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Retirement Plans Newsletter

September 11, 2023

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[Guidance Overview]

IRS Addresses Erroneous Form 8955-SSA Penalty Notices

"[T]he IRS indicated that CP 283-C penalty notices distributed by the agency may have been issued in error. The bulletin further advises plan sponsors that if Form 8955-SSA was timely filed, there is no need to respond to penalty notices dated prior to September 1, 2023."  MORE >>

Schneider Downs

[Guidance Overview]

2023 Q&As: PBGC Meeting with ABA Joint Committee on Employee Benefits (PDF)

Topics include:

  • Single Employer Program: Reportable events experience; Standard termination audit experience; De-risking; Missing participants experience.
  • Multiemployer Program: Special Financial Assistance.
  • Regulatory Agenda.
  • Fiduciary Education Project.
  • Other: Early warning program; Foreign controlled group members; SECURE 2.0.


Joint Committee on Employee Benefits [JCEB], American Bar Association

[Guidance Overview]

IRS Delays Mandatory Roth Catch-Up Contributions for Higher Paid Employees

"Plans may continue to offer or not offer designated Roth contributions and catch-up contributions without the new Roth catch-up contribution requirement applicable to high-paid participants until 2026 The IRS intends to issue future guidance on implementing the required Roth catch-up contribution for high-paid participants"  MORE >>

Barnes & Thornburg LLP

[Guidance Overview]

IRS Issues 2023 RMD Relief Following SECURE 2.0 Act Changes (PDF)

"[IRS Notice 2023-54 provides:] [1] the pending RMD regulations (for all plan types) will not be effective before the 2024 distribution calendar year; [2] relief for errors with respect to the [SECURE 2.0] 'required beginning date' change ... and [3] no 2023 RMD payments need to be made for beneficiaries receiving 'specified RMD' payments ('at least as rapidly' rule relief)."  MORE >>

Groom Law Group

[Guidance Overview]

Highlights of 2023 PBGC Meeting With ABA’s Joint Committee on Employee Benefits

"PBGC staff reported that reportable events filings during fiscal year 2022 (ending September 30, 2022) were down about 30% from the preceding fiscal year ... PBGC staff addressed common errors detected in standard termination audits, including the rollover of small benefits (valued at $5,000 or less) to IRAs for non-responsive participants rather than, as required, payment to PBGC's Missing Participants program ... PBGC staff reported that 78 initial or supplemental applications for SFA had been approved since the advent of the program (covering 574,000 participants and accounting for $47.4 billion in SFA)[.]"  MORE >>

The Wagner Law Group

DOL Sends New Fiduciary Rule to OMB

"The [DOL] has sent a new, proposed fiduciary rule to the Office and Management and Budget (OMB) for review. The text of the proposal is not yet public. OMB must first conduct an interagency review process. The proposal will then be returned to DOL and published in the Federal Register. The entire process can be completed in a matter of weeks, but it typically takes a number of months."  MORE >>

Groom Law Group

Avoiding the Cost of an Annual Plan Audit Just Got Easier for Thousands of Employers

"For plan years beginning on or after January 1, 2023 ... when counting the number of participants in the plan to determine if an audit is needed, only participants/beneficiaries who have an account balance must be taken into account. This is a change from the current rule which requires that you count all employees eligible to participate in the plan whether or not they actually participate in the plan. Plans may continue to use the '80 to 120 Participant Rule' to avoid audits."  MORE >>

Bricker Graydon


The Price of Enrollment

"It's not a profitable economic opportunity to sign up new participants in multi-vendor K-12 public school 403(b) plans, as currently structured. Enrollments are subsidized by predatory ancillary sales and mostly unneeded exchanges.... Let's talk about the economics of signing up new employees."  MORE >>

The Teacher's Advocate

Benefits in General

Damages Available for ERISA Benefits Lawsuits

"[If] you are pursuing a benefits claim under an ERISA-governed plan, you cannot seek any other damages besides the benefits due under your plan, as well as an award of pre-judgment interest and/or attorneys' fees, at the discretion of the court. Unlike ordinary insurance litigation, extra-contractual bad faith damages are unavailable under ERISA.... Equitable relief may be sought when a claim for benefits is not available under the plan's terms, or in addition to a claim for benefits, so long as the alleged injury and/or requested relief is not duplicative. "  MORE >>

DeBofsky Law

Employee Benefits Jobs

View job as Retirement Plan Consultant/Administrator
            for Compass Retirement Consulting Group, Inc.

Retirement Plan Consultant/Administrator

Compass Retirement Consulting Group, Inc.

Remote / NH

View job as Retirement Plan Consultant/Administrator for Compass Retirement Consulting Group, Inc.

Selected New Discussions

Form 5500 Filing with No Assets at End of First Plan Year

"If a plan was created in December of 2022 but no assets were in the plan until 2023 are there any filing requirements with the IRS for the year of 2022?"

BenefitsLink Message Boards

Correction for Possible Late Deferrals in Large Plan

"We are trying to determine whether a large plan made several late deposits for approximately 50 participants during 2022 totaling around $25k. They were deposited between 5 and 50 days after the payroll date, although most were in the lower range. The one deposit that was 50 days overdue, as well as some of the others, were late because the plan was switching recordkeepers at the time and that was a very convoluted mess that dragged on for a couple of months. The trustee usually makes the deposits within a few days of payroll, and I'm aware of the 'asap' guideline for deposits; in addition to the recordkeeper change, the trustee also had seemingly valid reasons for why the other deps were late. Since all of the deps were made by the 15th business day following the payroll date, would it be reasonable to deem the deposits as being made in a timely manner given the circumstances? If not, all but one late deposit would've had positive earnings (a small amount), while all the others would've suffered losses if they were immediately invested. I imagine this could be remedied via self correction and a 5330 would still need to be filed to report the late amounts (as well as report that late deps occurred on the 5500) even though the net earnings calculated would be negative and there wouldn't be any excise tax due. Also complicating things is the fact that the 5558 that was filed did not request an extension for the 5330."

BenefitsLink Message Boards

Press Releases

Groom Named to WBJ’s Largest Law Firms in Greater Washington List

Groom Law Group

OneDigital Named to the Atlanta Business Chronicle's Top Employee Benefits and Compensation Companies List


Marco Diaz of News Corp Named to Board of Business Group on Health

Business Group on Health Announces Release of AI Capabilities to Its Plan Data Intelligence Tool


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

EBRI Financial Wellbeing Symposium

October 3, 2023 WEBINAR

EBRI [Employee Benefit Research Institute]

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

October 12, 2023 WEBINAR

Williams Mullen

ESOP Transactions and Compliance Issues: Structuring Options, SECURE 2.0, IRS Expanded Focus, Fiduciary Liability

October 18, 2023 WEBINAR


Cybersecurity and ERISA Retirement Plans: Risks and Best Practices for Plan Sponsors and Fiduciaries

October 25, 2023 WEBINAR


Last Issue's Most Popular Items

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

American Retirement Association [ARA]

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

Slevin & Hart, P.C.

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

Bradley Bartells, via LinkedIn

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

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