ERISA Roundup - Q1 2023

A Note From BDO's National ERISA Practice Leader

We hope you have had a great start to the 2023 New Year.

With the new regulations being in place such as the SECURE 2.0 Act, the Department of Labor (DOL) independence update, and the Pension Benefit Guaranty Corporation (PBGC) withdrawal liability, we have compiled our most recent insights and podcast episodes in this first quarter ERISA Roundup to help you plan for 2023. In this issue of the ERISA Roundup, we outline the implications of the White House’s framework for the responsible development of digital assets in a 7 -part series and examine the clear rules for setting liability rates that affect ongoing multiemployer plans by PBGC. SECURE 2.0 was signed into law on December 29, 2022, which made extensive changes to retirement saving plans. Before plan sponsors can take advantage of the over 90 provisions in SECURE 2.0, the regulatory agencies such as the Department of Labor (DOL) and IRS will need to provide additional regulations and guidance on some of the provisions. Our goal was to offer you insight on DOL’s 2023 agenda and explore the SECURE 2.0 provisions.

Staying current on ERISA topics is simplified with BDO as we invite you to follow along with our regular insights at our BDO ERISA Center of Excellence and our podcast series BDO Talks ERISA. We welcome any feedback on our content at [email protected].

2023 Deadlines and Important Dates

Sponsors of defined benefit and defined contribution retirement plans should keep the following deadlines and other important dates in mind as they work toward ensuring compliance for their plans in 2023. Dates assume a calendar year plan.

View the ERISA Requirements Calendar

Stay Up to Date with Our Podcast, BDO Talks ERISA

Our ERISA Center of Excellence releases a monthly podcast - BDO Talks ERISA! This series covers best practices around all things ERISA and any other HR-related topics.  Listen to recent episodes, including:

Episode 27: New Year, New Mindset

Co-hosts Beth Garner and Joanne Szupka are joined by Antony Hacking, partner with C-Global Consulting to discuss courageous leadership, the importance of psychological safety and managing difficult conversations. The discussion focuses on actionable tactics and techniques to strengthen your professional relationships.

Listen to Episode 27 Now

Episode 28: Exploring SECURE 2.0

In this episode, Joanne Szupka is joined by Norma Sharara, BDO Managing Director, National Tax Office, Compensation & Benefits to discuss

potential challenges with automatic enrollment and long-term part-time employees, including historical context and expansion to 403(b) plans.

Listen to Episode 28 Now

Episode 29: SECURE 2.0 + ESOPS

In this episode, Joanne Szupka is joined by Maria Thiel & Blake Head to discuss the world of Employee Stock Ownership Plans (ESOPs) & SECURE 2.0.

Listen to Episode 29 Now

Insights from the ERISA Center of Excellence 

We’ve compiled a collection of our latest insights to help you stay current on emerging regulations, industry trends and key topics.