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Retirement Plans Newsletter

November 8, 2023

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

IRS Updates Filing Instructions for Form 5558, Application for Extension of Time to File Certain Employee Plan Returns

"Beginning on January 1, 2024, you can file Form 5558 electronically through the DOL EFAST2 system, or File paper Form 5558 with the IRS and mail ... Form 5558 is no longer used to apply for an extension of time to file Form 5330 ... instead, use Form 8868 ... Signatures are not needed for extension of time to file Form 5500 series or Form 8955-SSA.... May use a single Form 5558 to extend the Form 5500 and Form 8955-SSA filed for the same plan."  MORE >>

Internal Revenue Service [IRS]


Tomorrow! Current Developments (2023) CE Webcast

Keep your professional knowledge of this ever-changing retirement plan industry updated! Join John Griffin, J.D., LL.M., for his annual discussion of the most significant developments in the retirement plan industry over the past year. Register Now!

Sponsored by ASC

[Official Guidance]

Draft of Instructions for 2023 IRS Form 8915-C: Qualified 2018 Disaster Retirement Plan Distributions and Repayments (PDF)

"What's New: The repayment period for a qualified 2018 disaster distribution ends 3 years and 1 day after the distribution was received. This is particularly important if your qualified 2018 disaster distribution was received in 2020."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Exceptional Usefulness and Quality icon DOL's 2023 Retirement Security Proposal: A Deeper Dive

"On November 3, 2023, the [DOL] published a new set of regulatory proposals in its long-running effort to expand the circumstances under which a person will be considered an investment advice fiduciary for purposes of ERISA and the parallel provisions of the Internal Revenue Code, and to change the landscape of prohibited transaction exemptions available to those fiduciaries. [Groom Law Group has] prepared detailed materials describing the proposals:


Groom Law Group

[Guidance Overview]

The New Fiduciary Rule, Part 2: The Impact

"The greatest impact of the changes, if finalized as is, will be on insurance agents, particularly independent producers. Insurance companies issuing the life insurance policies and annuity contracts will also see increased compliance burdens. For all of the types of financial professionals, the most impactful change will likely be that one-time investment recommendations to private sector retirement plans and their participants, and to IRA owners, will be fiduciary advice. That includes rollover recommendations."  MORE >>

[Guidance Overview]

DOL's Latest Attempt to Define Who Is an Investment Advice Fiduciary Under ERISA: Initial Considerations for Asset Managers

"The Proposal explicitly rules out the possibility of utilizing disclaimers as an end-run around fiduciary status under ERISA. In particular, it notes how written statements disclaiming status as a fiduciary under ERISA or the Internal Revenue Code, or disclaiming the conditions [described in this article] will not control to the extent they are inconsistent with the advice provider's oral communications, marketing materials, applicable state or federal law, or other interactions with the retirement investor."  MORE >>

Ropes & Gray LLP

Ninth Circuit Holds That Plan Fiduciaries Must Review for 'Reasonableness' Payments to Service Providers Under Third Party Arrangements

"The innovation in this case is that the plaintiffs are claiming -- and the court agrees with them -- that because the plan-recordkeeper relationship is a per se prohibited transaction, it must comply with the exemption available for that specific prohibited transaction, which (among other things) requires that the recordkeeper's compensation, both direct and indirect, be 'reasonable.' And, in determining whether it is reasonable, plan fiduciaries must take into account/review the indirect compensation the recordkeeper is receiving from the participant advice provider." [Bugielski v. AT&T Servs., Inc., No. 21-56196 (9th Cir. Aug. 4, 2023; pet. for rehearing filed Sep. 1, 2023)]  MORE >>

October Three Consulting

AI Could Lead to Higher Rates of 401(k) Account Takeover Fraud

"AI can accurately reproduce a person's voice (as well as writing style, photo, or video).... High-profile lawsuits from participants over security breaches ... have the attention of recordkeepers, advisors, sponsors, and the industry as a whole.... AI could make it that much more complicated."  MORE >>

American Retirement Association [ARA]

Women's Risky Retirement Outlook: Vulnerabilities, Opportunities, and Retirement Preparedness of Women Workers (PDF)

48 pages. "Almost six in 10 women (57%) agree with the statement, 'I don't have enough income to save for retirement,' compared with 50% of men ... Women workers (74%) are less likely than men (78%) to be offered a 401(k) or similar plan.... Among those offered a 401(k) or similar plan, women's participation rate lags that of men (76%, 81%, respectively).... One-third of women have tapped into retirement savings."  MORE >>

