logo logo

Retirement Plans Newsletter

October 12, 2023

2 New Job Opportunities 2 New Job Opportunities


[Official Guidance]

Social Security Announces 3.2 Percent Benefit Increase for 2024

"On average, Social Security retirement benefits will increase by more than $50 per month starting in January.... [T]he maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200."  MORE >>

U.S. Social Security Administration [SSA]

Beneficiary Designations: Plan Sponsor Best Practices

"[1] Remind employees on a regular basis to make beneficiary designations for ALL applicable accounts and to update them in the event of any life events.... [2] If beneficiary designations are not collected online, consider reviewing them as they are submitted for basic accuracy.... [3] Consider your plan language on default distribution provisions upon death.... [4] Also, consider plan language around divorce.... [5] Remember state law."  MORE >>

Bricker Graydon

Employers Can Help Their Employees with Student Loan Debt

"[SECURE 2.0] permits employers to make matching contributions to the 401(k) plan on account of dollars that the employee pays outside the plan on their student loans. This provision is effective in 2024. Even though there are some fairly significant unanswered questions (starting with how employees will verify that they have in fact made student loan repayments), employers should be hearing from their 401(k) providers about how to adopt and implement this provision, if desired."  MORE >>

Holland & Hart LLP

Many Couples Do Not Coordinate 401(k) Matches

"[A]ccording to a new study, one in four couples do not prioritize the more generous employer's 401(k) matching funds. This lack of coordination may have a cost: the average couple who leaves match money on the table could give up nearly $700 in a year. That may not sound like a lot but the researchers estimate it is 13 percent of the average annual contributions. And if a couple does not reallocate their contributions, years of foregone matches, along with the potential loss of investment income, could add up."  MORE >>

Center for Retirement Research at Boston College

Ensuring Retirement Security: The Power of a Formal Financial Plan

"87% of investors with a formal written retirement plan and 70% of investors with an informal retirement plan report feeling confident in their ability to live the retirement lifestyle they want. However, LIMRA finds that just 1 in 5 retirees and non-retired workers have developed a formal written retirement plan."  MORE >>

American Retirement Association [ARA]

How Annuities Optimize Retirement Income

"Retirement savers benefit from a holistic approach to retirement income that focuses on three principles of decumulation ... [1] Maximize spending ability. [2] Maximize spending certainty. [3] Address longevity risk. Adding guaranteed income and delaying retirement (and delaying Social Security claiming age) can boost total annual spending in retirement and reduce downside risk[.]"  MORE >>

Employee Benefit Programs: Integrating Financial Wellness Milestones

"Financial wellness programs ... are vital frameworks designed to encompass every facet of an employee's financial existence, often weaving in holistic planning that aligns with the unique financial milestones encountered throughout life.... [T]he journey to financial wellness involves recognizing employee-specific age points that could either act as risks or open doors to opportunities. These milestones are not mere numbers, but vital markers that guide one's financial path."  MORE >>



Is Retirement Security Attainable for Americans?

"Enduring years of market turbulence and significant events such as the Great Recession and the COVID-19 pandemic has intensified anxiety about the future in younger, still-working generations. Sixty-four percent of Millennials and 54% of Generation X have greater concerns about their retirement security than their parents and grandparents. This generational apprehension is not unwarranted."  MORE >>

National Public Pension Coalition [NPPC]

Employee Benefits Jobs

View job as Loans and Distribution Specialist
            for AimPoint Pension

Loans and Distribution Specialist

AimPoint Pension


View job as Loans and Distribution Specialist for AimPoint Pension

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

Confusion with Short Plan Year Audit and 2023 Audit Rule Changes

"A client has a new plan with a short initial plan year in 2022. (200 eligible; 20 participant account balances). This plan can use the seven months or less rule for the the audit for the short plan year to be deferred until the following plan year. Since there are only 20 participant account balances (restaurant group), does this mean the plan does not have to have an audit for 2022 or 2023?"

BenefitsLink Message Boards

Projected Limits, COLAs for 2024

"The CPI-U for September 2023 was published with a value of 307.789. Based on Tom Poje's spreadsheet, the dollar limits for 2024 are projected to be: Almost all increased (NOT Official yet, of course): Deferral limit: $23,000 (up from $22,500) Catchup: $7,500 (unchanged) Compensation Limit: $345,000 (up from $330,000) Annual Addition Limit: $69,000 (up from $66,000) DB Limit: $275,000 (up from $265,000) HCE: $155,000 (up from $150,000) Key Employee: $220,000 (up from $215,000) Just for reference, the unrounded figures are: Catchup: $7,793.00 Deferral limit: $23,379 Compensation Limit: $345,220 Annual Addition Limit: $69,044 DB Limit: $276,176 HCE: $155,984 Key Employee: $224,393"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Preparing for Year-End and a Look Ahead for Plan Sponsors


Groom Law Group

DOL Diverse Manager Selection Guidance: Implications for Sponsors, Providers

October 18, 2023 WEBINAR

Groom Law Group

Last Issue's Most Popular Items

The 402(g) Limit for 401(k) Plans: FAQs for Employers

Employee Fiduciary

American Benefits Council Comment Letter to DOL: SECURE 2.0 Reporting and Disclosure

American Benefits Council

Supreme Court Lets Stand Tenth Circuit Ruling Rejecting Arbitration in ERISA Case

Pensions & Investments

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.