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Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
July 19, 2024

69 pages. "PBGC's Multiemployer Program is likely to remain solvent for more than 40 years, similar to the projection in last year's Projections Report.... The projected FY 2033 net financial position of the Multiemployer Program is positive in 69 percent of model scenarios, with a median value of positive $4.4 billion, but the mean net position is negative $4.7 billion. PBGC's Single-Employer Program is projected to remain in a positive net financial position over the next decade in all the modeled scenarios. The projected outcomes are improved from last year's report,"

Tags: Funding of DB Plans  •  Multiemployer Plans  •  PBGC

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
July 19, 2024

"Since 2006, the program has enabled benefit distributions to be made to participants and beneficiaries of individual account retirement plans, such as 401(k) plans, that have been abandoned by their sponsoring companies. It allows qualified termination administrators to wind up a plan’s affairs and provides them with streamlined procedures for distributing benefits. The new system offers these administrators an online option for submitting required information to the department in addition to existing email and paper-based methods."

Tags: Bankruptcy  •  Retirement Plan Administration

U.S. Court of Appeals for the Fifth Circuit Link to more items from this source
July 19, 2024

"Does ERISA allow retirement plan managers to consider factors that are not material to financial performance when making investment decisions affecting workers' retirement savings? We do not venture an answer -- at least not yet. This case, while featuring two administrations' ping-ponging directives, turns fundamentally on the words that Congress chose: What investment duties does ERISA prescribe and proscribe for plan fiduciaries? In upholding the [DOL's] reading, the district court relied upon the decades-old Chevron deference doctrine. But eleven days before we heard oral argument in this appeal, the Supreme Court decided two landmark cases ... that discarded Chevron and pared back agencies' leeway to interpret their own statutory authority. Given the upended legal landscape, and our status as a court of review, not first view, we vacate and remand so that the district court can reassess the merits." [Utah v. Su, No. 23-11097 (5th Cir. Jul. 18, 2024)]

Tags: Retirement Plan Investments - ESG

Locke Lord LLP Link to more items from this source
[Guidance Overview]
July 19, 2024

"[On] July 12, 2024, the IRS [announced] that the IRS would permit paper filing of the Form 5330 for tax years 2023 and 2024.... [T]he IRS noted that it has only one authorized AEP for filing Forms 5330 at this time. To get the relief from the electronic filing requirement, the IRS noted that employers must document the lack of AEPs as the reason for filing the Form 5330 on paper rather than electronically."

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

Ferenczy Benefits Law Center Link to more items from this source
[Guidance Overview]
July 19, 2024

"[S]ection 408(p)(11), allowing the mid-year change from a SIMPLE plan to a safe harbor 401(k) plan, is an exception to the general rule ... that says an employer is prohibited from maintaining both a SIMPLE IRA and another plan, contract, pension or trust ... It is the only exception. This means that you cannot also add in a Cash Balance or Defined Benefit plan in the year of the termination of the SIMPLE."

Tags: 401(k) Plans  •  SECURE 2.0  •  SIMPLE 401(k), SIMPLE IRA Plans

American Retirement Association [ARA] Link to more items from this source
[Guidance Overview]
July 19, 2024

"The PBGC updated these filing instructions because of assumption changes made by the 4044 final rule issued in June. Those assumptions are used to calculate certain amounts reported in 4010 and Missing Participants Program filings."

Tags: PBGC  •  Reporting to Government Agencies  •  Retirement Plan Administration

TRI-AD Link to more items from this source
[Guidance Overview]
July 19, 2024

"Despite suggestions to the contrary, beneficiaries of individuals who have begun required annual distributions must continue these distributions. Except for spousal distributions, the account balance must still be fully distributed within 10 years of the individual's death."

Tags: Required Minimum Distributions (RMDs)

Mercer Link to more items from this source
[Guidance Overview]
July 19, 2024

"DOL believes that the program’s streamlined procedures will reduce administrative burdens and costs for bankruptcy trustees charged with terminating DC plans. The [interim final rule] took effect July 16. This article focuses on aspects of the IFR relevant to plan sponsors."

Tags: Bankruptcy  •  Retirement Plan Administration

Nixon Peabody LLP Link to more items from this source
July 19, 2024

"Ten lawsuits have been filed since September 2023 alleging a novel theory of liability against ERISA plan sponsors for their use of forfeited employer matching retirement-plan contributions. Two motions to dismiss have been decided. One decision is useful ... [T]he court carefully considered and addressed the arguments advanced by Hutchins and HP. It concluded that the complaint over-reached and therefore should be dismissed[.]" [Hutchins v. HP Inc., No. 23-5875 (N.D. Calif. Jun. 17, 2024)]

Tags: Retirement Plan Administration  •  Retirement Plan Design

Cohen & Buckmann, P.C. Link to more items from this source
July 19, 2024

"[T]he N.Y. court decided dismissal is appropriate because the plaintiffs participate in defined benefit plans that entitle them to fixed benefits each month and therefore face no injury and lack standing to challenge investment decisions that have no impact on the guaranteed retirement benefits they will receive." [Wong v. NYCERS, TRS and BERS, No. 652297/2023 (NY Cty. Sup. Ct. Jul. 3, 2024)]

Tags: Retirement Plan Investments - ESG

Pensions & Investments Link to more items from this source
[Opinion]
July 19, 2024

"The Chevron deference decision also will cause 'a big impact internally' among regulatory agencies. To reduce the risk of successful court challenges, regulators will need to explain more about the authority they have based on laws ... That means proposed rules may be more conservative in their scope and terms[.]"

