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Retirement Plans Newsletter

February 16, 2024

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

Text of IRS Notice 2024-24: Weighted Average Interest Rates, Yield Curves, and Segment Rates for February 2024 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"  MORE >>

Internal Revenue Service [IRS]

[Official Guidance]

Draft of IRS Publication 575: Pension and Annuity Income, for Use in Preparing 2023 Returns (PDF)

53 pages. "What's New: Distributions to victims of domestic abuse.... Reminders: [1] The direct payment requirement for certain distributions for payment of health or long-term care insurance repealed.... [2] Form 8915-F replaces Form 8915-E. "  MORE >>

Internal Revenue Service [IRS]

Speakers at House Committee Hearing Trade Barbs on Whether DOL Fiduciary Rule Hurts or Helps

"A House committee revived debate over the [DOL] fiduciary rule [on Feb. 15], leading to extended discussion over what the proposal does and doesn't do, and whether the DOL has the appropriate rulemaking authority."  MORE >>

DOL Fiduciary Proposal Slammed During Second House Hearing

"The [DOL's] proposed fiduciary rule came under harsh criticism [February 15] during the House of Representatives Education and Workforce Committee's second hearing on the retirement security rule which seeks to extend fiduciary duty to insurance agents and broker-dealer register representatives. Currently they are able to use exemptions from the fiduciary legal standard."  MORE >>

Financial Advisor

House Lawmakers Debate Merits of DOL’s Proposed Fiduciary Rule

"The Feb. 15 hearing ... featured the by-now, well-known arguments of opponents who contend that the DOL overstepped its regulatory authority, while supporters argued that the proposal is needed to fill a regulatory gap. Like the Jan. 10 hearing by the House Financial Services Subcommittee on Capital Markets, the Feb. 15 hearing focused quite a bit on whether the [SEC's] Regulation Best Interest (Reg BI) and the [NAIC] best interest standard for annuity sales adequately safeguard consumers and retirement investors seeking financial advice."  MORE >>

American Retirement Association [ARA]

SEP-IRA vs. Profit-Sharing Plan: Considerations for Small Businesses

"[1] Which employees will you cover? ... [2] Contribution amount ... [3] Flexibility and commitment ... [4] Potential complexity ... [5] Control and responsibility."  MORE >>

TD Ameritrade

Sequence Risk During Retirement

"Sequence risk during retirement -- the danger arising from withdrawing assets from a shrinking portfolio -- is a familiar subject.... This column will use a streamlined model to demonstrate the principles underlying the problem."  MORE >>

John Rekenthaler, via Morningstar


SPARK Institute Comment Letter to IRS on Proposed Regs for Long-Term, Part-Time Employees (PDF)

"The mechanics of the new rules for LTPT employees are very complex ... [It] is very important for plans and their service providers to have clear guidance and adequate time to implement all of these changes ... [and] that plan sponsors and their service providers have reasonable rules to simplify administration and avoid complex tracking where it will have little impact.... [This] letter includes comments seeking clarification and relief for various issues covered by the proposed regulations."  MORE >>

The SPARK Institute


The Risky Political Push to Force Public Pensions to Divest from China

"While pressure to adopt non-fiduciary objectives into investment decisions of public pension systems is not new, recent calls to throw public funds into the fray on China-related geopolitical matters are the latest example of political overreach. In Missouri, this issue reached a critical juncture when the Missouri State Employees Retirement Fund board was pressured into divesting from Chinese-owned companies after it had initially rejected calls to do so."  MORE >>

Reason Foundation

Benefits in General

[Official Guidance]

Text of IRS Disaster Relief Announcement MI-2024-01, for Michigan Taxpayers Impacted by Severe Storms, Tornadoes and Flooding

"[I]ndividuals and businesses in parts of Michigan affected by severe storms, tornadoes and flooding that began on Aug. 24, 2023 ... now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.... individuals and households that reside or have a business in Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland, and Wayne counties, qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Tell Them About It: Benefit Disclosures and Notices

"Notifying participants and beneficiaries about your employee benefits is an important part of compliance and getting the most out of your benefits by ensuring employees know what their options are. [This article outlines] what disclosures and notices are required, who needs to receive them, and when to send them out ... for the two most common types of plans (401(k) retirement plans and health and welfare plans)."  MORE >>


Employee Benefits Jobs

View job as Actuarial Analyst - Combo Plans for Definiti

Actuarial Analyst - Combo Plans



View job as Actuarial Analyst - Combo Plans for Definiti

View job as ESOP Consultant for FuturePlan, by Ascensus

ESOP Consultant

FuturePlan, by Ascensus


View job as ESOP Consultant for FuturePlan, by Ascensus

View job as Sr. Retirement Plan Compliance Analyst for FuturePlan, by Ascensus

Sr. Retirement Plan Compliance Analyst

FuturePlan, by Ascensus

Remote / MN / PA / Hybrid

View job as Sr. Retirement Plan Compliance Analyst for FuturePlan, by Ascensus

View job as Defined Benefit Consultant for FuturePlan, by Ascensus

Defined Benefit Consultant

FuturePlan, by Ascensus

Remote / TX

View job as Defined Benefit Consultant for FuturePlan, by Ascensus

View job as Enrolled Actuary, Specialization for FuturePlan, by Ascensus

Enrolled Actuary, Specialization

FuturePlan, by Ascensus

Remote / PA

View job as Enrolled Actuary, Specialization for FuturePlan, by Ascensus

Selected New Discussions

Options for Funds Transferred to a QRP Following Overfunded DB Plan Termination?

"Plan sponsor terminated a previously frozen DB plan last year. All benefits were settled by the purchase of annuity contracts at that time. There were no active employees in the plan at the time of termination. The DB plan was overfunded and there is $180,000 excess amount left in the plan. Plan sponsor wants to transfer the excess amount to the Company's current 401(k) plan. My understanding is there is no clear guidance on whether the 401(k) plan would qualify as a Qualified Replacement Plan (QRP) when there were 0 active participants in the terminated DB plan at the time of termination. I'm interested in whether others agree or have different opinions on this?"

BenefitsLink Message Boards

How to Correct Loan Overpayment

"What should a plan do with 401(k) loan overpayments? Overpayments occurred due to an administrative error by the plan sponsor (they deducted one too many loan payments from a couple of participants' earnings and transmitted these amounts to the plan. Can these amounts be distributed from the plan back to the participants? Does the answer change if the overpayments were made in a prior plan year/tax year?"

BenefitsLink Message Boards

Press Releases

NCEO Announces 2024 Board of Directors

National Center for Employee Ownership [NCEO]

OneDigital and Wintrust Investments, LLC Form Strategic Relationship for Retirement Plan Servicing Business


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Caregivers and Retirement Readiness

February 16, 2024 PODCAST

CAPTRUST Financial Advisors

Understanding Common Fiduciary Pitfalls to Help Make You a Better Fiduciary Advisor for Your Clients

February 20, 2024 WEBINAR


IRA Required Minimum Distributions

March 7, 2024 WEBINAR


What Employers Need To Know About USERRA

March 19, 2024 WEBINAR


Last Issue's Most Popular Items

Impact on ERISA Regulation If Supreme Court Throws Chevron Deference Overboard

Morgan Lewis

Agencies Launch SECURE 2.0 Reporting and Disclosure Review


Second Circuit Upholds Rejection of 401(k) Plan Complaint Against Goldman Sachs

Pensions & Investments

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

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