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Retirement Plans Newsletter

April 11, 2023

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

SECURE 2.0: Roth Treatment for Catch-up Contributions for Higher Compensated Employees

"Prior to the SECURE Act 2.0 all older participants, regardless of compensation level, could deduct their catch-up contributions. However, under the new law -- beginning in 2024 -- participants who earn more than $145,000 will only be able to make Roth catch-up contributions. As a result, those catch-up contributions will be taxable to those participants, but the contributions will not be taxable when withdrawn, and if held for the qualifying period, the earnings will not be taxable either."  MORE >>

[Guidance Overview]

Connecticut Extends Deadline for Businesses to Comply with Mandatory Retirement Security Program

"While employer registration opened April 1, 2022, compliance with the program was phased in based on the size of the business ... Connecticut employers with more than five employees should register their business with MyCTSavings or claim an exemption by August 31[.]"  MORE >>


J. Mark Iwry to District Court: Lawsuit Challenging DOL ESG Rule Should Be Tossed

"The [DOL's] new rule permitting retirement plan fiduciaries to consider climate change and other ESG factors when selecting investments and exercising shareholder rights is based on sound legal footing and a lawsuit seeking to overturn it should be dismissed ... Mr. Iwry, former senior adviser to the secretary of the Treasury and deputy assistant director for retirement and health policy ... said in an amicus brief ... in support of the [DOL]." [Utah v. Walsh, No. 23-00016, (N.D. Tex. amicus brief filed Apr. 5, 2023)]  MORE >>

Pensions & Investments

Pension Funds Sue Silicon Valley Bank's Officers, Auditor KPMG Following Bank Failure

"Three pension funds have filed a class action lawsuit against officers and directors from Silicon Valley Bank's parent company, SVB Financial Group, and its auditor, KPMG LLP, for allegedly misrepresenting the strength of the company's balance sheet, liquidity and position in the market. SVB Financial Group and subsidiary SVB Securities were not named in the suit due to their ongoing bankruptcy proceedings.' [City of Hialeah Employees" Retirement System v. Becker, No. 23-1697 (N.D. Calif. complaint filed Apr. 7, 2023)]  MORE >>

Chief Investment Officer [CIO]

Generational Changes in 401(k) Behaviors (PDF)

11 pages. "Automatic enrollment and the rise of target-date funds are reshaping retirement plan behavior for all generations, but those innovations are having the greatest impact on younger workers ... The overall participation rate ... increased from 62% in 2006 to 82% in 2021, largely because more plans have adopted automatic enrollment. Generation Z's participation rate was more than twice as high as similarly aged employees in 2006. Overall, eligible employees deferred nearly 40% more in 2021 than in 2006."  MORE >>



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Most Americans Say They Can't Count on Social Security for Retirement Income

"Nearly three in four (74%) say they can't count on Social Security benefits when planning retirement income.... 88% say it is critical to have another source of guaranteed income beyond Social Security benefits in order to have a comfortable retirement."  MORE >>

Allianz Life Insurance Company of North America

The Sustainability of State and Local Pensions: A Public Finance Approach

"Many experts favor full prefunding of state and local pensions to maintain fiscal sustainability, which means big contribution hikes. This analysis explores an alternative: stabilizing pension debt as a share of GDP. Under current contribution rates, baseline projections show no sign of a major crisis in the next two decades even if asset returns are low. Yet, many plans will be at risk over the long term of exhausting their assets, so action will be needed. Plans can reach a sustainable footing by stabilizing their debt-to-GDP ratio, with much smaller contribution hikes than under full funding."  MORE >>

Center for Retirement Research at Boston College


The Diminishing Returns of Group Fiduciaries Forewarns of the Dangers of Government Retirement Solutions

" 'If the government assumes fiduciary responsibility for all employees' retirement savings, potential issues may include reduced competition, a lack of innovation in retirement planning solutions, and inefficiencies associated with large-scale government programs,' [says Eliza Arnold, CEO of Arnie.] 'The current competitive private industry fosters better responsiveness to market changes, more personalized service, and a wider range of retirement planning options.' "  MORE >>

Fiduciary News; free registration required

Benefits in General

[Official Guidance]

