logo logo

Retirement Plans Newsletter

September 8, 2023

7 New Job Opportunities 7 New Job Opportunities


[Guidance Overview]

IRS Delays Roth Catch-Up Contribution Requirement Under SECURE 2.0 Act

"[IRS Notice 2023-62] addresses confusion over an apparent drafting error in the Act that could be read to eliminate catch-up contributions altogether. The Notice clarifies that eligible participants over age 50 may continue to make catch-up contributions, regardless of income."  MORE >>

Slevin & Hart, P.C.

AT&T Files for Rehearing on Prohibited Transaction 'Call'

"Noting that 'where ERISA is concerned, nationwide uniformity isn't just an ideal -- it's an imperative,' ... AT&T states that 'in a 'watershed moment' for ERISA plans and plan sponsors, the panel decision violated that imperative -- departing from Supreme Court precedent and splitting with the Third and Seventh Circuits.' They go on to state that a 'rehearing is needed to resolve these conflicts and restore uniformity on an important, recurring issue of ERISA law.' " [Bugielski v. AT&T Servs., Inc., No. 21-56196 (9th Cir. Aug. 4, 2023; pet. for rehearing filed Sep. 1, 2023)]  MORE >>

American Retirement Association [ARA]

2023 Defined Contribution Consultant Research Study (PDF)

"Fee pressures continue to be a dominant force in shaping the future of target date solution ... Study results depict plan sponsors as evolving from an exploratory mindset to a more decision-oriented posture on in-plan retirement income solutions.... [H]alf (50%) of respondents cite poor performance as influencing their evaluation of DC plan fixed income offerings ... [A] majority (71%) of study respondents identify ESG integration ... as the best path forward to incorporating ESG factors in DC plan investments[.]"  MORE >>

T. Rowe Price

ESOP Repurchasing Strategies (PDF)

"Understanding the available options to satisfy repurchase obligation can ensure the plan sponsor is using the appropriate strategy in the current life cycle of their ESOP. Working through a repurchase obligation study can not only educate a new or old ESOP company to understand the ins and outs of repurchase liability, but it also gives them a sense of comfort they have done their due diligence as a plan sponsor to ensure the sustainability of the ESOP and the current plan design is supporting their corporate goals."  MORE >>

Blue Ridge ESOP Associates, via Plan Consultant magazine

PBGC Approves SFA Application for IBT Local 863 Plan

"[PBGC] has approved the application submitted ... by the Local Union No. 863 I.B. of T. Pension Plan. The plan, based in Mountainside, New Jersey, covers 2,487 participants in the transportation industry ... [and] will receive approximately $334 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2024."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Tenth Circuit Adopts Eighth Circuit Pleading Standard for ERISA Breach of Fiduciary Cases Alleging Imprudent Investments

"Applying the Meiners principles to this case, the court concluded that the complaint failed to state a plausible claim for breach of the duty of prudence. The court agreed with the district court that 'the FAC failed to plausibly state a breach of the duty of prudence based on the allegedly higher investment management fees because [1] the FAC 'misstate[d] expense ratios of Plan funds' and [2] the FAC 'ma[de] 'apples to oranges' comparisons that d[id] not plausibly [permit the court to] infer a flawed monitoring and decisionmaking process.'' Because this claim fails, the duty to monitor claim also fails." [Matney v. Barrick Gold of N. Am., No. 22-404 (10th Cir. Sept. 6, 2023)]  MORE >>

Roberts Disability Law


Call for Vacatur of Massachusetts' Fiduciary Duty Standard for Broker/Dealers

"The Massachusetts Supreme Judicial Court upheld the fiduciary duty standard of care imposed on broker/dealers by the Commonwealth of Massachusetts on August 25, 2023. [This article explains] the practical implications of the recent court opinion and highlight why the United States Supreme Court should grant a Writ of Certiorari and vacate the Massachusetts' fiduciary duty standard." [Robinhood Financial, LLC v. Secretary of the Commonwealth, No. SJC-13381 (Mass. Aug. 25, 2023)]  MORE >>

