PLANSPONSOR - August - September 2022 - 6

RULES & REGULATIONS
The IRS Updates Life Expectancy Tables
T
he IRS has updated its rules for
required minimum distributions,
allowing defined contribution plan
participants to withdraw less from their
tax-deferred retirement accounts than was
previously permitted.
IRS actuarial tables dictate the asset
amounts that individuals must withdraw
from their retirement accounts starting at
age 72, explains Hailey Fields, retirement
plan consultant and director of client
services at Multnomah Group. " If you're
trying to not take money out of your plan,
the good news is you can take less starting
this year because the IRS expects you to
live longer, " she says.
The IRS rules affect tax-deferred DC
plans, profit-sharing plans and individual
retirement accounts. Roth IRAs are not
subject to required minimum distributions,
under IRS rules. " If you're a participant
in a 401(k) and you hit 72, but you're
6 PLANSPONSOR.COM August - September 2022
" ... it's an opportunity to review
who's giving advice to participants
and what you know about the
quality of the work they do. "
still working, generally you don't have to
take RMDs. You do only if you're a 5%
owner or if you're no longer working, "
Fields says.
The actuarial update is important for
plan sponsors to note. Still, its impact on
plan operations is limited, as the individuals
most affected likely no longer work
for the plan's sponsoring organization,
though they may remain plan participants,
Fields says.
" It's certainly important to the folks
who are giving advice to participants
about what to do with their investments,
[about] how they're retirement planning, "
Art by Parapaboom
she says. " For plan sponsors, it's an opportunity
to review who's giving advice to
participants and what you know about
the quality of the work they do. If it's your
recordkeeper, make sure it understands
this change. "
The Setting Every Community Up
for Retirement Enhancement Act of 2019
raised the age by which DC plan participants
must start to withdraw slices of
their accumulated savings from their
retirement plan/s. But, whereas SECURE
raised the RMD age, the actuarial tables
update " changes the actual amount and
how you calculate it for how much you
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PLANSPONSOR - August - September 2022

Table of Contents for the Digital Edition of PLANSPONSOR - August - September 2022

INSIGHTS
INDUSTRY ANALYSIS
RULES AND REGULATIONS
UPFRONT
Key Player
Ever Vigilant
Open Season
Simplify the Experience
Connecting One-on-One
The Cost of Protection
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - August - September 2022 - Cover1
PLANSPONSOR - August - September 2022 - Cover2
PLANSPONSOR - August - September 2022 - 1
PLANSPONSOR - August - September 2022 - INSIGHTS
PLANSPONSOR - August - September 2022 - 3
PLANSPONSOR - August - September 2022 - INDUSTRY ANALYSIS
PLANSPONSOR - August - September 2022 - 5
PLANSPONSOR - August - September 2022 - RULES AND REGULATIONS
PLANSPONSOR - August - September 2022 - 7
PLANSPONSOR - August - September 2022 - 8
PLANSPONSOR - August - September 2022 - 9
PLANSPONSOR - August - September 2022 - UPFRONT
PLANSPONSOR - August - September 2022 - 11
PLANSPONSOR - August - September 2022 - 12
PLANSPONSOR - August - September 2022 - 13
PLANSPONSOR - August - September 2022 - 14
PLANSPONSOR - August - September 2022 - 15
PLANSPONSOR - August - September 2022 - Key Player
PLANSPONSOR - August - September 2022 - 17
PLANSPONSOR - August - September 2022 - 18
PLANSPONSOR - August - September 2022 - 19
PLANSPONSOR - August - September 2022 - 20
PLANSPONSOR - August - September 2022 - 21
PLANSPONSOR - August - September 2022 - Ever Vigilant
PLANSPONSOR - August - September 2022 - 23
PLANSPONSOR - August - September 2022 - 24
PLANSPONSOR - August - September 2022 - 25
PLANSPONSOR - August - September 2022 - 26
PLANSPONSOR - August - September 2022 - 27
PLANSPONSOR - August - September 2022 - 28
PLANSPONSOR - August - September 2022 - 29
PLANSPONSOR - August - September 2022 - Open Season
PLANSPONSOR - August - September 2022 - 31
PLANSPONSOR - August - September 2022 - Simplify the Experience
PLANSPONSOR - August - September 2022 - 33
PLANSPONSOR - August - September 2022 - Connecting One-on-One
PLANSPONSOR - August - September 2022 - 35
PLANSPONSOR - August - September 2022 - The Cost of Protection
PLANSPONSOR - August - September 2022 - 37
PLANSPONSOR - August - September 2022 - FIDUCIARY FORUM
PLANSPONSOR - August - September 2022 - INSIDE ANGLE
PLANSPONSOR - August - September 2022 - PLAN PROFILE
PLANSPONSOR - August - September 2022 - Cover3
PLANSPONSOR - August - September 2022 - Cover4
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