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Retirement Plans Newsletter

September 13, 2023

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[Official Guidance]

Text of IRS Rev. Proc. 2023-31: Exceptions from the Electronic Filing Requirements for Certain Filers of Forms 8955-SSA and 5500-EZ (PDF)

"[T]his revenue procedure supersedes Rev. Proc. 2015-47 ... and refers filers to applicable [IRS] publications, forms, instructions, or other guidance, including postings on the website, for the procedures to request a hardship waiver. This revenue procedure also addresses the availability of an administrative exemption from the requirement to file Form 8955-SSA electronically[.]"  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

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

[Corrected link.]  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]

Upcoming Deadline icon December 1 Deadline for DOL Proxy Voting Rule: Managers of Pooled ERISA Investment Vehicles Should Act Now

"[It] is critical for managers of plan asset funds or commingled vehicles that include the assets of multiple ERISA plans to also focus on the upcoming proxy voting requirements of the [DOL's final ESG rule] and to determine what concrete steps they will take to comply with a rapidly approaching December 1, 2023 deadline that applies to certain of those requirements. Managers of commingled funds that are subject to ERISA and that have not already obtained consent to their proxy voting polices must have their plan investors accept certain proxy voting policies by this December 1 to avoid compliance risks when those funds vote proxies."  MORE >>

Ropes & Gray LLP

[Guidance Overview]

IRS Snapshot Shows Audits May Focus on Retroactive Contributions

"IRS may be focusing on this issue because the [SECURE Act of 2019] extended the deadline for adopting a new retirement plan until the employer's tax-filing deadline, with extensions, for the year in which the plan is first effective."  MORE >>


[Guidance Overview]

A New Opportunity for 529 Account Beneficiaries: Tax-Free Rollovers to Roth IRAs

"With the passage of this new rule, 529 account beneficiaries will have the opportunity to rollover leftover 529 funds to a Roth IRA without the imposition of income tax or penalties as long as [specific] conditions are met (many of which are intended to prevent the potential for abuse)."  MORE >>

Faegre Drinker

Tenth Circuit Adopts 'Meaningful Benchmark' Pleading Standard in Dismissing Challenges to 401(k) Plan Fees

"In addition to rejecting commonly pleaded 'benchmarks' because they were not meaningful, the Court's ruling is of particular significance because, unlike some other courts, it dismissed the participants' 'share-class claim' -- ruling on a motion to dismiss that their allegation that cheaper share classes of the same mutual fund were available to the plan was demonstrably false." [Matney v. Barrick Gold of N. Am., No. 22-404 (10th Cir. Sept. 6, 2023)]   MORE >>


SECURE 2.0: M&A Retirement Plan Considerations (PDF)

"As target companies may have selected more alternatives for their retirement programs, buyers must consider two essential questions: [1] Will our employer retirement plan costs increase after the transaction? [2] If there are post-closing retirement plan changes, will employees affected by the transaction lose benefits they value? Optional and mandatory provisions, such as increased distribution flexibility, Roth employer contributions, auto- enrollment/annual escalation, and broader part-time eligibility, will complicate M&A."  MORE >>


Common Misconceptions About Roth IRA Conversions

"[1] You should not do a Roth IRA conversion if you don't have outside cash to pay taxes.... [2] A client in the highest tax bracket should not do a Roth IRA conversion ... [3] If the client is not in the highest tax bracket and has cash to pay the taxes, a Roth IRA conversion is always a good idea."  MORE >>


2023 Natixis Global Retirement Index: Retirement Security Improves But Few Feel More SECURE

74 pages. "[W]hile improvements in the areas of finances in retirement, material wellbeing, health, and quality of life suggest that retirement security feels more attainable at the macro level, individuals in many countries are not as optimistic ... [M]ore than four out of ten working individuals (42%) say inflation is killing their dreams of retirement. More specifically, 68% of investors in this group of 7,552 individuals in 23 countries say recent inflation has significantly hurt their ability to save for retirement."  MORE >>

Natixis Investment Managers

Preserving and Enhancing Social Security for All (PDF)

15 presentation slides; Keynote address by the Chief Actuary to the 2023 Harkin Retirement Security Symposium.    MORE >>

Office of the Chief Actuary, U.S. Social Security Administration [SSA]

Employee Benefits Jobs

View job as 401(k) Administrator
            for Blue Ridge ESOP Associates

401(k) Administrator

Blue Ridge ESOP Associates


View job as 401(k) Administrator for Blue Ridge ESOP Associates

Selected New Discussions

Missed Deferral Opportunity

"I have a plan that inadvertently did not offer 401k enrollment to eligible employees (non-auto enroll). However, there were no contributions by any HCEs or NHCEs for any of the plan years involved or any matching contributions. What would be the basis for the missed deferral opportunity? Should it be assumed that it is 3%?"

BenefitsLink Message Boards

Any Experience on How 'Hard Line' Is This Requirement for Correcting Missed Deferrals?

"So, suppose you have a safe harbor (match) plan where some newly eligible (eligible 9/1/2022) participants were inadvertently excluded for the last 3 months of 2022, but were then properly allowed to defer beginning 1/1/2023. Under 2021-30, Appendix B, .05(9), you have the reduced QNEC requirement if you satisfy certain conditions. One of those, in .05(9)(b)(ii) is that the Notice be given 'not later than 45 days after the date on which correct deferrals begin' ... Well, we're past that date -- they started deferring 1/1/2023. But it doesn't seem reasonable that you would be precluded from using the lower QNEC, particularly since the Safe Harbor correction method is otherwise allowed until the end of the SCP correction period. Now that SECURE has potentially loosened the EPCRS, it seems reasonable to use the reduced QNEC in this situation, other than for terminated participants (and even that piece is debatable, but I'd play it safe). Any thoughts?"

BenefitsLink Message Boards

Press Releases

Cohen and Buckmann Elevates New Partner: Zahava Blumenthal

Cohen & Buckmann P.C.

DOL Recovers $22.5M from Trustee for Stock Overpayment by RV Rental Company's Employee Stock Ownership Plan

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

GoodRx and MedImpact Announce Program to Ensure Seamless Access to Affordable Prescriptions


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Mastering Fiduciary Fundamentals: Navigating Responsibilities and Risks

September 21, 2023 WEBINAR


Last Issue's Most Popular Items

Retirement Plans in Mergers and Acquisitions: What Questions Should You Be Asking?


Amicus Brief to Tenth Circuit Supporting AT&T Appeal Effort in Recordkeeping Claims Case (PDF)

The ERISA Industry Committee [ERIC], American Benefits Council, Society of Professional Asset Managers and Recordkeepers [SPARK] and Committee on Investment of Employee Benefit Assets Inc. [CIEBA]

How 401(k) Plan Participants Use Loans Over Time: An Analysis of Loan Activity of Consistent 401(k) Plan Participants, 2016-2020 (PDF)

Investment Company Institute [ICI]

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

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