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Retirement Plans Newsletter

May 1, 2023

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[Guidance Overview]

New Rules for Form 5500 Begin with 2023 Plan Year

"[T]he new rules provide for a number of changes related to the SECURE Act and SECURE Act 2.0, including consolidated reporting for groups of defined contribution plans, improved reporting by pooled employer plans and multiple employer plans, and technical adjustments for 403(b) multiple employer plans. The rules also improve financial and funding reporting by PBGC-covered defined benefit plans."  MORE >>

Boutwell Fay LLP

[Guidance Overview]

IRS Clarifies Timing for Reallocation of Forfeitures

"Under the proposed rules, DC plans may use forfeitures to: [1] Pay plan administrative expenses. [2] Reduce employer contributions under the plan (including restoration of benefit overpayments and restoration of conditionally forfeited accounts that might otherwise require additional employer contributions). [2] Increase benefits in other participants' accounts in accordance with plan terms."  MORE >>

Willis Towers Watson

[Guidance Overview]

SECURE 2.0: Moving 529 Assets to a Roth IRA

"[C]ontributions can now be made to 529 plans with the knowledge that, if not all of the funds are used for the education of the beneficiary, the excess funds can be transferred to a Roth IRA for that beneficiary (and the other options, such as transferring the money to a 529 for a different beneficiary remain available)."  MORE >>

Federal Judge Dismisses Complaint Against HR Company TriNet

"[T]he class of plaintiffs alleged that the TriNet retirement committee committed two counts of fiduciary breach by failing to monitor plan recordkeeping costs -- causing participants to pay excessive fees for recordkeeping services -- and by employing an imprudent process in selecting and monitoring the plan's investments by selecting high-cost, underperforming investment options." [Huang v. TriNet HR III, Inc., No. 20-2293 (M.D. Fla. Apr. 26, 2023)  MORE >>

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'Third Rail' Heats Up as Social Security Reform Talk Increases

"A senator working on a plan to save Social Security says Social Security reform does not have to be the proverbial third rail of politics ... The CBO looked into two alternatives in raising the payroll tax wage cap.... Another alternative is applying the 12.4 percent payroll tax to earnings over $250,000, but skipping income between $160,200 and $250,000."  MORE >>

FAS87 ASC715 Discount Rates and Moody's Rates, April 28, 2023

An unofficial monthly report of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

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Executive Compensation and Nonqualified Plans

[Guidance Overview]

SEC Provides Update on Timing of Dodd-Frank Clawback Rules

"[The SEC designated] June 11, 2023, as the final date by which it will 'either approve or disapprove, or institute proceedings to determine whether to disapprove' the proposed NYSE and Nasdaq listing standards, which the exchanges have provided will become immediately effective upon SEC approval."  MORE >>


Navigating Past Clawbacks to Take a Competitor's C-Level Job Offer

"For many C-level and senior executives, non-compete covenants are reinforced ... by severe company clawback rights that can pose a significant ... financial hazard to executives who want to leave or even test the waters with a competitor. If you are a C-suite or senior executive in that situation, being courted by a competitor company and fearing the potentially huge costs of making the move, how can you explore the opportunity and still protect yourself? This article shares some of the author's techniques representing C-level clients in major US corporations under just these circumstances."  MORE >>

Robert A. Adelson, Esq., via CEOWorld Magazine

Employee Benefits Jobs

View job as Senior Retirement Analyst
            for Dunbar, Bender & Zapf, Inc.

Senior Retirement Analyst

Dunbar, Bender & Zapf, Inc.

Remote / Pittsburgh PA

View job as Senior Retirement Analyst for Dunbar, Bender & Zapf, Inc.

Selected New Discussions

Missed Deferral Correction for Plan W/Auto-Enrollment

"Making sure I grasp the ability to give 0% missed deferral opportunity for a plan with auto enrollment. Employee rehired in 2022, and therefore eligible per plan doc to reenter plan on rehire date. EE deferrals not started until after completing new hire requirement of 3 months worked, in early 2023. I believe then that because deferrals were started w/in 9.5 months of failure, due to the auto-enrollment feature, no MDO required (ie 0% MDO)."

BenefitsLink Message Boards

Change Name to Beneficiary on Account of Deceased Employee?

"We have a small balance forward 401k plan. One of the employees died at age 49 and his wife is the beneficiary. She is also 49. She wants to leave the money in the plan. Should we/must we change the name on the account to her name, rather than using her deceased husband's name? Any other issues we should be aware of?"

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Press Releases

Spectrum Pension Consultants CEO, Petros Koumantaros Accepted Into Forbes Finance Council

Spectrum Pension Consultants, Inc.

Cohen & Buckmann, P.C. Expands ERISA and Employee Benefits Practice Jeffrey Mamorsky and Terry Moore Join the Firm

Cohen & Buckmann P.C.

Recordkeeper Enables Fiduciaries to Provide Superior Qualified Default Investment Alternatives (QDIAs)

Target Date Solutions

Last Issue's Most Popular Items

Text of IRS Memo Clarifying 2022 Form 5500 Instructions for Certain DB Plans

Internal Revenue Service [IRS]

SECURE 2.0 Includes Several Changes to Encourage the Use of Retirement Annuities

Faegre Drinker

Beyond ESG: Proxy Voting Provisions to Know in DOL's ESG Rule

Morgan Lewis

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

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