Get This Daily Newsletter by Email logo logo

Trusted Since 1995

Retirement Plans Newsletter

January 11, 2024

2 New Job Opportunities 2 New Job Opportunities


[Official Guidance]

Text of IRS Final Regs: Corporate Bond Yield Curve for Determining Present Value

"This document sets forth final regulations specifying the methodology for constructing the corporate bond yield curve that is used to derive the interest rates used in calculating present value and making other calculations under a defined benefit plan ... These regulations apply for purposes of determining the corporate bond yield curve under section 430(h)(2)(D) of the Internal Revenue Code for months that begin on or after February 1, 2024."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

IRS Employee Plans Issue Resource Guide: Top-Heavy Plans (PDF)

22 pages. Includes description and Examination Steps for: [1] Determining top-heavy status (identifying the employer, determination date, key employees, aggregation of plans, calculating top-heavy ratio); [2] Top-heavy allocations (minimum contributions and minimum accrued benefits); [3] Additional allocations; and [4] Top-heavy vesting. [Rev. Oct. 2023; pub. Jan. 2024]  MORE >>

Internal Revenue Service [IRS]

DOL's Fiduciary Proposal in House Subcommittee Crosshairs: Most Witnesses Oppose Revamp

"While the [DOL] wades through more than 19,000 comments on its proposal to amend the definition of the term 'fiduciary' ... lawmakers in Washington and retirement industry stakeholders dissected it further. Four of the five witnesses who testified before the House Financial Services Capital Markets Subcommittee in a Jan. 10 hearing were against the proposal, as well as most of the committee members posing questions."  MORE >>

Pensions & Investments

DOL Publishes Official Transcripts of Online Hearing on Proposed Retirement Security Rule, Related Proposed Exemption Amendments

"The Department previously posted unofficial transcripts ... It determined that the most efficient way of providing notice of the posting was through a press release and email blasts, rather than through a Federal Register notice as was stated at the hearing." [Day 1 Official Transcript] [Day 2 Official Transcript]  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

DOL Retirement Advice Rule Opponents Press Congress, Agency

"[M]ost experts expect a lawsuit to challenge the rule in court, in an identical move out of the playbook of the industry trade groups that successfully got Labor's last attempt at a similar rule vacated in 2018. In another echo of earlier rulemakings or legislative efforts, opponents such as the Financial Services Institute, Ameriprise and LPL Financial helped advisors flood the agency with thousands of form letters."  MORE >>

Financial Planning

Fee Transparency and Cost Management

"This article aims to shed light on the critical aspects of fee transparency so plan sponsors can best help the plan but also relay relevant details to participants.... [The article includes] actionable strategies for reducing costs, such as embracing technology and automation, effectively managing small account balances, and leveraging recordkeeper technology to enhance participant engagement."  MORE >>


Understanding and Evaluating Retirement Plan Fees, Part 1

"With retirement plan fees serving as the centerpiece for many different fiduciary breach lawsuits, understanding fee dynamics has become a critical responsibility for plan sponsors and fiduciaries. This article ... explore[s] the different types of retirement plan fees by taking an in-depth look at investment costs, provider fees, and fee allocation methodologies."  MORE >>


Educating Your Employees on Financial Wellness Beyond the Paycheck

"When developing a financial wellness program, here are a few questions to ask ... [1] What is the overall goal of the program? ... [2] What aspects of financial wellness does the program want to highlight? ... [3] How will we communicate the new resources available to employees? What does the material look like? ... [4] How will we measure the success of the program?"  MORE >>

Assured Partners

Benefits in General

[Guidance Overview]

DOL Increases Civil Money Penalties for 2024

"[T]he final regulations' higher penalty amounts apply for penalties assessed after January 15, 2024, whose associated violations occurred after November 2, 2015.... [A] table reflects the DOL's 2024 annual inflation adjustments to the civil money penalties for violations of certain requirements under ERISA, effective January 15, 2024."  MORE >>

Thomson Reuters Practical Law

[Guidance Overview]

DOL Fact Sheet 13: Employment Relationship Under the Fair Labor Standards Act (FLSA)

