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Retirement Plans Newsletter

April 26, 2023

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

401(k) In-Service Distributions: New SECURE 2.0 Options

"All of the new SECURE 2.0 options share three common features: [1] Although taxable income, the options are exempt from the 10% penalty tax for early distributions from a 401(k) plan. [2] No 20% mandatory withholding on the distribution amount, but employees may specify withholding if desired. [3] Ability to re-pay the distribution amount back to the 401(k) plan within three years."  MORE >>

Employee Fiduciary

[Guidance Overview]

New Rules on Retirement Plan Duty to Recover Benefit Overpayments

"[E]mployers and other plan fiduciaries will need to carefully consider (and document) any decision not to seek recovery of a benefit overpayment ... [F]iduciary duties are owed to all plan participants and beneficiaries, not just the recipient of a benefit overpayment.... [A] plan fiduciary should not decide to forego collection of a benefit overpayment solely to relieve the employer from an obligation to make a corrective contribution to the plan -- especially if the decision maker is the employer!"  MORE >>

Golan Christie Taglia

[Guidance Overview]

RMD Evolution, Part 2

"The Roth and surviving spouse amendments will give certain participants and beneficiaries the ability to defer distributions longer on a portion of their account balances, and the reduction in excise taxes will reduce future participant liabilities and may change plan administrator calculations when determining the best way to correct RMD failures."  MORE >>

Bricker Graydon

District Court Distinguishes Metzgar and Allows Pension Participants to Challenge Union Plan's Elimination of Early Retirement Benefits

"[T]he district court largely agreed with the plaintiffs that defendants were not entitled to judgment on the pleadings on claims that defendants violated ERISA through 'the guise of an interpretation' designed to eliminate plaintiffs' right to receive early retirement benefits while they continued to work and to recoup the benefits already paid to them.... Apparently using the same playbook as the defendants in Metzgar, the defendants here justified their new standards by arguing that their previous interpretations and accompanying decades-long actions were erroneous because they failed to comport with IRS rules." [Phillips v. Boilermaker-Blacksmith Nat'l Pension Tr., No. 19-2402 (D. Kan. Apr. 20, 2023)]  MORE >>

Kantor & Kantor LLC

The Worrisome State of Retirement (Un)Readiness

"While the circumstances of each plan will differ, as will the circumstances for many demographics within the plan, it is possible to systematically assess where the plan has room for improvement and what policies or strategies can be implemented to drive plan success.... With a systematic approach, the plan sponsor also develops a reference point for monitoring the impact of changes to the plan, and whether they are achieving the intended benefit."  MORE >>



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How Employers Can Encourage Financial Wellness

"One key to energizing more employees to get their finances on track is making financial wellness a central element in workplace retirement plans.... Financial wellness programs are often most effective when they emphasize personalization.... Multi-channel delivery is essential -- mobile apps, webinars, workshops, emails, texts and on-demand content."  MORE >>


A Close Look at ERISA 403(b) Plans, 2019 (PDF)

"About half of ERISA 403(b) plan participants are in hospital plans, which held 38 percent of ERISA 403(b) plan assets in plan year 2019. Another 23 percent of ERISA 403(b) plan participants were in educational services, holding nearly half (45 percent) of ERISA 403(b) plan assets.... In 2019, more than four-fifths of large ERISA 403(b) plans covering three-quarters of large ERISA 403(b) plan participants had employer contributions.... Simple matching formulas ... were the most common type of employer contribution.... A majority of large 403(b) plans reported participant loans outstanding."  MORE >>

Investment Company Institute [ICI] and BrightScope

Benefits in General

Exceptional Usefulness and Quality icon Individual Arbitration of ERISA Breach of Fiduciary Duty Claims: Is It Possible And, If So, Is It Worth It?

"[T]he seemingly instinctive desire to pursue individual arbitration in lieu of class litigation may need to be reevaluated.... [A]rbitration of ERISA fiduciary breach claims may still emerge as a useful tool to the defense bar, but the focus may need to shift away from arbitration as a means to avoid altogether the prospects of class action litigation, and in favor of crafting arbitration agreements that will make such litigation more manageable."  MORE >>

Proskauer, via JDSupra

Employee Benefits Jobs

View job as Defined Benefit Administrator
            for Corvus Pension Actuaries, LLC

Defined Benefit Administrator

Corvus Pension Actuaries, LLC


View job as Defined Benefit Administrator for Corvus Pension Actuaries, LLC

View job as Product Specialist
            for PensionPro Software

Product Specialist

PensionPro Software


View job as Product Specialist for PensionPro Software

Press Releases

Ohio Chamber Health Benefit Program Partners with AndHealth to Expand Employee Access to Specialty Care

Ohio Chamber Health Benefit Program [OCHBP]

Better Wealth Management for Everyone: OneDigital Chooses Pontera to Help Clients with Their 401(k)s


Business Group on Health Announces Winners of Best Employers: Excellence in Health and Well-Being Award

Business Group on Health

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Hot Topics in Retirement Plan Investments


ALI CLE [American Law Institute Continuing Legal Education]

I Failed My 2022 ADP Test. What Can I Do for 2023?


Nova 401(k) Associates

Last Issue's Most Popular Items

The Brave New World of Self-Correction

E is for ERISA

Defined Contribution Plan Governance Models: A Guide for Plan Sponsors (PDF)

Defined Contribution Institutional Investment Association [DCIIA]

Text of DOL Field Assistance Bulletin No. 2023-01: Annual Funding Notice Requirements for Multiemployer Pension Plans That Received Special Financial Assistance

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

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

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