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Retirement Plans Newsletter

December 1, 2023

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

IRS Black Friday Special: Proposed Regs on Long-Term, Part-Time Employee Rules (PDF)

"[W]hile a plan with immediate eligibility for part-time employees would not be subject to the unfavorable break-in-service rules for participation purposes, it also could not benefit from the more lenient nondiscrimination and top-heavy testing rules."  MORE >>

Thomson Reuters / EBIA


EOB: The Definitive Source

Experience ERISA clarity like never before with EOB. It's where the latest regulations and complex legalities become accessible and manageable. EOB offers ongoing updates and over 40,000 source links, making it the indispensable tool for industry professionals.

Sponsored by ASPPA

[Guidance Overview]

IRS Part-Time Eligibility Rules Bring Relief, Surprise, Deadline Concern

"[If] LTPT employees are [or later become] eligible for employer contributions ... [they] must be granted a year of vesting service for each 12-month period in which the employee is credited with at least 500 hours of service. That is opposed to the 1,000 hours of service requirement generally used as a minimum by plans with a vesting schedule."  MORE >>


[Guidance Overview]

IRS Issues Comprehensive Guidance on Pre-Approved Retirement Plans (PDF)

"[1] End of remedial amendment period for timely adopted interim amendments.... [2] End of remedial amendment period for discretionary amendments made by adopting employers.... [3] Failure of adopting employer to timely adopt interim amendment.... [4] Starter 401(k) deferral-only plans.... [5] Qualified pre-approved plan cycles.... [6] Provider applications for opinion letters.... [7] Conformity with Section 403(b) pre-approved plan rules."  MORE >>

Thomson Reuters / EBIA

[Guidance Overview]

Form 5500 Series Filing Extensions: 2024 Brings Changes

"[S]tarting January 1, 2024, for the first time, plan sponsors will have the option to file the Form 5558 electronically with the DOL, instead of the IRS, using EFAST2 ... Also starting January 1, 2024, the Form 5558 will no longer be the form used for extensions of Form 5330."  MORE >>


[Guidance Overview]

Investment Advice Fiduciary Rule, Round Three

"The Proposed Rule is narrower than the 2016 Fiduciary Rule in that it applies only to paid recommendations made in three specified contexts, does not include any new contract or warranty requirement, and focuses on the retiree's reasonable expectation of a relationship of trust and confidence.... [It] also aims to better capture investment advice relationships not covered by the aging 1975 regulation[.]"  MORE >>

Trucker Huss

District Court Upholds PBGC Denial of Special Financial Assistance to a Terminated Multiemployer Plan

"The court agreed with PBGC that a terminated plan that remains terminated does not have a zone status and therefore cannot qualify for SFA as a critical and declining status plan.... In addition, PBGC asserted that it may terminate a multiemployer plan involuntarily to prevent the agency's potential long-run loss from increasing unreasonably, which the court in [this] case accepted." [Board of Trustees of the Bakery Drivers Local 550 and Industry Pension Fund v. PBGC, No. 23-1595 (E.D.N.Y. Oct. 26, 2023)]  MORE >>

The Wagner Law Group

GAO Social Security Series: Criteria for Evaluating Reform Proposals

"This brief identifies criteria for policymakers to consider when evaluating potential reforms ... [1] Can the reform sustain the program financially over time? [2] Does the reform address goals related to the adequacy and equity of benefit payments? [3] Does the reform help the program account for recent economic, societal, and demographic changes? [4] Can the reform be readily implemented and explained to the public?" [GAO-24-106778]  MORE >>

U.S. Government Accountability Office [GAO]

The Impact of High-Pressure Labor Markets on Retirement Security

"Higher exposure to stronger-than-average labor markets at working ages (41-61, as well as 31-61) is significantly correlated with a lower likelihood of being poor and with higher household income at retirement ages (63-67).... Earlier exposure is associated with more favorable financial outcomes at retirement ages, arguably suggesting that interventions designed to support labor force attachment and/or improve pay and benefits early in the career may yield overall better returns than the same size interventions later in life."  MORE >>

Center for Retirement Research at Boston College

FAS87 ASC715 Discount Rates and Moody's Rates, November 30, 2023

An unofficial monthly report of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

BenefitsLink Message Boards


Lessons from the Cornell Excess Fee Case Dismissal

"Most of the focus on ... decision from the Second Circuit ... will be on the pleading standard for prohibited transaction claims.... [T]he key lesson of the Cornell case, like the Yale trial, is that the best proof of a fiduciary process in an imprudence case is to show a pattern of investment and fee changes over a course of years." [Cunningham v. Cornell Univ., No. 21-0088 (2d Cir. Nov. 14, 2023)]  MORE >>

Euclid Specialty Managers

Executive Compensation and Nonqualified Plans

[Guidance Overview]

Dodd-Frank Clawback Policy: Additional Action Required for NYSE-Listed Companies by December 31, 2023

"[No] later than December 31, 2023, issuers listed on the NYSE must confirm through the Listing Manager that they have either timely adopted a compliant compensation clawback policy or that they are relying on an applicable exemption under the NYSE listing standards."  MORE >>


Employee Benefits Jobs

View job as Retirement Specialist for Alerus

Retirement Specialist


Arden Hills MN / Hopkins MN / Fargo ND / Grand Forks ND

View job as Retirement Specialist for Alerus

View job as Senior Pension Administrator for The Hilb Group

Senior Pension Administrator

The Hilb Group

Remote / Cranston RI

View job as Senior Pension Administrator for The Hilb Group

Selected New Discussions

Second Plan Loan After Default and Deemed Distribution

"A participant in a qualified plan, stopped making loan repayments in which after 90 days the loan was deemed and reported on a 1099R the following year. The active participant would like to borrow again from the plan, the plan allows for one (1) per participant at any time, is the participant permitted to take a brand new loan? Or will he be required to pay-off the prior deemed loan first before he is able to initiate a new loan?"

BenefitsLink Message Boards

Life Insurance in Cash Balance Plan

"Is Life Insurance permissible in a cash balance plan? If yes, how is the 'incidental' limit calculated? Is it 100x projected benefit as in DB plans, or a percentage of contribution? Is it discriminatory unless policies all purchased on all participants?"

BenefitsLink Message Boards

DB RMD Schedule

"DB plan -- one lifer. Client takes full annual RMD on 4/1/2023 instead of monthly (12x). Client decides to terminate the plan today and wants to rollover prior to 12/31/2023. No further RMD is due, correct?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What's Keeping Retirement Plan Sponsors Up at Night?


ALI CLE [American Law Institute Continuing Legal Education]

Retirement Income Solutions: A Strategic Plan for Implementation

December 14, 2023 WEBINAR


Last Issue's Most Popular Items

Newly Released 2023 Form 5500s Reflect Significant Changes

Groom Law Group

IRS Issues Long-Term, Part-Time Employee Proposed Regs

Groom Law Group

Text of Draft IRS Publication 571: Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations (PDF)

Internal Revenue Service [IRS]

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

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