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Retirement Plans Newsletter

January 19, 2024

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

Text of Agencies' RFI Under SECURE 2.0 Section 319: Effectiveness of Reporting and Disclosure Requirements (PDF)

24 pages; includes 24 specific questions on which the agencies are requesting public input. "[T]his Request for Information addresses section 319 of SECURE 2.0 ... [T]he agencies are to report to Congress, no later than December 29, 2025, concerning the effectiveness of the reporting and disclosure requirements. The report will include recommendations on consolidating, simplifying, standardizing, and improving such requirements with the dual goals of reducing compliance burdens and ensuring plan participants' and beneficiaries' timely receipt and better understanding of the information they need to monitor their plans, prepare for retirement, and get the benefits they have earned. The report will also consider how participants and beneficiaries are providing preferred contact information, the methods by which plan sponsors and plans are furnishing disclosures, and the rate at which participants and beneficiaries are receiving, accessing, understanding, and retaining disclosures.... [C]omments must be received ... no later than [90 days after date of publication in the Federal Register]."  MORE >>

U.S. Treasury Department; U.S. Department of Labor [DOL]; and Pension Benefit Guaranty Corporation [PBGC]

[Official Guidance]

Text of IRS Instructions for 2023 Forms 1099-R and 5498 (PDF)

"What's New: [1] E-filing returns.... [2] Qualified tuition program (QTP) rollover to a Roth IRA.... [3] Redesign of Form 1099-R.... [4] Roth simplified employee pension (SEP) IRAs and Roth SIMPLE IRAs."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

DOL Issues Joint Request to Help Improve Retirement Plan Benefits Information Provided to Workers, Federal Government

"The RFI ... includes 24 questions on a broad range of topics relevant to effective reporting and disclosure. These topics include: [1] Number and frequency of disclosures received by workers. [2] Information disclosed and its effectiveness, accessibility and understandability, including to non-English speakers. [3] How plans obtain and update contact information for workers. [4] Plans' experiences completing and filing reports and obtaining assistance from the agencies. The RFI includes a 90-day period for public comments[.]"  MORE >>

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

[Guidance Overview]

IRS and DOL Issue Initial Guidance on Pension-Linked Emergency Savings Accounts

"[Notice 2024-22] is limited to plans that offer matching contributions and that are considering implementing anti-abuse procedures beyond those explicitly provided for under Section 127. The DOL FAQs provide guidance on other issues related to PLESAs in ERISA plans, such as contribution timing and permissible investments. The formal application of some of them to non-ERISA plans remains unclear."  MORE >>

Caplin & Drysdale

[Guidance Overview]

SECURE 2.0: Guidance on Exception to Early Distribution Penalty for Terminally Ill Individuals

"[T]here is no independent right to receive a [terminally ill individual distribution (TI Distribution)]. Rather, the participant must otherwise be eligible to receive an in-service distribution ...TI Distributions are exempt from the 10% early withdrawal tax. Also, participants have the right to repay TI Distributions."  MORE >>


[Guidance Overview]

Planning for Inherited Retirement Accounts: Determining the Applicable Distribution Period

"The new general rule of thumb is an inherited IRA has a ten-year withdrawal period and the account needs to be completely distributed by the end of the tenth year following the IRA account owner's death.... However, before we utilize the general rule of thumb, the following questions should be asked: [1] Did the decedent die before or after their required beginning date (RBD)? ... [2] What category is the beneficiary?"  MORE >>


[Guidance Overview]

IRS SECURE 2.0 Guidance Answers Key Questions

"Even though amendments are not required, it will likely make sense to amend plans for at least some of the applicable provisions as a way of tracking what changes were made and having relevant language to address potential participant questions.... Although [Notice 2024-2] indicates that financial incentives paid with a gift card will be taxable, a financial incentive that is provided in the form of property and that otherwise satisfied the de minimis fringe benefit rules of Section 132(e) may not be taxable."  MORE >>

Eversheds Sutherland

Regulatory and Litigation Update: Plan Committees Take Note

"The most pressing issue for plan sponsors is to ensure their eligible LTPT employees have received the opportunity to participate in 2024.... [Recent lawsuits allege] that plan sponsors improperly used plan forfeitures.... [P]lan sponsors [should]: [1] review the plan document language regarding the use of forfeitures; [2] confirm forfeitures are only being used in a permitted manner; and [3] in general, use the forfeitures as soon as possible ... [Plan sponsors] now face a deeper bench of capable plaintiffs' firms, who have diversified their claims to include far more legal theories in years' past[.]"  MORE >>

