Overview
A standard in its field, The 2023 Pension Answer Book discusses in detail the full spectrum of pension topics—from qualification requirements to taxation of distributions, from minimum distribution requirements to 401(k) plans. It covers the most up-to-date and significant legislative, regulatory, and case law developments affecting these plans. As a decision-making tool, combining theory and practice-based guidance, The 2023 Pension Answer Book offers insight and clarification on the critical issues affecting pension administration and compliance. In short, The 2023 Pension Answer Book is the one reference tool that provides subscribers with the most current and comprehensive answers to the issues pension professionals face daily in their practice.
The 2023 Pension Answer Book has been fully updated to reflect the changes made by the enactment of new laws, the Revenue Rulings, Revenue Procedures, Notices, Announcements, and Private Letter Rulings issued by IRS, Opinion Letters and Interpretive Bulletins issued by DOL, final and proposed regulations issued by both IRS and DOL, and important case decisions. Discussed in The 2023 Pension Answer Book are the following:
- The American Rescue Plan Act of 2021 (ARPA) changes
- New changes to the required minimum distribution rules
- Pooled plan providers registration requirements
- Employee versus independent contractor
- Difficulty of care payments
- For 2023, many dollar limitations increased significantly: annual addition under a defined contribution plan ($66,000), annual retirement benefit under a defined benefit plan ($265,000), compensation ($330,000), elective deferral limit ($22,500), and the catch-up contribution ($7,500)
- Updated covered compensation tables
- Special funding rules provided by ARPA
- IRS notice providing updated mortality tables
- Funding relief for multiemployer plans by ARPA
- Private Letter Rulings concerning the use of substitute mortality tables
- IRS ruling granting waiver of the minimum funding standards
- More IRS rulings on extension of the amortization period
- Audio recording and transcript required to be provided
- Major changes concerning required minimum distributions (RMDs)
- Eligible automatic contribution arrangements and tax credits
- Recovery of benefit overpayment
- Plan loan offset amount final regulations
- Life insurance subtrusts
- More on the 10-percent penalty tax, including qualified birth or adoption distributions
- Updated rules regarding when a pre-approved plan may submit a determination letter application
- Updated rules for issuing an opinion letter for a pre-approved 403(b) plan
- Revenue procedure updating EPCRS
- Extension of special rules regarding witnessing of documents provided by the CARES Act
- Updated rules on tax withholding
- Inflation adjustment for certain late filing and other penalties
- New rules for Form 5500-EZ filers
- Rules for filing Form 5500 for plans adopted after the tax year but treated as adopted in the tax year
- Additional guidance for spinoffs and mergers for Pension Benefit Guaranty Corporation (PBGC) premium filing
- More breach of fiduciary duty cases
- Employee benefit plan investments in cryptocurrency
- Guidance on best practices for maintaining cybersecurity
- Private equity investments in employee benefit plans
- More employer stock cases
- Use of confidential participant data
- New prohibited transaction class exemption for investment advice fiduciaries
- PBGC benefit guarantees
- Cases regarding tax treatment of excess assets in a terminated defined benefit plan
- Court determination regarding a distress plan termination
- IRS Notice concerning increase in the cap on the default rate applicable under an automatic enrollment safe harbor
- More on 401(k) safe harbor plans
- PBGC final regulations regarding withdrawal liability
- Multiemployer plan withdrawal liability arbitration
- Contributions to an IRA by an individual age 70 or older and qualified charitable distributions
- Transferring assets from one inherited IRA to another
- 403(b) plans and breach of fiduciary claims
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