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Retirement Plans Newsletter

November 7, 2023

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

Exceptional Usefulness and Quality icon DOL Fiduciary Rule Returns from the Dead

"At least for rollovers from qualified employer sponsored plans, the revised rule also affords both the recipient of the recommendation and the DOL enforcement authority that can subject institutions to judicial actions, including class actions, with the DOL being armed with access to the mandated compliance documentation and reports prepared to meet the conditions of the applicable prohibited transaction exemptions."  MORE >>

Debevoise & Plimpton LLP


A Tailored Solution For All Your Compliance Needs

EI's industry-leading knowledge ensures that all your compliance needs are met. Our team integrates as a supplement or extension of yours to deliver savings via rightsized staffing and flexible costing models.

Sponsored by Enterprise Iron

[Guidance Overview]

2024 Changes Affecting 403(b) Participants

"This post describes 2024 changes affecting 403(b) plan participants including contribution limits (for 403(b)s, IRAs, and HSAs), catch-up provisions, the Saver's Credit, Social Security rules, and SECURE 2.0 provisions. It also summarizes two research studies about the impact of higher catch-up contribution limits as well as three 'need to know' facts and six take-away action steps."  MORE >>


District Court Enforces Arbitration Clause included in ERISA Plan Document

"While plaintiffs also cited to the Sixth Circuit's decision in Hawkins v. Cintas precluding arbitration of ERISA fiduciary breach claims, the court found the arbitration clauses at issue in Hawkins to be in the 'completely different' context of individual employment agreements.... The ruling in Merrow ... signals an emerging conflict among courts in different circuits[.]" [Merrow v. Horizon Bank, No. 22-123 (E.D. Ky. Oct. 24, 2023)]  MORE >>


Another Erroneous 8955-SSA Notice Issue (And What to Do About It)

"Although the IRS confirmed it will correct the erroneous penalties on its end, at least some plan sponsors who received an erroneous 8955-SSA notice are now having a portion of their corporate tax return withheld to 'satisfy' the 8955-SSA penalties."  MORE >>

American Retirement Association [ARA]

The Who, the When and the 'Oh, No' of 401(k) Plan Notices

"It's that time of year again when calendar year 401(k) plans must send annual retirement plan notices.... [H]ere is a chart of the common notices with timing and recipients."  MORE >>

Bricker Graydon

Mitigating Pension Plan Risks with LDI

"LDI can significantly reduce interest rate risk and help moderate market volatility ... LDI can also help provide stable cash flows, making it easier for plan sponsors to meet pension obligations.... But LDI also poses potential challenges, the most significant of which may be the ability to actively manage the LDI portfolio vs. the plan's liabilities to avoid underperformance, downgrades, and defaults."  MORE >>


Pension Finance Update, October 2023

"Pension finances were tricked by falling stock markets but treated by higher interest rates in October, a pattern repeated for three straight months now, producing modest declines for pension sponsors."  MORE >>

October Three Consulting

Pension Funding Index, November 2023

"The funded status of the 100 largest U.S. corporate defined benefit pension plans increased by $5 billion during October ... As of October 31, the funded ratio climbed to 104.2%, from 103.6% at the end of September, reaching a new high for the year. The funded status surplus increased to $50 billion."  MORE >>



Fact Checking the White House's Retirement Policy

"The administration's proposed fiduciary rule will hurt American savers and retirees. Here's a more accurate version of the White House's so-called fact sheet."  MORE >>

Committee on Education and the Workforce, U.S. House of Representatives


In Defense of Fixed Indexed Annuities

"[ARA finds] it unacceptable that at the same time the retirement plan and insurance industry is being encouraged to develop and refine guaranteed lifetime income products to enhance retirement security by addressing longevity risk, the administration chose to infer the suitability of a specific annuity product type in Fixed Index Annuities (FIAs) was questionable and by inference, impugn the reputation of a specific insurance company and its product."  MORE >>

American Retirement Association [ARA]

Benefits in General

[Official Guidance]

Text of EBSA Meeting Notice for ERISA Advisory Council

"[T]he 220th open meeting of the [ERISA Advisory Council] will be held via a teleconference on December 11-12, 2023.... The purpose of the open meeting is for Advisory Council members to finalize their observations and recommendations on the issues they studied in 2023, present their observations and recommendations to the [DOL], and receive an update from leadership of [EBSA]. The issues studied by the ERISA Advisory Council in 2023 are: [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]

Building Benefits Technology Into Long-Term Benefits Strategy

"Whether it's a fully integrated HRIS platform or a robust standalone benefits administration technology platform, you want a solution that can help you fully execute upon your benefits strategy while increasing employee understanding and connection to their benefits."  MORE >>

Corporate Synergies

Executive Compensation and Nonqualified Plans

Reviewing Executive Compensation as Due Diligence in Acquiring a U.S. Company

"In carrying out due diligence as to executive compensation, the priority is to understand the executive compensation program and any individual compensation programs of the target company. This process allows the reviewing company to identify tax, security, or other legal compliance issues that could affect the purchase price or other transaction terms. It also permits the company to assess retention issues, determine incentives, and assist in integrating one company's compensation scheme with the other."  MORE >>

Hall Benefits Law

Employee Benefits Jobs

View job as Onboarding Specialist
            for Compass Retirement Consulting Group, Inc./Compass 360, LLC

Onboarding Specialist

Compass Retirement Consulting Group, Inc./Compass 360, LLC


View job as Onboarding Specialist for Compass Retirement Consulting Group, Inc./Compass 360, LLC

View job as ESOP Administrator
            for Blue Ridge ESOP Associates

ESOP Administrator

Blue Ridge ESOP Associates


View job as ESOP Administrator for Blue Ridge ESOP Associates

Selected New Discussions

TPA Firms: How to Communicate Rate Adjustments

"How are other TPA firms dealing with increasing their prices, and communicating this to their clients? We have not raised our rates for almost 10 years, but believe it may be necessary now. Wondering what other firms are doing in this regard. If you have had to raise your rates, how did you communicate this to your clients? What was the impact, if any? Can anyone share? Thank you!"

BenefitsLink Message Boards

Press Releases

Cohen & Buckmann Recognized in 2024 Best Law Firms®

Cohen & Buckmann P.C.

OneDigital Creates Access to Retirement Plan Solutions for Small Business Clients through Simply Retirement by Principal®


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Pooled Employer Plans; Reduce Work and Maximize Fiduciary Protections



New DOL Fiduciary Proposal Stirs Controversy: The Impact on the Insurance Industry


Faegre Drinker

It’s Now or Never: Elvis’s Top 10 Year End Benefits Hits!

November 16, 2023 in CA

Western Pension & Benefits Council - Orange County Chapter

First Look: The DOL’s New Retirement Security Rule

November 21, 2023 WEBINAR


2024 Legislative Conference

January 22, 2024 in DC

National Conference on Public Employee Retirement Systems [NCPERS]

Last Issue's Most Popular Items

DOL's New Proposal Plans to Make Salespeople Fiduciaries Again

Groom Law Group, via Bloomberg Law

Retirement Plan Forfeitures: IRS's 2023 Proposals and Fiduciary Litigation Trends

Dickinson Wright

DOL Fiduciary Rule: Summary and Anticipated Effects

Steptoe & Johnson LLP

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

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