Tags: Retirement Plan Policy

Pension Rights Center [PRC] Link to more items from this source
[Opinion]
July 19, 2024

"Avoiding more paper clutter and saving trees are good things to do, but not at the expense of missing important disclosures, or having your plan records go missing at the very time you need them. To better ensure your financial future, it's generally wise to keep getting paper copies of important plan documents."

Tags: Retirement Plan Administration  •  Retirement Plan Information for Employees

Trucker Huss Link to more items from this source
July 19, 2024

"The Plaintiffs reasoned that by limiting the preliminary injunction, all affected businesses must bear the expenses of preparing to comply with the FTC ban when it becomes effective on September 4, 2024 ... Further, they noted, the court already ruled that the Plaintiffs have a likelihood of prevailing on their position that the FTC exceeded its authority in adopting the ban. On July 11, 2024, the court denied the motion to reconsider[.]" [Ryan LLC v. Federal Trade Commission, No. 24-0986 (N.D. Tex. Jul. 3, 2024; motion for reconsideration denied Jul. 11, 2024)]

Tags: Executive comp  •  Severance Pay

Groom Law Group Link to more items from this source
[Guidance Overview]
July 18, 2024

"While DOL has issued a long line of exemptions for captive insurance involving group life, disability, and other welfare benefits, this is the first proposed exemption covering pension risks -- which typically are more complex and involve large dollar amounts. [This alert reviews] the key benefits of captive insurance, the pattern of DOL exemptions for group welfare benefit captives, and the key conditions of the new proposal involving pension annuity risks."

Tags: Funding of DB Plans  •  Retirement Plan Investments

FredReish.com Link to more items from this source
[Guidance Overview]
July 18, 2024

"This article discusses the requirements in NAIC Model Regulation #275 and the similarities and differences between the Model Rule and the PTE requirements."

Tags: Fiduciary Duties  •  Retirement Plan Investments

Slevin & Hart, P.C. Link to more items from this source
[Guidance Overview]
July 18, 2024

"[SECURE 2.0] added two new exemptions from [the] 10% additional tax ... If the plan does not offer these distributions, the participant is permitted to treat an otherwise permissible distribution under the plan as exempted to avoid the 10% additional tax."

Tags: Misc. Distribution Issues  •  SECURE 2.0

Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
July 18, 2024

42 pages. Schedule P instructions updated July 17, 2024 to reflect changes to the ERISA 4044 regulation (i.e., assumptions used to determine benefit liabilities to be reported on Schedule P for plan years ending July 1, 2024 or later).

Tags: PBGC

Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
July 18, 2024

For PBGC-insured single-employer defined benefit plans terminating on or after January 1, 2018. 28 pages. Updated July 17, 2024 to reflect changes to the ERISA 4050 regulation affecting the assumptions used to determine certain Benefit Transfer Amounts for Benefit Determination Dates on or after July 31, 2024.

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
July 18, 2024

For small professional service defined benefit plans terminating on or after January 1, 2018. 28 pages. Updated July 17, 2024 to reflect changes to the ERISA 4050 regulation affecting the assumptions used to determine certain Benefit Transfer Amounts for Benefit Determination Dates on or after July 31, 2024.

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

Journal of Accountancy Link to more items from this source
July 18, 2024

"EBP sponsors often use third-party service organizations to perform administrative functions. Terms that auditors may be required to agree to before gaining access to materials needed for the audit may be included in NDAs, confidentiality agreements, business associate agreements, and data protection agreements. The EBPAQC letter details nine examples of potentially troublesome provisions that auditors may be asked to accept in the process of accessing a service organization's portal in order to obtain data needed to perform an ERISA audit."

Tags: Health Plan Administration  •  Retirement Plan Administration

Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
July 18, 2024

For PBGC-insured multiemployer defined benefit plans that closed out on or after January 1, 2018. 27 pages. Updated July 17, 2024 to reflect changes to the ERISA 4050 regulation affecting the assumptions used to determine certain Benefit Transfer Amounts for Benefit Determination Dates on or after July 31, 2024.

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
July 18, 2024

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Jackson Lewis P.C. Link to more items from this source
July 18, 2024

"This case is a significant win for the plan sponsors and fiduciaries who continue to defend their fiduciary process in similar litigations and serves as a model for fiduciary prudence in investigating and selecting investments and monitoring the plan's payment of recordkeeping fees." [Silva v. Evonik Corp., No. 20-2202 (D.N.J. Jun. 28, 2024)]

Tags: Fiduciary Duties  •  Retirement Plan Investment Costs  •  Retirement Plan Investments

Bolton Link to more items from this source
July 18, 2024

28 pages. "This paper ... [discusses] [1] how to measure transferred and retained risk, and [2] how the use of median and average benefits and discount rates can be used to determine liabilities.... The discussion herein focuses on issues related to these programs for private sector, multiemployer defined benefit plans."

Tags: Funding of DB Plans  •  Multiemployer Plans  •  Retirement Plan Investments

Morningstar Link to more items from this source
July 18, 2024

"Depending on your beneficiary profile, tax-deferred growth can continue for up to 10 years -- more for some beneficiaries. However, using the wrong method to move your inherited account will result in unintended distributions and cause you to lose opportunities for tax-deferred growth."

Tags: 401(k) Plans  •  IRAs  •  Misc. Distribution Issues  •  Required Minimum Distributions (RMDs)

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