Transamerica Center for Retirement Studies

State and Local Government Contributions to Statewide Pension Plans, FY 22 (PDF)

"[On] a national basis, contributions made by employers -- states and local governments -- in 2022 accounted for 78 percent of all contributions received by public pension plans. The remaining contributions were paid by public employees.... [Of] the $10+ trillion in public pension revenue received during the 30-year period since 1993, 37 percent, or more than $3.8 trillion, came from contributions paid by employers and employees."  MORE >>

National Association of State Retirement Administrators [NASRA]

Bucketing by Expense Type with the Actuarial Approach

"The Actuarial Approach ... is a dynamic, two-bucket approach that requires the household to distinguish between expenses that they consider to be either essential or discretionary. Matching the present value of future essential expenses with the present value of low-risk, or lifetime guaranteed assets is part of the Actuarial Approach's recommended Liability-Driven Investment (LDI) strategy."  MORE >>

Ken Steiner, FSA Retired


Speech by PRC's Karen Friedman: Preserving DB Plans (PDF)

"PRC supports both the preservation of [defined benefit] plans and the development of new plan designs that take the best of defined benefit plans -- with guarantees and lifetime income -- and combine them with the transparency, portability and ease of 401(k) plans.... The Pension Rights Center ... [has] a list of protections we are asking Congress and the [DOL] to adopt, among them requiring that insurance companies, when they take over pension benefits, must replicate all ERISA protections."  MORE >>

Pension Rights Center [PRC]

Executive Compensation and Nonqualified Plans

[Guidance Overview]

How Are Restricted Stock Units Taxed?

"It is only upon the issuance of stock that the RSU holder is taxed. Therefore, a Section 83(b) election is not possible or necessary for RSUs, unlike restricted stock.... Some RSU plans may provide for a cash payment to the recipient equal to the value of the stock on the date of vesting. A recipient is taxable on such cash as compensation income."  MORE >>

Fox Rothschild, via NCBarBlog

Employee Benefits Jobs

View job as Distribution Specialist
            for ERISA Services, Inc.

Distribution Specialist

ERISA Services, Inc.


View job as Distribution Specialist for ERISA Services, Inc.

View job as Plan Administrator
            for The Benefits Consulting Group, Inc.

Plan Administrator

The Benefits Consulting Group, Inc.


View job as Plan Administrator for The Benefits Consulting Group, Inc.

View job as Health and Welfare Attorney - Senior Counsel or Partner
            for AmLaw firm

Health and Welfare Attorney - Senior Counsel or Partner

AmLaw firm

DC / GA / OH

View job as Health and Welfare Attorney - Senior Counsel or Partner for AmLaw firm

Selected New Discussions

ERISA Bond for Employers Participating in a PEP

"Do the plan sponsors who adopt a PEP also need to carry their own ERISA Bond ?"

BenefitsLink Message Boards

Is DC Plan's Definition of Disability a Protected Benefit?

"Any thoughts on if it is permissible to change the definition of disability in a DC plan, or would the definition of disability be considered a protected benefit subject to the anti-cutback rules? Does the answer change if the definition of disability is used as a distribution trigger or to provide for immediate vesting? I am aware that it's not uncommon for DC plans to be amended to change the definition of disability (ex. back in 2018 when the DOL issued the claims procedure regs requiring retirement plans to require adding disability claims procedures if the disability definition included some discretion) but have not been able to iron out whether this type of change is subject to the cutback rules."

BenefitsLink Message Boards

Press Releases

Portability Services Network Launches Nation’s First Solution to Move Workers' Retirement Savings When Changing Jobs

Portability Services Network

MissionSquare Retirement Names Andrew Whiting as Senior Vice President and Chief Sales Officer

MissionSquare Research Institute

Aharon J. Friedman Elected as a Fellow Into the American College of Tax Counsel

Federal Policy Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

The New Fiduciary Proposal: An Overview of PTE 84-24 and its Impact


Faegre Drinker

End of the Year Retirement Plan Checklist

November 15, 2023 WEBINAR

Miller Johnson

Last Issue's Most Popular Items

DOL Fiduciary Rule Returns from the Dead

Debevoise & Plimpton LLP

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

American Retirement Association [ARA]

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

Bricker Graydon

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

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