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Retirement Plans Newsletter

April 10, 2023

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[Guidance Overview]

SECURE 2.0 Makes Big Changes to Recoupment of Overpayments

"Recoupment of inadvertent overpayments to participants and beneficiaries is generally no longer required ... [If] plan fiduciaries do decide to recoup, they must heed new limitations designed to protect participants/ beneficiaries. These new rules became effective immediately upon SECURE 2.0's enactment in December 2022[.]"  MORE >>

Boutwell Fay LLP

[Guidance Overview]

ASOP 4: What Pensions Should Know About the Newly Required LDROM Disclosure

"It is highly unlikely that a public pension plan would adopt an all-bond investment strategy, and there is no indication that any plans intend to do so. For that reason, the new disclosure has limited practical application for public sector plans. However, understanding this new measure is critically important to ensure the new disclosure is not used to mischaracterize the financial health of a pension plan."  MORE >>

National Conference on Public Employee Retirement Systems [NCPERS]

[Guidance Overview]

The Qualified Plan Forfeiture Regulation Gets a Makeover for Its 60th Anniversary

"The Proposed Rule would apply to forfeitures incurred in plan years beginning on or after January 1, 2024. Any forfeitures incurred before then would be treated as arising in the first plan year beginning on or after January 1, 2024."  MORE >>

Sidley Austin LLP

D.C. Circuit Reverses Denial of Class Certification of 'Fail-Safe' Class in ERISA Pension Dispute

"The D.C. Circuit held that the district court abused its discretion by denying the amended class certification motion based on a stand-alone rule against 'fail-safe' classes, rather than applying the factors set forth in FRCP 23(a), including numerosity, commonality, typicality, and adequacy of representation." [In re White, No. 22-8001 (D.C. Cir. Apr. 4, 2023)]  MORE >>

Roberts Disability Law

Exceptional Usefulness and Quality icon Protecting Plan Assets from Cybersecurity Risk: The Evolving Challenge (PDF)

24 pages. "[This article] discusses the cybersecurity risk to retirement plans, examines the challenges participants face in recovering stolen funds, and explores the enhanced cybersecurity risk associated with plan investments in cryptocurrency and other crypto assets."  MORE >>

White & Case LLP, via Benefits Law Journal

How Should 401(k) Plan Contributions Be Handled When There Is a Temporary Liquidity Crisis?

"In the event of missed or delayed payrolls, no issues arise with employee deferral contributions (since no payroll means no deferrals are taken). However, when payrolls resume, an evaluation of the impact of missed payrolls on participant loan repayments is necessary to account for any catch-up payments or re-amortization of future payments that may be required. Furthermore, any employee deferral or loan payment remittances from prior payrolls that may not have yet been contributed to the plan trust should be deposited in the plan trust as soon as possible."  MORE >>

Butterfield Schechter LLP

Withdrawal Liability Interest Rate Assumptions: The Battle Continues (PDF)

"Recent appellate decisions favor employers, but a [PBGC] proposed rule would restore plan actuaries' prerogatives. The question is what balance to strike between protecting plans from opportunistic withdrawals and protecting employers from unfair withdrawal liability assessments. Litigation over that issue may continue even after the regulation is finalized."  MORE >>

The Wagner Law Group

How the Backdoor Roth IRA Contribution Works

"[A] Roth IRA is considered a better choice than a traditional IRA if the objective is a lower income tax bracket. But what if an individual is not eligible to make a regular contribution to a Roth IRA because their income is too high? They can get around this limitation using the backdoor Roth IRA contribution strategy."  MORE >>

Appleby Retirement Dictionary


How to Fix Social Security and What to Do While We Wait

"[1] Permit deferral of Social Security benefits beyond age 70.... [2] Permit a gradual move into Social Security benefits.... [3] Allow buy-in to the Social Security system from 401(k) or rollover individual retirement account (IRA) savings.... [4] [G]radually increase normal retirement age to reflect Americans' increased longevity and slowly push back the date of retirement for full benefits."  MORE >>


Employee Benefits Jobs

View job as Senior Pension Consultant
            for National Benefit Services, A "Remote First" Company

Senior Pension Consultant

National Benefit Services, A "Remote First" Company

Remote / Sandy UT

View job as Senior Pension Consultant for National Benefit Services, A "Remote First" Company

Selected New Discussions

Tax Return Has Been Filed But Contribution Has Not Been Fully Made

"Sole-prop situation with the CB Plan. The minimum for 2022 is 160K, the client has made only 150K contribution in 2022 for 2022 Plan Year. CPA went ahead and has already filed the tax return for 2022 without consulting with anyone. Per my conversation with the advisor, the 'missing' 10K has been deposited today. My understanding that reliance on revenue ruling 76-28 still secures the deduction of that 10,000 for 2022 tax year as long as the tax return is refiled. [1] Anything I might be missing here? [2] Reliance on 76-28 requires a designation in writing by Sponsor to Plan Administrator of that contribution as being made for 2022. Does anyone has a sample of such language they would be willing to share? [3] Tax return will have to be amended -- I do not believe it needs to be amended by 4/15 and can be really amended at any point. Thoughts?"

BenefitsLink Message Boards

Press Releases

IMA Financial Group Expands Executive Leadership Team

IMA Financial Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRAs: Is Your Program In Compliance?

May 18, 2023 WEBINAR


Last Issue's Most Popular Items

What Is Your Required Minimum Distribution Age?


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


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

Congressional Research Service [CRS]

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

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