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Retirement Plans Newsletter

September 7, 2023

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

SECURE 2.0: Required Minimum Distributions (RMDs)

"[Notice 2023-54] granted a transitional relief for RMDS for those participants born in 1951 and that have already received an RMD: The IRS is allowing the 60-day rollover rule for RMDs processed from January 1, 2023 to July 31, 2023 for participants born in 1951. Those affected participants (including a participant's surviving spouse) will have until September 30, 2023 to rollover their 'mischaracterized RMDs'. This also allows the participant to rollover the distributed funds back into the plan. Plans will not be penalized for failing to treat the distributions as eligible for rollover."  MORE >>

Watkins Ross


ERISApedia -- Announcing: The Plan Distribution eSource

The Plan Distribution eSource, written by S. Derrin Watson, J.D addresses distributions extensively. An entire chapter explains the maze of 1099-R reporting. Numerous practical examples. For more information, please contact

Sponsored by ERISApedia

[Guidance Overview]

After an M&A Transaction, What Is a Code Section 410(b) Transition Period?

"What can you do if your company finds itself stuck with the seller's retirement plan after an acquisition or merger? It's often wiser to require the seller to terminate their plan before the closing to avoid this situation, but if that does not work out, what then? Fortunately, a nice feature of the Code called the '410(b) Transition Period' can ease the compliance burden following a transaction."  MORE >>

KLB Benefits Law Group

[Guidance Overview]

If Your Home Was Damaged by a Natural Disaster, Leveraging Your Retirement May Not Be Such a Bad Idea Anymore

"Section 331 [of SECURE 2.0] makes the following changes: [1] Exempts up to $22,000 per disaster from the federal 10% early withdrawal penalty. [2] Spreads the tax liability for the withdrawal over the course of three years, and [3] Gives the participant the opportunity to repay the money to the plan to offset the tax liability. This relief applies to qualified plans with respect to any federally declared disaster occurring on or after January 26, 2021."  MORE >>

Benefit Resources Inc.

DOL Seeks Input on SECURE 2.0 Changes

"The RFI includes 31 questions about nine different provisions of SECURE 2.0.... [1] Paper statements.... [2] Fee disclosure.... [3] Consolidated notices.... [4] Unenrolled participants.... [5] Pooled Employer Plans (PEPs).... [6] Pension-Linked Emergency Savings Accounts (PLESAs).... [7] Asset allocation fund benchmarks.... [8] Lump sum disclosures.... [9] Funding notices."  MORE >>

Groom Law Group

Legislative Package Would Curtail DOL's ESG Rule

"This legislative package amends [ERISA] to ensure financial institutions are focused on maximizing returns in retirement plans rather than on woke environmental, social, and corporate governance (ESG) factors." [HR 5339, the Roll back ESG To Increase Retirement Earnings (RETIRE) Act; HR 5337, the Retirement Proxy Protection Act; HR 5338, the No Discrimination In My Benefits Act; and HR 5340, the Providing Complete Information To Retirement Investors Act]  MORE >>

Committee on Education and the Workforce, U.S. House of Representatives


Register for the 2023 CCA Annual Meeting before Sept. 18 and Save

This three-day meeting features more than 30 retirement-specific sessions for single employer, multiemployer and public plans practitioners. Topics include the latest on SECURE 2.0, the SFA program and ASOPs. 15.5 EA credits available.

Sponsored by Conference of Consulting Actuaries [CCA]

U.S. Corporate Pension Plans Funding Status, August 2023

"The aggregate funded ratio for U.S. corporate pension plans decreased by an estimated 0.1 percentage points in August, ending the month at 105.0% ... This month's change in funded ratio can be attributed to a 2.3% decrease in asset value, mostly offset by a 2.2% decrease in liability value. Over the year-to-date and trailing twelve-month periods, the aggregate funded ratio is estimated to have increased by 6.3% and 9.2%, respectively."  MORE >>

Wilshire Associates

Great Recession Cut Late Boomers' Retirement Wealth

"The baby boomers born in the early 1960s, at the tail end of the demographic wave, had about $280,000 in retirement wealth when they reached their early 50s. That's significantly less -- about $50,000 less -- than the late-1950s boomers had at the same age.... [W]hile Social Security and traditional pensions are smaller, the decline in late boomers' wealth overall was not preordained. They were the first generation to have access to a 401(k)-style retirement plan for their entire careers, and they could've accumulated enough money in savings to make up for the other losses. But they didn't."  MORE >>

Center for Retirement Research at Boston College

Benefits in General

[Guidance Overview]

New System Will Affect E-Filings and E-Payments

"Beginning January 1, 2024, users of the DOL's EFAST filing system will be required to access EFAST using [E]xisting users will need to create an account on that can be linked to an existing EFAST account.... This year, the PBGC is expected to adopt the sign-on system for its e-Filing Portal. The PBGC will contact users who have existing e-Filing accounts about the change."  MORE >>


Executive Compensation and Nonqualified Plans

[Guidance Overview]

SEC Clawback Update: Listing Requirements for NYSE and Nasdaq Exchanges, and Preparing for Compliance

"Issuers listed on the Nasdaq or NYSE exchanges that already have an existing clawback policy now face the decision of whether to replace the current policy with the new required policy or to implement multiple policies.... Listed companies are advised to review their indemnification arrangements to ensure that covered officers are not indemnified against the loss of incentive compensation that is recouped under the required clawback policy."  MORE >>

Faegre Drinker

Employee Benefits Jobs

View job as Enterprise Sales Consultant
            for Pentegra

Enterprise Sales Consultant


Remote / West Harrison NY

View job as Enterprise Sales Consultant for Pentegra

View job as Account Manager
            for Pentegra

Account Manager


Remote / West Harrison NY

View job as Account Manager for Pentegra

View job as ERISA Attorney
            for Definiti

ERISA Attorney



View job as ERISA Attorney for Definiti

Selected New Discussions

Missing Restatements Since 1986

"An accountant just presented a very old problem. His client adopted an HR-10 prototype with Equitable in 1986 when purchasing an annuity and life insurance. Contributions/premium payments have been made every year, and Form 5500EZ has been filed. But there have been no document updates. The only thing they can find is the original adoption agreement....not even the basic plan document is available.... Equitable has kept the document up to date with IRS but apparently the client hasn't adopted any restatements. If they go into VCP, will the IRS require all the missing restatements? ... I'm trying to figure out how many restatements are missing."

BenefitsLink Message Boards

Eligible Compensation Issue and Correction

"We've run into multiple situations where it is discovered companies are not taking employee deferrals from bonuses and commissions, despite there being no exclusions specified in the adoption agreement. What is the typical correction? Would analysis need to be done for every plan year going back to when the AA was restated? Or since inception? This seems to be a recurring issue for plans that are being audited for the first time (first year over 120 ppts)."

BenefitsLink Message Boards

Press Releases

First Dollar Partners with Health-E Commerce® to Create Frictionless Shopping Experience for FSA, HSA Users

First Dollar

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Student Loan Repayment Benefits

September 20, 2023 WEBINAR


The Best of the Worst EPCRS 2023

October 17, 2023 WEBINAR


Last Issue's Most Popular Items

IRS Releases Guidance on Roth Catch-Up Contributions Under SECURE 2.0


Ten Common Mistakes in 457 Plans of Tax Exempt Organizations, Part 2

Trucker Huss

Postponing 401(k) Catch-Up Changes Allows Time to Clarify Rules (PDF)

Cohen & Buckmann, P.C., via Bloomberg Tax

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

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