Text of IRS Disaster Relief Notice TN-2023-02, for Victims of Severe Storms, Straight-Line Winds and Tornadoes in Tennessee

"Victims of severe storms, straight-line winds and tornadoes in Tennessee from March 31 to April 1, 2023, now have until July 31, 2023, to file various individual and business tax returns and make tax payments ... [I]ndividuals and households affected by severe storms, straight-line winds and tornadoes that reside or have a business in Cannon, Hardeman, Hardin, Haywood, Lewis, Macon, McNairy, Rutherford, Tipton, and Wayne counties qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Employee Benefits Jobs

View job as DC Plan Administrator
            for The Benefit Advantage

DC Plan Administrator

The Benefit Advantage

Remote / West Bloomfield MI

View job as DC Plan Administrator for The Benefit Advantage

View job as Retirement Plan Consultant
            for The MandMarblestone Group, llc

Retirement Plan Consultant

The MandMarblestone Group, llc


View job as Retirement Plan Consultant for The MandMarblestone Group, llc

View job as Relationship Manager for Defined Benefit/Cash Balance Plans
            for The Retirement Plan Company (TRPC)/an ABG firm

Relationship Manager for Defined Benefit/Cash Balance Plans

The Retirement Plan Company (TRPC)/an ABG firm


View job as Relationship Manager for Defined Benefit/Cash Balance Plans for The Retirement Plan Company (TRPC)/an ABG firm

View job as Retirement Plan Consultant - Combo Plans
            for Definiti

Retirement Plan Consultant - Combo Plans



View job as Retirement Plan Consultant - Combo Plans for Definiti

Selected New Discussions

Is Schedule F Income Equal to Schedule C Income for Contribution Purposes?

"Hi Sole proprietor, farm owner. CPA is asking if can use schedule for Pension purposes. Never heard of it but someone may have experience with farm owners. Thanks"

BenefitsLink Message Boards

Plan Takeover, Document Questions

"We were recently hired to takeover as TPA for a plan. It is a mess. The previous TPA was sold in 2021 and the Plan was left to fend for itself. In the time since, the Plan Sponsor has retired most of the previous owners. The remaining owners and associates are all pretty new to the Plan. Outside of knowing where they funds are currently being held, they have little information on their Plan. Through some digging they were able to locate a plan document. It is a PPA document. None of the Trustees listed on this PPA document are with the company currently. Our office is working to get them a new document, but I am unsure about the exact process we need to take to keep everything in good standing as we correct everything that has happened over the last 2 years. Can we take their PPA document and restate it on our provider's Post PPA Document? What should we use as the effective date? Who should be listed as Trustees? They also changed the Plan Sponsor and Plan name in 2023. Does this change need to be made as an amendment after we have restated the Plan?"

BenefitsLink Message Boards

Split Plan to Avoid Audit?

"This question might go out of style with the change in counting participants to determine whether a plan is required to have an audit. Normally, the answer is yes, you can split a plan into two and avoid the audit, assuming all of the good things that go into maintaining separate plans. The question that was brought to my attention is whether a sponsor, finding out today that their particpant count went over 120 on 1/1/22, do the split retroactively to 1/1/22. I don't think you can, but I raise this to make certain that I'm correct on that."

BenefitsLink Message Boards

Press Releases

Sue Diehl Honored with NTSA 2023 Richard Ford Volunteer Service Award

National Tax-Deferred Savings Association [NTSA]

Veteran Legal and Employee Benefits Advisor Andy Nebens Joins Alliant Insurance Services in New York

Alliant Insurance Services

Group Benefits Leader Mylo Selected by Mployer Advisor as a Top-Rated Solution for Employers


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

DOL / EBSA Fireside Chat!

May 11, 2023 WEBINAR

Pension Education Council of Atlanta [PECA]

Last Issue's Most Popular Items

SECURE 2.0 Makes Big Changes to Recoupment of Overpayments

Boutwell Fay LLP

How the Backdoor Roth IRA Contribution Works

Appleby Retirement Dictionary

Protecting Plan Assets from Cybersecurity Risk: The Evolving Challenge (PDF)

White & Case LLP, via Benefits Law Journal

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

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