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Retirement Plans Newsletter

January 5, 2024

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

IRS Issues 2023 Cumulative List for Defined Contribution Pre-Approved Plans (PDF)

"[I]tems specific to 401(k) plans include: [1] changes made to the hardship distribution rules under the Bipartisan Budget Act of 2018, [2] final hardship distribution regulations issued in 2019, [3] the establishment of starter 401(k) plans under the SECURE 2.0 Act, [4] changes to rules relating to long-term, part-time employees made by the SECURE Act, the SECURE 2.0 Act, and proposed regulations upon which taxpayers may rely, and [5] changes to the rules for SIMPLE 401(k) plans made by the SECURE 2.0 Act."  MORE >>

Thomson Reuters / EBIA

[Guidance Overview]

IRS Provides Guidance on SECURE 2.0 Act Changes and Further Extends Plan Amendment Deadline for Applicable Legislation (PDF)

"[H]ighlights [of Notice 2024-02] for 401(k) plans: [1] Small employer plan credits.... [2] Small employer military spouse credit.... [3] Contribution incentives.... [4] SIMPLE 401(k) plan contribution limits.... [5] Early terminal illness distributions.... [6] Correcting automatic contribution errors.... [7] Amendments.... [8] Designated Roth contributions."  MORE >>

Thomson Reuters / EBIA

Exceptional Usefulness and Quality icon The Plan Sponsor's Guide to PEPs

"Each section of [this] Guide takes 401(k) and 403(b) plan sponsors through the steps of how PEPs work and whether they are an appropriate approach for an employer; how to evaluate pooled plan providers; best practices for implementation and monitoring; and reviewing plan design and investment menus that can help meet the retirement needs of their participants. Alongside visual and practical guidance, Aon provides insights into its PEP model and shares its perspective as a pooled plan provider ... on how employers offering 401(k) and 403(b) benefits can successfully adopt and monitor PEPs."  MORE >>

Pensions & Investments, in partnership with AON

2024 Retirement Market Outlook: Themes Shaping the U.S. Retirement Landscape (PDF)

14 pages. "[R]etirement income, personalization, and diversification will be the key themes for defined contribution (DC) plan sponsors and their consultants and advisors. [This paper] explores why ... these topics [are expected] to shape the retirement landscape in the coming years and outlines the underlying factors that are creating both challenges and opportunities for the retirement industry. [It] also provide[s] action items or next steps for plan sponsors, consultants, and advisors."  MORE >>

T. Rowe Price

Bipartisan Bill Would Lower DC Plan Eligibility Age to 18

"[T]he Helping Young Americans Save for Retirement Act (S 3305) ... would require sponsors of 401(k) and ERISA-covered 403(b) plans to let employees age 18 through 20 contribute after they complete one year of service.... [E]mployers could exclude these younger workers from receiving any employer-matching or nonelective contributions. If enacted, the bill would take effect for the 2026 and later plan years."  MORE >>



Navigating the Changing Retirement Landscape

"With Baby Boomers working longer, Gen X and millennial employees say they're frustrated with decreasing upward mobility.... Employers should consider robust retirement packages that enable people to retire in their early to mid-60s. Defined benefit (DB) plans offer a fixed income that people can count on without worrying about saving up to 15% of their yearly income or stock market fluctuations."  MORE >>

October Three Consulting


SPARK Institute Comment Letter to DOL on Proposed Fiduciary Rule (PDF)

28 pages. "Similar to the concerns that SPARK raised in response to the Department's 2016 Fiduciary Rule, [SPARK is] concerned that the proposed definition of fiduciary investment advice would inappropriately lower the bar for determining when a fiduciary relationship exists ... and result in negative consequences for retirement savings that could be avoided by a far more narrowly tailored rule.... [To] avoid these negative consequences, [SPARK] strongly urge[s] the Department to withdraw its Fiduciary Proposal."  MORE >>

The SPARK Institute


Pension Rights Center Comment Letter to DOL on Proposed Definition of Fiduciary (PDF)

16 pages. "It would have required Cassandra-like clairvoyance for the [DOL] in 1975 to predict that the intervening decades would elevate the individual participant to a central role in investment and retirement distribution strategies and thus to become of necessity a significant consumer of investment advice.... [It] may be true that under the proposed rule, some investment advisers will not be able to use certain business models in which their objectivity is compromised by serious conflicts of interest. ... [T]hose who are unwilling to eschew serious conflicts have no business advising retirement-plan participants."  MORE >>

Pension Rights Center [PRC]

Employee Benefits Jobs

View job as Senior Retirement Plan Administration Consultant for Fiduciary Wise

Senior Retirement Plan Administration Consultant

Fiduciary Wise


View job as Senior Retirement Plan Administration Consultant for Fiduciary Wise

View job as Actuarial Analyst for The McKeogh Company

Actuarial Analyst

The McKeogh Company

Conshohocken PA / Hybrid

View job as Implementations Relationship Manager for Vestwell

Implementations Relationship Manager



View job as Implementations Relationship Manager for Vestwell

Selected New Discussions

Is a Payment for Signing a Non-Compete Agreement Earned Income?

"I have a prospective client who received a $500K payment in 2024 for signing a 'non-compete agreement'. This will be reported on a 1099. Can income for signing a non-complete be used as 'earned income' for pension purposes? This person has other self-employment income that can be used, but wondering if they could also use the $500k in 2024?"

BenefitsLink Message Boards

Profit Sharing Contribution Promise

"In late 2023 we calculated the 2023 profit sharing contribution allocation for a 401k plan. Only 4 participants shared in it (1 HCE). The profit sharing is optional and is allocated on a cross-tested basis, each participant as its own allocation group. The PS amount for each participant was communicated to each participant. The NHCE's allocation was more than the minimum needed to pass testing. Early 2024, one of the NHCEs is leaving the company. Can the employer change only his allocation to a lower amount (enough to still pass testing)? Since the employer previously informed the participants of their 2023 PS allocation, is it a problem to go back and change that allocation to a lower amount just for this specific NHCE?"

BenefitsLink Message Boards

Final 5500 for Terminating Plan

"I'm looking for some clarification on final 5500 for Terminating plans. Is the final 5500 based on the Plan Termination date of final asset exist date? We received a Plan for Termination in 2022 and the Term date was 8/31/2022 and the asset exist date was 12/26/2023. Post the asset exist date there was a residual amount that got posted on 01/02/2024 since the plan had assets in 2023 the final 5500 will be for 2023 right? and the residual amount can be adjusted in 2023?"

BenefitsLink Message Boards

Can Someone Please Call Congress and Tell Them to Stop???

" 'The Helping Young Americans Save for Retirement Act is a bipartisan legislation that aims to encourage savings by younger workers in defined contribution plans. The bill would allow employees aged 18 to 20 to contribute to 401(k) and ERISA-covered 403(b) plans after completing one year of service, although employers could exclude them from receiving employer-matching or nonelective contributions.' It's too much. They need to give us a minute!"

BenefitsLink Message Boards

Press Releases

National Institute of Pension Administrators and WIPN Join Forces to Enhance Professional Development and Networking Opportunities

NIPA [National Institute of Pension Administrators]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

ERISA Litigation: Year in Review & Trends to Watch

February 6, 2024 WEBINAR

Thompson Hine LLP

Last Issue's Most Popular Items

New Roth Provisions Effective in 2024

Slott Report

IRS Clarifies SECURE 2.0 Mandatory Automatic Enrollment Provisions

Ferenczy Benefits Law Center

DOL Receives Over 19,000 Comments on Fiduciary Rule Proposal

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

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