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Retirement Plans Newsletter

September 15, 2023

2 New Job Opportunities 2 New Job Opportunities


[Official Guidance]

Text of IRS Notice 2023-66: Weighted Average Interest Rates, Yield Curves, and Segment Rates for September 2023 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Missouri Makes 50% Capital Gains Exclusion on ESOP Sales Permanent

"On September 6, Missouri Governor Mike Parsons signed SB 20, one of whose provisions makes permanent a law enacted in 2016 that provides a 50% reduction in state capital gains taxes for business owners selling to an ESOP as long as the ESOP owns at least 30% of the company after the sale. The law was originally set to sunset in 2023, but this new law removes the sunset provision, making it permanent. Iowa passed a very similar law in 2012."  MORE >>

National Center for Employee Ownership [NCEO]

[Guidance Overview]

CRS in Focus: Conflict of Interest in Investment Advice Within Retirement Plans -- an Overview

"[1] Recommendations within pension plans ... [2] Federal pensions law ... [3] Current investment advice regulations ... [4] Recent regulatory actions." [IF12492 Sep. 15, 2023]  MORE >>

Congressional Research Service [CRS]

A Condensed History of the DOL's Fiduciary Rule

"Regulations and guidance over the past decades have expanded and shrunk the definition of an ERISA investment advice fiduciary."  MORE >>

PLANSPONSOR; free registration may be required

DOL Fiduciary Rule Likely to Tinker with Popular Exemption, Analysts Say

"Created in 1977 and amended several times over the years, PTE 84-24 allows producers to receive commissions when retirement plans and IRAs purchase insurance and annuity contracts. So there is plenty of consternation afoot over what the [DOL] plans to do with the popular exemption within its fiduciary rule rewrite."  MORE >>

Enhancing Retirement Security Through Changes in Plan Design and Related Requirements (PDF)

14 pages. "This issue brief explores two alternative approaches to enhancing retirement plan designs. First, the brief examines potential modifications to DB plans that would mitigate some of their most significant shortcomings and make them more appealing to employers. The second approach explores potential ways to incorporate some of the more desirable attributes of DB plans into DC plans."  MORE >>

American Academy of Actuaries

Five Ways to Make Retirement Plans More Equitable

"[1] Checking for unconscious bias ... [2] Leveraging employee resource groups ... [3] Utilizing employee segments ... [4] Examining the diversity of asset management ... [5] Expanding participation and savings opportunities."  MORE >>


Corporate Pension Funding Declines in August as Assets Suffer Losses

"The Milliman 100 PFI funding ratio dropped from 103.6% at the end of July to 103.3% as of August 31, ending the month with a $43 billion surplus for these plans.... The market value of PFI plan assets decreased by $27 billion because of August's -1.55% investment return, while the monthly discount rate climbed from 5.25% in July to 5.41% for August."  MORE >>


Introducing the ESOP Tax Advantage Calculator

"If you're a company looking to uncover the tax benefits of ESOPs, [this] calculator provides a quick snapshot of the advantages you stand to gain.... If you're an advisor navigating the intricacies of ESOPs, [the] tool offers a more detailed analysis.... Calculating ESOP benefits on your own can be daunting due to various variables and assumptions. The ESOP Tax Advantage Calculator streamlines the process by requiring just ten input variables."  MORE >>

Employee Benefits Law Group

Benefits in General

[Guidance Overview]

DOL Extends Grace Period for Obtaining Credentials for EFAST2 Filing System Until End of 2023 (PDF)

"The extended compliance date for obtaining credentials is welcome relief to affected plan sponsors that could not meet, or did not know about, the September 1, 2023, deadline. Note that filers that transmit their filings using third-party software approved by the DOL for use under EFAST2 generally do not need to log into the EFAST2 website"  MORE >>

Thomson Reuters / EBIA

Employee Benefits Jobs

View job as Participant Services Associate
            for July Business Services

Participant Services Associate

July Business Services


View job as Participant Services Associate for July Business Services

View job as Implementation Specialist
            for Nova 401(k) Associates

Implementation Specialist

Nova 401(k) Associates


View job as Implementation Specialist for Nova 401(k) Associates

Selected New Discussions

Repayment of Loan After Termination of Employee to Avoid Deemed Distribution

"I have a client which has an employee that has been paying back a plan loan with a remaining term of 48 months. The employee is considering leaving the company. My 3 possibilities are: [1] Assuming that the employees leaves their money in the plan, can they continue to repay their loan even though they are not employed there anymore? [2] Assuming they take all of their money, can they continue to repay their loan even though they are not employed there anymore? [3] Is it true that assuming they terminate from the plan, basically, the outstanding loan will forcibly become a deemed distribution at the end of the first quarter following the quarter when the last repayment was due and no further repayments are allowed after DOT?"

BenefitsLink Message Boards

Controlled Group, QSLOB Plans and Forfeitures

"Controlled group has two companies ('A' and 'B'), each with a 401(k) plan. The plans are currently operating as QSLOBs. As a result of a purchase agreement, the QSLOB status will cease to exist and they plan on terminating the B plan and merging the accounts into the A plan. Would the exclusive benefit rule apply to the forfeitures in the B plan? If so, does it only apply to forfeitures that occurred immediately prior to the termination of the B plan?"

BenefitsLink Message Boards

5500-SF Vs 5500-EZ Eligibility

"if a plan currently has provisions for non family participants, and has had non family participants in the past, but currently only the owner is participating, however the plan still allows for non family participants, would one file the 5500-SF or the 5500-EZ for 2022?"

BenefitsLink Message Boards

Retroactive Adoption of 401(a) Governmental Plan

"A potential client approached us to establish a 6/30 year end 401(a) plan. They are a governmental entity, so it will be a governmental plan. It is September 13, 2023, and the client is expecting to establish the plan effective 7/1/2022, because they've already deposited a contribution for the 6/30/2023 plan year end to a Trust. Can we prepare a plan document with a retroactive effective date at this time? If not, what should the client do with the money that has already been deposited to a Trust? I'm attempting to gather additional information from the client (i.e. documentation for the Trust; any documentation regarding the plan provisions). Any guidance is appreciated."

BenefitsLink Message Boards

Press Releases

Lincoln Financial Launches LincSmart, a Simplified Benefits Administration Experience

Lincoln Financial Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Your Essential Guide to Implementing SECURE 2.0


HUB International

SECURE 2.0 Update: Where We Are, and Where We’re Going

September 28, 2023 WEBINAR

Hunton Andrews Kurth

Demonstrating Effective Qualified Plan Governance

October 17, 2023 WEBINAR

Trucker Huss

Last Issue's Most Popular Items

SECURE 2.0: New Distribution Options


District Court Rules in Favor of ERISA Defendants After Rare Bench Trial

Groom Law Group

401(k)ology: Highly Compensated Employees


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

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