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
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