Rev. June 2023. "What's New: The form and instructions have been updated to be completed on Pay.gov as of July 1, 2023.... The form and the instructions have undergone major revisions in the format and information required."

"[Notice 2023-43], which is in the form of questions and answers, covers: [1] Conditions for self-correction; [2] Eligible inadvertent failures that may not be self-corrected at this time; [3] Conditions that will not apply under the interim guidance ... Plan sponsors may rely on this guidance in determining whether self-correction is allowed until IRS updates [Rev. Proc. 2021-30]."

"[One] provision the senators highlight as a priority for the [DOL] is allowing employers to offer pension-linked emergency savings accounts to non-highly compensated employees.... The senators also asked the DOL to focus on requiring defined benefit plans to include more information on plan assets, liabilities and funding status in their annual funding notices.... The lawmakers also directed the DOL and Treasury Department to amend regulations so that defined contribution plans can consolidate certain required notices."

"Total savings rate for the first quarter -- which reflects a combination of employer and employee 401(k) contributions -- improved to 14% (compared to 13.7% in Q4 2022 and 13.8% in Q3 2022... [T]he average 401(k) employer contribution, which includes profit sharing and matching contributions, reached a record 4.8% in Q1[.]"

"The aggregate funded ratio for U.S. corporate pension plans increased by an estimated 0.8 percentage points in May and ended the month at 99.8% ... The monthly change in funded ratio resulted from a 2.9% decrease in liability value partially offset by a 2.0% decrease in asset value. The aggregate funded ratio is estimated to have increased by 2.3% and 2.4% year-to-date and over the trailing twelve months, respectively."

An unofficial monthly report of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).

"Instead of what it described as an 'extra-textual' limitation on class certification, the D.C. Circuit held that the existing requirements of Rule 23 (and a district court's discretion to alter proposed class definitions) should be used to prevent certification of fail-safe classes.... [T]he D.C. Circuit was faced with an ERISA class action, in which the plaintiff sought to certify a proposed class of current or former employees of the defendant (or their beneficiaries) who had 'been denied vested rights' to retirement benefits." [In re White, No. 22-8001 (D.C. Cir. Apr. 4, 2023)]

"This exemption allows the UBS QPAMs, CS Affiliated QPAMs, and the CS Related QPAMs to continue to rely on PTE 84-14 as of the closing date of the Merger, if certain conditions are met. This individual exemption is necessary to preserve the ability of the QPAMs to engage in the transactions permitted by PTE 84-14, which would be lost solely due to the impending merger of UBS and Credit Suisse ... This exemption will be effective for one year beginning on the closing date of the Merger."

Rev. May 2023. "The form and the instructions have been updated to include 403(b) plans."

Rev. May 2023. "The form and the instructions have been updated to include individually designed 403(b) plans."

Rev. May 2023. "The form and instructions have been updated so that Form 5316 can be completed on Pay.gov as of June 1, 2023."

"[Notice 2023-43] authorizes the use of the Section 305 changes immediately.... Further, the Notice authorizes the more lenient correction process to be used for failures that occurred before SECURE 2.0 was enacted.... [T]he Notice provides guidance on self-correcting loan failures that is more expansive than what was available under EPCRS, and authorizes self-correction of failures, such as coverage failures, that previously could not be self-corrected."

"This [article] explores opportunities to increase retirement savings through new 'matching' contribution features, including optional matching contributions for student loan payments, contributions to an in-plan emergency savings account, as well as a 'saver's' matching contribution."

"A critical goal for DOL has been to extend ERISA fiduciary rules to advice with respect to IRA rollovers. They have been frustrated in this project by the courts.... In the preamble to PTE 2020-02, DOL had sought to consider post-rollover IRA advice in applying the 'regular basis' element of the five-part test ... The court found ... that this interpretation conflicted with the regulation's requirement that the advice be 'to the plan' (and not to an IRA-holder)."

"Traditional Safe Harbor contributions must vest immediately, but QACA allows you to vest up to two years. Pairing the right Safe Harbor design to your goals can significantly lower costs and improve results. Secure Act tax credits may cover up to 100% of employer costs and greatly subsidize Safe Harbor contributions"

"[M]ost defined contribution plan sponsors will use forfeitures to pay for administrative expenses or offset employer contributions. But if the forfeitures in any year are more than is required for administrative expenses or existing required employer contributions, the proposal is effectively requiring additional benefits. While that may be a noble public policy goal, and many employers will be comfortable providing additional benefits, there is nothing in the Code that imposes such a requirement. "

"Notice 2023-43 provides initial guidance, in question and answer format, regarding what qualification failures can be self-corrected now.... The IRS requests comments on the Notice, particularly those related to: [1] additional correction methods required to be used to correct these failures and general principles of correction if no correction method is specified; and [2] common IRA failures, suggested correction methods, and the expansion of EPCRS to IRA custodians and owners."

"Once a failure is identified by the IRS, the plan sponsor may not self-correct unless it can show there was a pre-examination commitment to self-correct the failure. Insignificant failures, however, may be self-corrected regardless of whether the plan sponsor is under examination or the failure is discovered during the examination.... Notice 2023-43 provides that a reasonable period generally means by the last day of the 18th month after the failure is identified by the plan sponsor."

"An employee salary deferral becomes a catch-up contribution when it exceeds the lowest of a legal limit, a plan-imposed limit or the ADP limit."

"Although the majority of non-governmental plans already permit Roth contributions, there is no precedent for this new requirement and a great deal of confusion about plan sponsor options for compliance. Some plan sponsors, in fact, are considering whether to eliminate catch-up contributions in order to avoid the new complexity, though that may not be popular with participants. Who exactly is covered, and will special elections be required? How will this new requirement interact with existing rules?"

"The withdrawal of the appeal suggests that the DOL has conceded that its fiduciary interpretation about fiduciary status resulting from the connection of plans and IRAs will likely not withstand scrutiny from the courts. As a result, some advisors may decide to make rollover recommendations without complying with the conditions in the PTE. However, the considerations are complex."

33 presentation slides. "The State of the Workplace Financial Benefits Study explores the role and value of workplace benefits, including equity compensation, financial wellness, and retirement preparation. This report assesses how both HR leaders and employees view their organization's financial benefits."

"[T]here is a wide disparity in both the type of fee and the fee levels charged by different PEP providers. ... [It] is essential to understand all fees and reasons for any disparities to be able to accurately compare providers.... [F]actors include but are not limited to, the level of services offered, the size of the plan, the investment options offered, the level of fiduciary responsibility assumed, and the regulatory environment."

"[The authors] propose a target-date version of the recently developed Registered Index-Linked Annuities [and] suggest that these 'TD-RILAs' provide a more cost-effective and more transparent way to attain a diversified equity exposure, the level of which decreases over time.... [They] conclude that TD-RILAs would be a suitable addition to QRPs and may even rival target-date funds as Qualified Default Investment Alternatives."

"The Advisor Group, a network of independent wealth management firms, sent out notice of a 2021 data breach that occurred at vendor R.R. Donnelley & Sons Co., putting users' personal information, including Social Security numbers, at risk. The organization alerted individuals of the security incident in a letter, dated May 8, on behalf of member organizations FSC Securities, Royal Alliance, SagePoint Financial and Woodbury Financial."