Qualified Plan Advisors [QPA]

Rhode Island Bill Would Establish RI Secure Choice

"A bill has been introduced in the state's House of Representatives that would establish a state-run retirement program ... [which] would provide retirement plan coverage for eligible employees age 18 and over who work for an employer with five or more employees that does not offer a plan."  MORE >>

American Retirement Association [ARA]

In Memoriam: Richard ('Rick') Matta

"Rick earned a national reputation as an expert in key areas, such as Collective Investment Trusts, the DOL Prohibited Transaction Exemption Process, and IRA Products -- becoming the 'go-to' lawyer in these areas and co-chair of Groom's IRA Practice Group. Rick also was highly knowledgeable in the securities law aspects of pensions, as well as numerous tax matters, including the unrelated business income tax. His vast experience attracted many types of clients, including national law firms across the country, all of whom were eager to tap into his understanding of the retirement industry and technical expertise."  MORE >>

Groom Law Group

Executive Compensation and Nonqualified Plans

Up in the Air: How Boeing's 737 Max Problem Teaches Key Points About Preventing Insider Trading

"Would it be illegal insider trading to trade Boeing securities (which includes buying puts or calls) while you’re on a damaged Boeing airliner before the news has been reported and thus made public? ... There are two very different outcomes of this hypothetical situation. They depend on your relationship with Boeing. "  MORE >>

Employee Benefits Jobs

View job as Retirement Operations Supervisor for Alerus

Retirement Operations Supervisor


Remote / MN / ND

View job as Retirement Operations Supervisor for Alerus

View job as Employee Benefits Attorney for Hill Ward Henderson

Employee Benefits Attorney

Hill Ward Henderson

Tampa FL / Hybrid

View job as Employee Benefits Attorney for Hill Ward Henderson

View job as Retirement Plan Relationship Manager for ERISA Services, Inc.

Retirement Plan Relationship Manager

ERISA Services, Inc.


View job as Retirement Plan Relationship Manager for ERISA Services, Inc.

View job as Distribution Specialist for ERISA Services, Inc.

Distribution Specialist

ERISA Services, Inc.


View job as Distribution Specialist for ERISA Services, Inc.

View job as Client Service Manager for July Business Services

Client Service Manager

July Business Services


View job as Client Service Manager for July Business Services

Selected New Discussions

Auto Enrollment Cessation

"Is anyone familiar with any guidance dictating the proper handling of automatically enrolled participants who never made a subsequent affirmative election when the plan is amended to cease auto enrollment (assuming the plan document is silent)? My inclination is to leave their current deferral rate as is, but I’m also aware of a school of thought that says their deferrals must stop unless/until an affirmative election is made."

BenefitsLink Message Boards

Change in Plan Administrator; Change in the QDRO Process?

"Plan administrator switched in the middle of the QDRO process with my old employer. HR at my old company says new plan administrator wants everything re-done. Do I need re-do QDRO, get court submission / approval done again, and then resubmit to HR? My retirement assets were basically frozen when I submitted it, but HR says it has to be redone: new plan administrator wouldn't process it due to gains losses unknown because it was with old plans administrator, said QDRO needs redone and plan name changed to new plan administrator since it was converted."

BenefitsLink Message Boards

Press Releases

WELCOA and the National Wellness Institute (NWI) Announce New Partnership

National Wellness Institute

PBGC Names Six Firms for Smaller Asset Managers Program

PBGC [Pension Benefit Guaranty Corporation]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Risks May Be Bigger Than They Appear: A Rearview Look at 2023 Labor and Employment Law Changes and a Guide to Potential 2024 Obstacles

February 6, 2024 in NY

Davis+Gilbert LLP

Safe Harbor 401(k) Plan Workshop: Plan Design, Troubleshooting and SECURE Changes

February 13, 2024 WEBINAR

ASPPA [American Society of Pension Professionals & Actuaries]

Qualified Plan Fiduciary Summit

May 6, 2024 in KS

Qualified Plan Advisors [QPA]

Last Issue's Most Popular Items

Text of DOL Proposed Regs: Automatic Portability Transaction (PDF)

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

DOL Releases Proposed Regs on Retirement Plans and Automatic Portability Transactions When Employees Change Jobs

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

It's Time to Bury the 4% Rule for Good


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

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