ERISA Roundup - Q4 2022

A Note From BDO's National ERISA Practice Leader

We hope you have had a wonderful holiday season and are as excited as we are for a new start in 2023. It’s a great time to reflect on our accomplishments from the prior year and prepare for a successful new year.

In this issue of our 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 continue our look at DOL’s cybersecurity guidance in our 2-part episode of BDO Talks ERISA. We released the requirements calendar and COLA for 2023, reviewed results of our recent LinkedIn polls, examined the benefits of Roth 401(k) and heard from BDO Wealth Advisory leaders on inflation.

To help you ring in the new year, we are hosting the webinar ERISA: Developments Impacting Benefit Plans. Register today for even more insights on recent trends.

Beth Garner, National Practice Leader, EBP and ERISA Services

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

2023 Cost-of-Living Adjustments for Qualified Retirement Plans

BDO’s ERISA Center of Excellence is pleased to provide you with this summary of key cost-of-living adjustments (COLA) for 2023 as announced by the Internal Revenue Service and the Social Security Administration.

View the 2023 COLA Summary

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 24: HR Due Diligence

In many cases, the people costs are some of the highest costs an organization has — which presents both opportunity and risk. Exploring the opportunity and risk ahead of a merger or acquisition is known as the HR due diligence process. Co-hosts Beth Garner and Joanne Szupka sit down with Liz Mack, who is the Managing Director, Workforce in Transactions Leader for Global Employer Services at BDO, USA to discuss the process for and benefits of reviewing how a target supports its workforce before the deal is signed.

Listen to Episode 24 Now

Episode 25: DOL’s Cybersecurity Guidance for Retirement Plans (Part 1)

On April 14, 2022, the Department of Labor (DOL) outlined a range of practices for combatting the growing threat of cybercrime to ERISA-covered retirement plans. Co-hosts Beth Garner and Joanne Szupka sit down with Greg Schu, Partner, Cybersecurity – National PCI Compliance Lead, BDO Digital, to discuss the implications of guidelines and what steps plan sponsors can take to help safeguard plan assets and participants’ vital information..

Listen to Episode 25 Now

Episode 26: DOL’s Cybersecurity Guidance for Retirement Plans (Part 2)

Continuing our two-part series, co-hosts Beth Garner and Joanne Szupka is joined by Steve Combs, Managing Director, Cloud Security & Infrastructure (CS&I), BDO Digital to continue their discussion of DOL’s cybersecurity guidance and how it helps combats the growing threat of cybercrime to ERISA-covered retirement plans. Get answers to the key questions plan sponsors might have regarding the scope of the guidance, along with the following three forms that come with it: Tips for Hiring a Service Provider, Cybersecurity Program Best Practices and Online Security Tips.

Listen to Episode 26 Now

Join us for the Webinar ERISA: Developments Impacting Benefit Plans

January 19, 2023

1:00 to 2:00 PM EST

Join members from BDO’s ERISA Center of Excellence to learn about recent trends in the investment landscape affecting retirement plans, the impact of changing market conditions on retirement readiness, along with legislative and regulatory modifications.  

Register Here

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.