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Retirement Plans Newsletter

April 7, 2023

2 New Job Opportunities 2 New Job Opportunities

 

[Guidance Overview]

What Is Your Required Minimum Distribution Age?

"First, the 2019 SECURE Act increased it to age 72 starting in 2020 (for those turning 70½ or older in 2020 or later).... SECURE Act 2.0 of 2022 came along and raised the mandatory age at which RMDs must begin, once again. Now any individual who turns age 72 after December 31, 2022, and reaches age 73 before January 1, 2033, will have a compulsory RMD age of 73.... [T]he law ups the RMD age to 75 for an individual who turns age 74 after December 31, 2032."  MORE >>

ORBA

Latest Court Decision in Northwestern Case Opens Door to More ERISA Litigation

"[T]he 7th Circuit stated in its most recent ruling that the real emphasis should be on the 'difficult tradeoffs' that fiduciaries face, as well as the 'reasonable range of judgments.' When viewed through that lens, the 7th Circuit considered whether there was an 'obvious alternative explanation' that the fiduciary should have assessed for the plan." [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 23, 2023)]  MORE >>

planadviser

CRS In Focus: Selected Findings of the 2023 Trustees Annual Report on Social Security

"According to the 2023 report ... the program's finances are in a similar, albeit marginally worse, position in 2023 relative to what they were in 2022.... In the 2023 report, the size of the payroll tax increase and benefit reduction needed to maintain solvency are larger than estimated in 2022.... [As] time elapses, the magnitude of the changes needed to maintain Social Security solvency increases." [IF12375 Apr. 5, 2023]  MORE >>

Congressional Research Service [CRS]

PBGC Approves Supplemented SFA Application for Local 783 Plan

"[PBGC] has approved the supplemented application submitted ... by the Cement Masons Local 783 Pension Plan (Local 783 Plan). The plan, based in Houston, Texas, covers 51 participants in the construction industry.... The Local 783 Plan will receive approximately $16,800 in supplemented SFA, which is in addition to $4.5 million in SFA approved for the plan in April 2022[.]"  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

PBGC Approves $438 Million in Supplemented SFA for New York State Teamsters Conference Plan

"[PBGC] has approved the supplemented application submitted ... by the New York State Teamsters Conference Pension and Retirement Plan. The plan, based in Syracuse, New York, covers 33,643 participants in the transportation industry.... The NYS Teamsters Conference Plan will receive approximately $438 million in supplemented SFA, which is in addition to $963.4 million in SFA approved for the plan in November 2022"  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Employee Benefits Jobs

View job as Assistant Vice President - Retirement Plan Administration
            for St. Luke's University Health Network

Assistant Vice President - Retirement Plan Administration

St. Luke's University Health Network

Allentown PA

View job as Assistant Vice President - Retirement Plan Administration for St. Luke's University Health Network

View job as Survivor Benefits Manager
            for Wespath Benefits and Investments

Survivor Benefits Manager

Wespath Benefits and Investments

Glenview IL / Hybrid

View job as Survivor Benefits Manager for Wespath Benefits and Investments

Selected New Discussions

Match Coverage Failure and ADP/ACP Testing

"Matching contributions fail coverage due to allocation conditions. [1] To correct, we have to provide QNEC to some NHCEs at the ACP rate. Can these QNECs be used in the ADP tests? Can they be used in the ACP test I believe the answer is yes to both [2] Or do we run the ADP/ACP tests first, then make QNEC to correct ACP failure which will correct the match coverage failure? I think # 1 is the correct methodology, but looking for other opinions."

BenefitsLink Message Boards

Press Releases

PrincipalĀ® Meeting Rising Demand for Personalized Retirement Investment Strategies with New Hybrid QDIA

Principal Financial Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

A Practical Guide to Implementing Compliant Clawback Policies

April 26, 2023 WEBINAR

Morgan Lewis

Last Issue's Most Popular Items

IRS Employee Plans Examination Process Guide

Internal Revenue Service [IRS]

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

NAPANET the Magazine

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

Morgan Lewis

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

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