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Retirement Plans Newsletter

September 29, 2023

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[Guidance Overview]

Long-Term Part-Time Workers: More Questions Than Answers for Defined Contribution Plans (PDF)

"[It] is important to keep in mind that SECURE 1.0's three-year rule applies to plan years beginning in 2024, while SECURE 2.0's two-year rule applies to plan years beginning in 2025. Therefore, plan sponsors should start the hours tracking process sooner rather than later to ensure accurate counts and timely employee access to plan participation."  MORE >>

Trucker Huss

Plan Year Ending Soon? Here's What to Know

"Take advantage of SECURE 2.0 tax credits.... Understand how ownership changes and M&A activity impact your plan.... Remember that year-end bonuses impact your retirement plan.... Allow enough time for plan enhancements.... Review plan census data."  MORE >>


The Brightscope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans, 2020 (PDF)

80 pages. "Most 401(k) plans offer employer contributions.... Larger 401(k) plans are more likely to report participant loans outstanding.... Mutual funds were the most common investment vehicle in 401(k) plans.... Equity funds accounted for the largest share of assets in 401(k) plans.... Index funds make up a significant component of 401(k) assets, holding 41 percent of 401(k) assets in 2020.... Most 401(k) plans offered investment options that were proprietary to the plan's recordkeeper, but proprietary investments accounted for a small share of total 401(k) assets."  MORE >>

Investment Company Institute [ICI]

Life in Retirement: Pre-Retiree Expectations and Retiree Realities (PDF)

72 pages. "[This report] examines the retirement preparations and expectations of age 50+ workers with the experiences of retirees. It explores their visions of aging and retirement, when and how retirement happens, life in retirement, and their financial situation."  MORE >>

Transamerica Center for Retirement Studies


Using ERISA Plans to Counter Economic Inequality

"ERISA and the employee benefit structure it governs are rife with opportunities to address the limitations on wealth accumulation among those born without it and who instead rely on the workplace to make their way in the world. Better employers already use it that way, and have long done so by such mechanisms as matching contributions and ESOP participation. But simple revisions could greatly expand the efficacy of ERISA plans as a means to address economic inequality and the problems it engenders by making simple changes that would increase the wealth of plan participants and beneficiaries."  MORE >>

Stephen Rosenberg, The Wagner Law Group

Benefits in General

[Official Guidance]

Text of EBSA Meeting Notice for ERISA Advisory Council

"[T]he 219th open meeting of the [ERISA Advisory Council] will be held via a teleconference on Monday, October 30, 2023.... The purpose of the open meeting is for the members of the ERISA Advisory Council to discuss potential recommendations for the Secretary of Labor on the following topics: [1] Long-Term Disability Benefits and Mental Health Disparity, and [2] Recordkeeping in the Electronic Age. Descriptions of [these] topics are available on the ERISA Advisory Council's web page[.]"  MORE >>

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

[Official Guidance]

Department of the Treasury 2023-2024 Priority Guidance Plan (PDF)

29 pages.  Employee benefits items begin on page 4.  MORE >>

U.S. Department of the Treasury and Internal Revenue Service [IRS]

Executive Compensation and Nonqualified Plans

Designing and Operating Deferred Compensation Plans for Executives of Tax Exempt Organizations, Part 1 (PDF)

"[T]his article will discuss many of the requirements for eligible 457(b) plans sponsored by tax exempt organizations and how they differ from 457(b) plans sponsored by state or local governmental entities. It will also discuss areas where mistakes can easily be made.... It will also discuss the application of the excess benefit transaction rules and Code section 4960 excise tax to deferred compensation."  MORE >>

Trucker Huss

Employee Benefits Jobs

View job as Actuarial Analyst
            for Nyhart, part of FuturePlan by Ascensus

Actuarial Analyst

Nyhart, part of FuturePlan by Ascensus


View job as Actuarial Analyst for Nyhart, part of FuturePlan by Ascensus

Selected New Discussions

Whose Employee Is This, Whose 401(k) Plan Is This?

"Medical professional #1 runs a stand alone business. No employees, only the owner. She has a solo 401k for herself. Medical professional #2 also runs a stand alone business. No employees, only the owner. She also has a solo 401k for herself. #1 and #2 form a separate company to handle administrative work for both companies. Assume 50/50 ownership. They plan to hire 1 individual to handle the admin duties that pertain to the other 2 companies. With 50/50 ownership I don't see a controlled group here. But this would appear to be an Affiliated Service Groups (ASG). If an ASG, what are the 401k plan implications: [1] Assuming full time employment, will the employee of the new company eventually be eligible to participate in one or both of the solo 401k plans? [2] Can #1 and #2 still maintain separate plans, different benefit structures, etc if they start the new company? is there any required aggregation?"

BenefitsLink Message Boards

Correct Year for Deferrals to Apply Against 402(g) Limit

"I have a client that maintains a 401(k) plan with 500+ lives. The plan assets are with a large insurance company who also provides the TPA services. The insurance company just notified the sponsor that 8 people violated their 402(g) limits. Corrections were not made by the April deadline as the sponsor's accounting department tracks annual deferrals and, according to their records, no employee was over the limit (except for eligible catch-up contributions).... It turns out the TPA was treating the first pay date in 2022 as 2021 deferrals and the first pay date in 2023 as 2022 deferrals.... The pay dates in question did represent the payment of wages for a pay period that ended in the prior year (paid on 1/5 for pay period ended 12/31). The pay and deferrals for the 1/5 pay date are reflected on the employees' W-2 for the calendar year in which the pay was received by the employee (i.e., 1/5/23 pay and deferrals are reflected on the 2023 W-2). Per my reading of Treas. Reg. 1.402(g)-1(b), I interpret the definition of an elective deferral for 402(g) purposes to be an amount that would be taxable in the year, except for the fact that it was an elective deferral into a 401(k) plan (SARSEP, SIMPLE, Roth, 403(b) as well). If I am interpreting that correctly, a deferral from a 1/5/23 paycheck would have been taxable compensation in 2023, except for the fact it was deferred into a 401(k) plan, and thus it counts as an elective deferral for 2023 for 402(g) purposes. Not 2022 as the TPA is contending. Am I missing something?"

BenefitsLink Message Boards

Press Releases

Federal Court Orders Louisville Technology Services Provider, Retirement Savings Plan to Repay $575k to Plan Participants

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

Former DOL Investigator Launches Antifraud Software for Retirement Plans

Participant I.D.

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Private Equity Compliance With ERISA: Fiduciary Duties in Managing ERISA Plan Assets

October 5, 2023 WEBINAR


Deferred Compensation Plans For Tax Exempt Organizations: The Tricks and Treats of 457 Plans

October 31, 2023 WEBINAR

Trucker Huss

Last Issue's Most Popular Items

SECURE 2.0: Retirement Plan Changes for 2024


Have You Been Counting Those Long-Term Part-Time Employee Hours?

Bricker Graydon

What Is UBTI Anyway? Investing 401(k) Assets in a Partnership Operating a Business

Ferenczy Benefits Law Center

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

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