Rev. Jan. 2024. "This fact sheet provides general information on how to determine if a worker is an employee or independent contractor under the FLSA.... What Is the Economic Reality Test? ... Economic Reality Test Factors: [1] Opportunity for profit or loss depending on managerial skill.... [2] Investments by the worker and the employer.... [3] Degree of permanence of the work relationship.... [4] Nature and degree of control.... [5] Extent to which the work performed is an integral part of the employer's business.... [6] Skill and initiative."  MORE >>

Wage and Hour Division [WHD], U.S. Department of Labor [DOL]

[Guidance Overview]

New Rule on Independent Contractor Classification Will Have Profound Impact on Businesses

"[T]he rule fails to provide a realistic solution for the frequent scenario where workers who desire to be independent contractors choose themselves to be 'economically dependent' on work made available to them by one company, such as an ongoing business relationship between a vendor and its customer. As such, the rule is likely to create more uncertainty for companies that utilize legitimate independent contractor relationships to carry out their business functions."  MORE >>

Holland & Knight

Trends to Watch in Benefits and Compensation in 2024

"[1] GLP-1 drug coverage decisions ... [2] More financial health offerings ... [3] Pay increases will meet or exceed inflation ... [4] Mental health focus ... [5] Controlling health care costs ... [6] More pay transparency ... [7] Pensions may make a comeback."  MORE >>

Society for Human Resource Management [SHRM]; membership may be required to view article

Dispelling Cybersecurity Myths for Benefit Plans

"As plans face potential vulnerabilities and threats, their strategies around data protection will vary based on factors such as size, scope and unique risks at play, but here are nine myths and misconceptions surrounding cybersecurity that every plan stakeholder should be aware of to ensure a more accurate understanding of a plan's risk posture."  MORE >>

International Foundation of Employee Benefit Plans [IFEBP]

Employee Benefits Jobs

View job as DB Plan Consulting Assistant for EGPS

DB Plan Consulting Assistant


Remote / Franklin Square NY

View job as DB Plan Consulting Assistant for EGPS

View job as Operations Analyst II for EGPS

Operations Analyst II


Remote / Franklin Square NY

View job as Operations Analyst II for EGPS

Selected New Discussions

Plan Termination - Rollover of Nonresponsive Participant Funds

"I assisted with a plan termination, As per the plan sponsor's direction all unresponsive participants fund were rolled over to an IRA account. The plan sponsor has now come back stating the funds will require to be rolled over to the acquiring company 401k plan. The plan sponsor is ready to connect with the IRA provider to provide direction to rollover the funds to the acquiring company 401k. I have two questions.

  • I thought funds from an IRA account can not be rolled over to a 401k plan, is that not true? Can the plan sponsor direct the IRA provider to rollover the funds to the 401k plan.
  • The plan sponsor will make the account whole (is ready to do any gain and loss calculation) and send the money to the IRA provider, so that the IRA provider will directly send the funds to the acquiring company record keeper. My assumption was the funds needs to come into the terminating plan, have the correction done and then rollover the funds to the acquiring company. Is this not true?"

BenefitsLink Message Boards

Correcting Mistaken Employer Contribution

"An employer accidentally sent too much money to the 401k custodian. They have not yet claimed it as a deduction for their company return. I know the concept of 'once it becomes a plan assets, it needs to stay' but does that really apply to a clerical error? Can the money be sent back to the employer?"

BenefitsLink Message Boards

Press Releases

Strive Announces New 401(k) PEP Retirement Plan for Small-to-Mid-Sized Businesses


Hint Announces Partnership with E Powered Benefits to Enable Better Access to Direct Primary Care Through Performance Health Plans

Hint Health

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

DOL’s Fiduciary Proposals: The Effect on Investment Advisers

February 8, 2024 WEBINAR

Faegre Drinker

IRS Correction Rules for Retirement Plans: Plan Administration, Remediation of Noncompliance

February 13, 2024 WEBINAR


ERISA Arbitration and Class Action Waivers: Drafting Arbitration Provisions, Minimizing Risks and Class Actions

February 20, 2024 WEBINAR


Last Issue's Most Popular Items

IRS Provides SECURE 2.0 Act Guidance


DOL Announces Final Rule on Determining Independent Contractor Status

Ogletree Deakins

Streamlined Best Practices for Retirement Plan Committees (PDF)

Multnomah Group

Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

Copyright 2024, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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

Links to web sites other than and are offered as a service to our readers. We are not involved in their production and are not responsible for their content.