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Retirement Plans Newsletter

January 12, 2024

10 New Job Opportunities 10 New Job Opportunities

 

[Official Guidance]

Text of IRS Notice 2024-22: Guidance on Anti-Abuse Rules and Certain Other Issues with Respect to Pension-Linked Emergency Savings Accounts (PDF)

"This notice ... provides initial guidance regarding anti-abuse rules under section 402A(e)(12) of the Internal Revenue Code to assist in the implementation of SECURE 2.0 Act section 127 provisions.... This [Notice] provides examples of anti-abuse procedures that are not reasonable and thus may not be used to limit the frequency or amount of matching contributions made to the account ... [and] highlights several statutory provisions within section 402A(e) to which a plan might look to limit the ability of participants to manipulate the rules of the plan to cause matching contributions to exceed the intended amounts or frequency."  MORE >>

Internal Revenue Service [IRS]

[Official Guidance]

Text of PBGC Adjustment of Civil Penalties for Inflation

"The increases in the civil monetary penalties under sections 4071 and 4302 of [ERISA] provided for in this rule apply to such penalties assessed after January 12, 2024."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

IRS Notice Answers Outstanding Questions on the Rothification of Employer Contributions

"Are plans required to allow employees to elect to make Roth employer contributions? ... Does a separate five-year period apply to Roth employer contributions? ... What does it mean to be 100% vested when received? ... What about nondiscrimination testing? ... When are designated Roth employer contributions included in a participant's gross income? ... How are designated Roth employer contributions reported if they aren't included in wages?"  MORE >>

Seyfarth

Bitcoin and Brokerage Windows: A Risk for Fiduciaries?

"The [SEC] on [January 10] approved applications for a 'number of spot bitcoin exchange-traded product (ETP) shares.' An SEC order confirmed that a total of eleven ETFs were approved.... [DOL guidance issued] in March 2022 cautioning sponsors against using cryptocurrency in plans governed by [ERISA] is 'still good agency guidance.' "  MORE >>

planadviser

What Plan Sponsors Need to Know About Changing Retirement Plan Providers

"[As] a fiduciary, you should consistently review what your plan needs are, what you currently receive in terms of services, the amount you pay for those services, and what else is out there on the market. Before you do any legwork, and certainly before you make any decisions, it's important to formulate a game plan because no two plan providers are exactly alike, and there are no 'cookie cutter' solutions."  MORE >>

Ascensus

403(b) Plans: Not Your Average Salary Deferral Plan

"Congress continues to pass laws that move 403(b) plans ever closer to 401(k) plans, but 403(b) plans remain distinct.... Special aspects of 403(b) plans include ... [1] Types of plan sponsors ... [2] ERISA coverage ... [3] Universal availability ... [4] Special 15-year catch-up contributions ... [5] Contributions on behalf of former employees ... [6] Investment choices."  MORE >>

Bricker Graydon

Pension Risk Transfer 2.0

"There is a range of different strategies to mitigate and/or transfer pension risk.... A plan typically has three cohorts of participants: actives, terminated vested, and retirees. Terminated vested and retiree participants are generally targeted in pension risk transfers. [This article highlights] current options to transfer pension risk and the suitable cohort for each."  MORE >>

NEPC

Benefits in General

[Guidance Overview]

DOL Issues 2024 Adjusted Penalty Amounts (PDF)

"These penalties cover a wide range of benefit plan compliance failures. The DOL has discretion to impose lower penalties in some instances -- such as under programs designed to encourage Form 5500 filing -- so not all violations will result in the maximum permitted penalty."  MORE >>

Thomson Reuters / EBIA

[Guidance Overview]

DOL Rescinds and Replaces FLSA Independent Contractor Regs (PDF)

"While changes to the FLSA's independent contractor analysis may significantly impact many businesses and workers, most employee benefit plan rules determine employee status under ERISA or the Code (not the FLSA), often in conjunction with the common-law standard. It is important to properly classify workers under the appropriate set of rules -- particularly for purposes of the Code's rules regarding retirement plans, cafeteria plans, and employer shared responsibility penalties."  MORE >>

Thomson Reuters / EBIA

[Guidance Overview]

DOL Releases Independent Contractor Final Rule

"[B]usiness groups have argued the new rule only adds confusion and will result in workers improperly designated as employees when they instead are operating as independent contractors. The DOL's change of course concerning the proper standard so quickly after a different standard was announced a few years ago ... might reduce any deference courts will give to the new rule if it becomes effective."  MORE >>

Jackson Lewis P.C.

