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Retirement Plans Newsletter

November 17, 2023

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

401(k) Plan Matching Contributions on Student Loan Repayments (PDF)

"The total amount taken into account for an individual's matching contribution, including both loan repayments and elective deferrals, may not exceed the lesser of [1] the annual deferral limit in effect for the year (e.g., $23,000 for 2024) or [2] the employee's compensation. Employees must certify annually that a school loan repayment has been made. "  MORE >>

Thomson Reuters / EBIA


Direct Answers to your ERISA & Retirement Plan Questions!

Our TAG experts average 25+ years of experience and comprehensively answer your retirement questions. TAG provides access to a database of 4,000+ FAQs, quick reference tools, and charts. Learn more!

Sponsored by Wolters Kluwer

Another Circuit Weighs in on Prohibited Transaction Pleading Standard

"[T]he Second Circuit rejected the Eighth and Ninth Circuits' literal construction of Section 406(a)(1)(C) ... [which] held that a plan fiduciary engages in a prohibited transaction if he compensates any outside entity providing any services to the plan.... [T]he Second Circuit instead sided with the Third, Tenth, and Seventh Circuits, which had held that the other courts' reading of Section 406(a)(1)(C) ... would prohibit fiduciaries from paying third parties to perform essential services in support of a plan, which could not have been what Congress intended." [Cunningham v. Cornell Univ., No. 21-0088 (2d Cir. Nov. 14, 2023)]  MORE >>

Miller & Chevalier

Notes from Meeting of Actuaries 'Intersector Group' with PBGC, October 2023 (PDF)

8 pages. Topics include: [1] Pension Risk Transfer (PRT) Report update; [2] PBGC coverage with retro amendments; [3] Final premium filing deadline for terminating plans; [4] Technical Update 23-1; [5] Allocation of prior year contributions to spun-off plans; [6] Multiemployer plans: Benefit reductions and amount of SFA; Amounts eligible to be paid by SFA assets; and Lock-in application and census data.   MORE >>

American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]

Notes from Meeting of Actuaries 'Intersector Group' with Treasury and IRS, September 2023 (PDF)

9 pages. Topics include: [1] Full yield curve; [2] SECURE 2.0 correction provisions; [3] JBEA rules; [4] Ways to streamline funding method changes for spinoffs; [5] Proposed mortality regulations; [6] Section 420 transfers; [7] Allocation of prior year contributions to plans involved in a spinoff.  MORE >>

American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]

Infosys Cybersecurity Event Disrupting Recordkeeper, Insurance Platforms

"T. Rowe Price, Vanguard, Principal, and Ascensus note ongoing system issues due to cybersecurity problem at US-based division of Infosys."  MORE >>


Automatic Enrollment, Reenrollment, and Retirement Outcomes

"As of year-end 2022, only 27% of plans were still using a 3% deferral default. In contrast, employers adopting at least a 6% deferral default has risen from 4% in 2006 to 39% today.... [Of] participants who were automatically enrolled in their employers' plans in 2022 ... only 5.4% opted out.... [T]he percentage who opted out was similar if the default was 3% or the default was ≥6% of wages."  MORE >>

T. Rowe Price

DOL Reporting Requirements for PEPs: Audit Considerations

"The extent to which the PEP will result in lower audit fees per employer than if they had an individual plan will depend on how homogeneous the plan provisions adopted by the member employers are, how many different payroll companies are involved, the level of integration between the recordkeepers and the payroll softwares, the relative significance of each employer’s assets, and the availability of SOC 1 reports for the relevant service providers."  MORE >>

Belfint Lyons Shuman

House Ways and Means Committee Hearing: Ensuring That 'Woke' Doesn't Leave Americans Broke -- Protecting Seniors and Savers from ESG Activism

Video of Nov. 7 hearing, including testimony by: [1] The Honorable Preston Rutledge, Rutledge Policy Group, LLC; [2] The Honorable Jason Isaac, Life:Powered; [3] The Honorable Marlo Oaks, Utah State Treasurer; [4] Mr. Mason Bolay, First Bank & Trust Company; and [5] Mr. Brandon Rees, AFL-CIO.  MORE >>

Committee on Ways and Means, U.S. House of Representatives


Latest House Hearing Shows Use of ESG in Retirement Plan Investing Remains a Political Lightning Rod

"Given the divisive tone of the hearing, it was Mr. Rutledge's testimony that stood out as he tried to remove himself from the politics, and instead remind the Committee of how in his opinion the DOL has remained consistent in its views over the years."  MORE >>

Ropes & Gray


Congress Should Reexamine PBGC Premium Amounts

"[T]he $44.6 billion surplus in the [PBGC's] single-employer insurance program, detailed in the agency's Fiscal Year 2023 Annual Report, should lead Congress to reexamine the premiums paid by companies that sponsor defined benefit pension plans.... Congress should [also] eliminate arcane budget scoring rules that have permitted the use of premium increases to 'offset' spending proposals unrelated to the retirement system"  MORE >>

The ERISA Industry Committee [ERIC]

Employee Benefits Jobs

View job as Product Support Specialist - DC Compliance
            for Wolters Kluwer -

Product Support Specialist - DC Compliance

Wolters Kluwer -


View job as Product Support Specialist - DC Compliance for Wolters Kluwer -

View job as Implementations and Documents Specialist
            for Stones River Consulting

Implementations and Documents Specialist

Stones River Consulting


View job as Implementations and Documents Specialist for Stones River Consulting

Selected New Discussions

Municipal/Governmental DB Plan Document

"Which vendor is accommodating the prototype plan document services for municipal defined benefit plans?"

BenefitsLink Message Boards

SSA Notification of Deferred Benefit - How to Prove Past Payment?

"Are there any resources to find 1099-R's or other proof that a benefit was paid out to a participant? This client doesn't have his old records. Plan was terminated years ago before they became our client."

BenefitsLink Message Boards

Press Releases

William Whitman Joins NCPERS Staff to Support Continued Membership Growth, Build Strategic Alliances

National Conference on Public Employee Retirement Systems [NCPERS]

Newfront Introduces AI-Powered Benefits Assistant to All Slack-Enabled Clients


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Callan's Retirement Conundrum


Callan Associates

Benefit Plan End of Year To-Do List

December 7, 2023 WEBINAR

Hunton Andrews Kurth

Last Issue's Most Popular Items

Exploring Penalty-Free Distribution Provisions Under SECURE 2.0

Spectrum Consultants

Ascensus, Newport Nonqualified Platforms Hit by Infosys Cybersecurity Issue


Suddenly Funded DB Plans: What's a Plan Sponsor to Do?


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

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