Bryan Cave Leighton Paisner LLP


Outside-The-Box Ideas for Continued Improvements to 401(k) Plans

"SECURE and SECURE 2.0 did some amazing things to enhance and improve 401k plans. It will be years before we are able to truly understand and evaluate the impact of the various provisions on retirement accounts, but on the surface, all of these provisions are welcome improvements to 401k plans.... [Here are] few proposals to continue to improve the benefits participants will receive from their 401k accounts."  MORE >>

Bradley Bartells, via LinkedIn

Employee Benefits Jobs

View job as Relationship Manager
            for MVP Plan Administrators

Relationship Manager

MVP Plan Administrators


View job as Relationship Manager for MVP Plan Administrators

View job as ESOP Administrator
            for Blue Ridge ESOP Associates

ESOP Administrator

Blue Ridge ESOP Associates


View job as ESOP Administrator for Blue Ridge ESOP Associates

View job as Employee Benefits Paralegal
            for Ogletree Deakins

Employee Benefits Paralegal

Ogletree Deakins

Indianapolis IN

View job as Employee Benefits Paralegal for Ogletree Deakins

View job as Senior Sales Executive
            for Greene Resources

Senior Sales Executive

Greene Resources

Charlotte NC / Hybrid

View job as Senior Sales Executive for Greene Resources

View job as Defined Benefit Consultant
            for FuturePlan, by Ascensus

Defined Benefit Consultant

FuturePlan, by Ascensus


View job as Defined Benefit Consultant for FuturePlan, by Ascensus

View job as Sr. Retirement Plan Compliance Analyst
            for FuturePlan, by Ascensus

Sr. Retirement Plan Compliance Analyst

FuturePlan, by Ascensus


View job as Sr. Retirement Plan Compliance Analyst for FuturePlan, by Ascensus

View job as Head of Sales and Marketing
            for Definiti

Head of Sales and Marketing



View job as Head of Sales and Marketing for Definiti

Selected New Discussions

Closed MEP and Audit Requirement?

"Closed MEP 401(k) plan. Can an audit be avoided if the individual entities are each below the participant count threshold? The MEP as a whole appears to be over the audit count threshold.... I have seen some MEPs do individual 5500s for each single employer, does anyone have any rules or reading I can do on this topic? Would filing each entity under a separate 5500 alleviate the audit requirement?"

BenefitsLink Message Boards

Safe Harbor Plan Design for Controlled Group

"All members of the controlled group participate in the plan. Safe Harbor Match equal to 100% up to 4% some of the participating employers want to increase their match to 100% up to 6%. Is this even possible? Don't all participating members have to use the same safe harbor formula? Guessing they could elect a discretionary match for a specific group of employees, assuming it is below 4% and still remain safe harbor. However, allocating a discretionary to only a small group of employees would require additional converge testing -- correct??"

BenefitsLink Message Boards

Press Releases

Spencer Fane Welcomes Back Noted Employee Benefits Practitioner

Spencer Fane

Human Interest Introduces Fast Track 401(k), the Easiest Way to Set Up a Retirement Plan

Human Interest

This 401(k) Day, 'Invest in You'

PSCA [Plan Sponsor Council of America]

Pittsburgh Consulting Firm Promotes Jessica Grande to Practice Director

Cowden Associates, Inc.

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

401(k) Plan Challenges for Small Businesses: ERISA Compliance, Impact of SECURE 2.0, Fiduciary Obligations, and More

October 12, 2023 WEBINAR


SECURE 2.0 and SECURE Act: Opportunities, Relief and Required Changes

October 12, 2023 in VA

Williams Mullen

Last Issue's Most Popular Items

DOL Seeks Input on SECURE 2.0 Changes

Groom Law Group

SECURE 2.0: Required Minimum Distributions (RMDs)

Watkins Ross

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

KLB Benefits Law Group

Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

Copyright 2023, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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

Links to web sites other than and are offered as a service to our readers. We are not involved in their production and are not responsible for their content.