[Opinion]

2024 Policy Priorities of the ERISA Industry Committee (PDF)

17 pages. "ERIC's policy agenda is focused on improving employee wellbeing and financial security; increasing flexibility and opportunity; reducing costs and administrative burdens; and helping large employers continue to deliver uniform benefits. ERIC advocates for measures that ensure continued tax preferences for employer- sponsored benefits and exclusive federal regulation of nationwide benefits plans through ERISA preemption."  MORE >>

The ERISA Industry Committee [ERIC]

Employee Benefits Jobs

View job as Retirement Plan Corrections/ Implementation Specialist for Fiduciary Outsourcing LLC

Retirement Plan Corrections/ Implementation Specialist

Fiduciary Outsourcing LLC

Phoenix AZ / Hybrid

View job as Retirement Plan Corrections/ Implementation Specialist for Fiduciary Outsourcing LLC

View job as Sales & Marketing Representative for DATAIR Employee Benefit Systems, Inc.

Sales & Marketing Representative

DATAIR Employee Benefit Systems, Inc.

Remote / Westmont IL

View job as Sales & Marketing Representative for DATAIR Employee Benefit Systems, Inc.

View job as Senior Retirement Plan Administrator for Envoy Financial

Senior Retirement Plan Administrator

Envoy Financial

Colorado Springs CO / Hybrid

View job as Senior Retirement Plan Administrator for Envoy Financial

View job as Junior Associate - Employee Benefits & Executive Compensation for Maynard Nexsen

Junior Associate - Employee Benefits & Executive Compensation

Maynard Nexsen

AL / CA / DC / FL / GA / IA / NC / NY / SC / TN / TX / Hybrid

View job as Junior Associate - Employee Benefits & Executive Compensation for Maynard Nexsen

View job as Retirement Plan Administrator for Wolters Kluwer / ftwilliam.com

Retirement Plan Administrator

Wolters Kluwer / ftwilliam.com

Remote

View job as Retirement Plan Administrator for Wolters Kluwer / ftwilliam.com

View job as Regional Plan Consultant (Sales), Pacific Northwest US Territory for The Retirement Advantage, Inc.

Regional Plan Consultant (Sales), Pacific Northwest US Territory

The Retirement Advantage, Inc.

Remote

View job as Regional Plan Consultant (Sales), Pacific Northwest US Territory for The Retirement Advantage, Inc.

View job as Actuarial Manager for Ascensus

Actuarial Manager

Ascensus

Remote

View job as Actuarial Manager for Ascensus

View job as Senior Implementations Associate for Vestwell

Senior Implementations Associate

Vestwell

Remote / FL / IL / MA / MN / NY / PA / TX / Hybrid

View job as Senior Implementations Associate for Vestwell

View job as Senior Specialist, Plan Design for Vestwell

Senior Specialist, Plan Design

Vestwell

Remote / FL / IL / MA / MN / NY / PA / TX / Hybrid

View job as Senior Specialist, Plan Design for Vestwell

View job as Retirement Plan Consultant for The MandMarblestone Group, llc

Retirement Plan Consultant

The MandMarblestone Group, llc

Remote

View job as Retirement Plan Consultant for The MandMarblestone Group, llc

Last Issue's Most Popular Items

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

Internal Revenue Service [IRS]

DOL Increases Civil Money Penalties for 2024

Thomson Reuters Practical Law

Dispelling Cybersecurity Myths for Benefit Plans

International Foundation of Employee Benefit Plans [IFEBP]

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

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