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Retirement Plans Newsletter

April 17, 2023

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

Third Phase of Form 5500 Changes Released

"This guidance addresses changes related to provisions in [SECURE 1.0, enacted in 2019]. The Agencies' third phase of final forms revisions are effective for plan years beginning on or after January 1, 2023. The DOL simultaneously published a final rule with an effective date of April 25, 2023, which is required to implement the Agencies' third phase of final forms."  MORE >>


[Guidance Overview]

SECURE 2.0 Provides New Tools to Assist Plan Participants in Crisis

"In addition to making the hardship distribution rules more flexible, SECURE 2.0 expands on the ability of defined contribution plan sponsors to make penalty-free distributions to participants who have personal emergencies. In some cases, the permanent SECURE 2.0 provisions are modeled on temporary relief granted for specific federal disasters or under the CARES Act."  MORE >>


[Guidance Overview]

Code Section 457(f) Conundrum: How to Handle Past Year Mistakes (From Vesting) (PDF)

"What happens when a Tax-exempt Employer discovers that non-qualified plan (or severance-related agreement) violates 457(f) by providing for the vesting of benefits before the year in which payments occur? ... [T]here may be more than one reasonable tax position that draws from [published] IRS advice[.]"  MORE >>

The Wagner Law Group, via LexisNexis Practical Guidance

State Automated Retirement Savings Programs Continue to Complement Private Market Plans

"New federal data for 2021 shows that implementation of state-facilitated retirement savings plans for private sector workers without workplace plans may be having a positive impact on the creation and retention of private plans. Businesses in California, Illinois, and Oregon, three of the first states to launch programs to help private sector workers without workplace plans save for retirement, continued to create new plans in 2021 at rates similar to or exceeding those in states without such programs."  MORE >>

The Pew Charitable Trusts

NEPC Pension Monitor, Q1 2023

"Returns from growth-oriented assets fueled increases in the funded status of most U.S. corporate pension plans in the first quarter of 2023.... Estimated plan liability discount rates, based on long-duration fixed-income yields, were lower in the first quarter and contributed to higher liabilities.... The funded status of a total return plan rose 2.8%, and the LDI-focused plan experienced a funded status increase of 3.7%."  MORE >>


Do Public Pension Expenditures Impact Education Spending? (PDF)

80 pages. "When viewing a 26-year period from 1993 to 2019, education funding grew at three times the annual rate of pension spending. The growth of pension funding averaged 0.82 percent annually during this period, while education funding grew at 2.48 percent annually, or triple the rate of pension funding.... Those who argue that pension expenditures are outpacing education funding fail to look at the impact of volatility in pension funding."  MORE >>

National Conference on Public Employee Retirement Systems [NCPERS]


SPARK Institute SECURE 2.0 Guidance Request (PDF)

33 pages. "While [this] guidance request covers a broad range of issues, in terms of immediate SECURE 2.0 guidance needs, SPARK's top priorities are: [1] relief from the last-minute increase of the required minimum distribution (RMD) age; and [2] relief and guidance for SECURE 2.0's Roth catch-up contribution requirement."  MORE >>

The SPARK Institute


Plan on Future Adjustments to Your Retirement Plan

"[S]ome financial advisors and academics encourage use of 'safe' alternatives ... where future retirement plan adjustments are generally not anticipated. This type of planning is referred to as 'one-and-done' (or static) retirement planning.... [It] is very difficult to predict the future accurately and, as a result, it is very easy to either overspend or underspend relative to your spending goals when using these static approaches."  MORE >>

Ken Steiner, FSA Retired

Benefits in General

Improve Benefits Enrollment Experience with Digital Tools

"Create one simple place for your employees to access all their benefits information.... Provide decision support tools to your employees during benefits enrollment.... Get personal with your digital tools during open enrollment."  MORE >>

Willis Towers Watson

Employee Benefits Jobs

View job as Associate Regional Director, Retirement Services
            for AmericanTCS

Associate Regional Director, Retirement Services



View job as Associate Regional Director, Retirement Services for AmericanTCS

View job as ERISA Attorney
            for Barlow Coughran Morales & Josephson, P.S.

ERISA Attorney

Barlow Coughran Morales & Josephson, P.S.

Seattle WA / Hybrid

View job as Institutional Relationship Manager - Retirement Services
            for Hancock Whitney Bank

Institutional Relationship Manager - Retirement Services

Hancock Whitney Bank

New Orleans LA / Hybrid

View job as Institutional Relationship Manager - Retirement Services for Hancock Whitney Bank

Selected New Discussions

Is This Plan Terminated?

"A single member plan (Solo) wants to roll out the balance of her plan into an IRA. She is not closing down her business, but she is ceasing her contributions to the plan. She would like to keep the plan around in case she decides to make a contribution at a future date. I know that a plan that does not receive a contribution for 3-5 years means that everyone is 100% vested. Not an issue here with this plan being a single member plan. But can she do this? Empty the plan out and keep it around with a small balance, $1,000 or so?"

BenefitsLink Message Boards

409A Correction Program

"Any prohibition against Employer reimbursing Employee the 20% excise tax when using the program?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Top Senate Staffer on Reaching Across the Retirement Policy Aisle


American Retirement Association [ARA]

Focused on ESG: Regulatory and Political Challenges for ESG in Retirement Plans

April 26, 2023 WEBINAR

Multnomah Group

Quarterly Fiduciary Training Series: Part II

May 3, 2023 WEBINAR

CAPTRUST Financial Advisors

Safe Harbor Plans

May 11, 2023 WEBINAR


Last Issue's Most Popular Items

Applying the New EPCRS Rules Under SECURE 2.0

Boutwell Fay LLP

Would Raising the Full Retirement Age Really Save Social Security?


Plan Sponsors Warm to Keeping Assets In-Plan

American Retirement Association [ARA]

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

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