have several special considerations with respect to setting up and contributing to retirement plans."  MORE >>

Retirement Learning Center, LLC

[Guidance Overview]

IRS Proposes One-Year Limit on Use of Forfeitures in Defined Contribution Plans

"Plan sponsors will have a generous transition period to use forfeitures incurred but not used before 2024 for these purposes.... The proposed regulations are effective for plan years beginning on or after January 1, 2024, but they may be relied on immediately."  MORE >>

Morgan Lewis

Eighth Circuit Affirms Denial of Disability Pension Where Claimant Failed to Submit Social Security Disability Notice of Award with Application for Pension Benefits

"The court explained that the Board did not abuse its discretion in denying Ruessler's July 2017 application because the Board reasonably interpreted the Plan as requiring the notice of award be provided at the time the application is submitted, but no later than the 180 days that the Board has to decide the claim. The court rejected Ruessler's argument that he could cure the defect by submitting the notice of award with his appeal." [Ruessler v. Boilermaker-Blacksmith Nat'l Pension Tr. Bd. of Trustees, No. 21-3876 (8th Cir. Apr. 3, 2023)]  MORE >>

Roberts Disability Law

University 403(b) Wins Excessive Fee Suit — Again

"This case contains a veritable potpourri of the types of charges that have long characterized the excessive fee suits filed against fiduciaries of university 403(b) plans since 2016; that multiple recordkeepers are inherently inefficient and more costly, that the restrictions on annuity investments are problematic, that a large number of investment choices serve only to confuse participants, and that the challenged plan is paying more for recordkeeping that other, allegedly comparably sized plans." [Wilcox v. Georgetown Univ., No. 18-0422 (D.D.C. Mar. 31, 2023)]  MORE >>

American Retirement Association [ARA]

Retirement Plan Closings Put Pressure on Small Employers

"Morningstar estimated that the beginning of the pandemic caused the number of plans closing to spike, as more than 40,000 plans closed in 2020. Overall, Morningstar found that mega plans -- those with more than $500 million in assets -- mitigated the pandemic's overall impact, and by 2020, these plans added more than 15.8 million people and covered 45% of all U.S. DC plan participants."  MORE >>

PLANSPONSOR; free registration may be required

Everything You Need to Know About 'Maryland Saves'

"After an employer registers, MarylandSaves contacts the employee 'at least three times' over the course of the next 30 days and automatically enrolls the employee in the plan, contributing 5% of salary if they do not respond. Participants can opt out or change their contributions at any time."  MORE >>

PLANSPONSOR; free registration may be required

PBGC Approves $12.5 Million in Supplemented SFA for Teamsters Local 52 Plan

"[PBGC] has approved the supplemented application submitted ... by the Teamsters Local Union No. 52 Pension Fund. The plan, based in Valley View, Ohio, covers 769 participants in the transportation industry.... The Teamsters Local 52 Plan will receive approximately $12.5 million in supplemented SFA, which is in addition to $84.9 million in SFA approved for the plan in November 2022[.]"  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

PBGC Approves Supplemented SFA Application for Local 681 Plan

"[PBGC] has approved the supplemented application submitted ... by the Cement Masons Local Union 681 Pension Plan. The plan, based in Houston, Texas, covers 196 participants in the construction industry.... The Local 681 Plan will receive approximately $47,100 in supplemented SFA, which is in addition to $16.1 million in SFA approved for the plan in April 2022[.]"  MORE >>

Pension Benefit Guaranty Corporation [PBGC]


Are Roth IRAs Really as Great as They're Cracked Up to Be?

"While a Roth IRA is an excellent tax strategy, that doesn't mean you should underestimate the benefits of a traditional tax-deferred retirement account."  MORE >>


Executive Compensation and Nonqualified Plans

Obstacles That Undermine Executive Pay Disclosures

"[1] Leaving out key details or answers to common questions ... [2] Failing to include essential information or rely on other disclosures ... [3] Including unnecessary or irrelevant information ... [4] Using charts or graphs that have no clear linkage to pay decisions ... [5] Failing to recognize who reads your proxy and what information they need for making proxy voting decisions[.]"  MORE >>

Farient Advisors

Selected New Discussions

May a Self-Employed Individual Who Had Pay More Than $145,000 Choose Non-Roth Catch-Up Deferrals?

"Internal Revenue Code Section 414(v)(7)(A) restricts to Roth treatment a Section 414(v)(1) catch-up deferral for 'an eligible participant whose wages (as defined in section 3121(a)) for the preceding calendar year from the employer sponsoring the plan exceed $145,000[.]' If a retirement plan's participant who otherwise would have had wages more than $145,000 had no wages (but as a partner had net earnings from self-employment more than $145,000), may she choose non-Roth catch-up deferrals?"

BenefitsLink Message Boards

Press Releases

Distinguished Benefits Counsel Scott E. Galbreath to Lead Trucker Huss' Equity and Executive Compensation Practice

Trucker Huss

HFMA Names Ann Jordan as New CEO

HFMA [Healthcare Financial Management Association]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What Does Treasury Have on Tap for SECURE 2.0?


American Retirement Association [ARA]

401k Plan Considerations in M&A Transactions

April 6, 2023 PODCAST

Lowenstein Sandler

Last Issue's Most Popular Items

RMD Evolution: SECURE 2.0 Changes


Here's What Retirement Looks Like in America in Six Charts

The Wall Street Journal; subscription may be required

How the SECURE 2.0 Act Will Impact Your Retirement Plan Starting in 2025 and Beyond


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

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