ESOPs: Current Trends in DOL and IRS Investigations

45 presentation slides cover [1] The broad scope of authority under which the Federal government reviews ESOPs and the discretion given to each region to enforce ESOP compliance; [2] Common allegations raised against ESOPs; and [3] How to prepare an effective record in advance of an investigation.  MORE >>

McDermott Will & Emery

Quitting Your Job? Don't Let It Damage Your Retirement

"Inquire about the retirement accounts available to workers and whether you're able to contribute right away. If there's a waiting period, make sure you have a backup plan for your retirement savings....[M]ake a plan for the savings in your current workplace retirement account. Leaving it where it is is one option, but it's ... more difficult to manage your retirement savings when it's spread across many different accounts, and you may have more investment options if you move the money elsewhere."  MORE >>

Motley Fool

Cash Balance Plans at the Municipal Level (PDF)

"Cash Balance plans are immensely popular in business and industry, but are rare in the public sector. A handful of states have statewide plans that local governments participate in, but few municipal governments have their own plans. That's why it's hard to find information about them. This report fills that gap."  MORE >>

RetirementWORKS, Inc.

Kentucky's Pension System Could Need $4.6 Billion Influx

"The largest share will go to the Teachers' Retirement System of Kentucky ... For fiscal year 2023, TRS expects to need $1.25 billion from the state; for fiscal year 2024, it's $1.33 billion ... TRS provides retirement benefits to 56,629 retired Kentucky educators, with 73,151 more educators actively enrolled. The state's General Fund is about $12.5 billion a year[.]"  MORE >>

WTVQ

[Opinion]

Vanguard Group Becomes Second Domino to Fall in 401(k) Recordkeeper Detente on Plan Portability

"[Vanguard announced] that it hired Retirement Clearinghouse (RCH) to make it radically easier for a 401(k) plan participant to pack up their pension assets with their lunchbox and pocket calculator in a job switch.... Vanguard's buy-in came after RCH establish a modest track record by consolidating more than 290,000 retirement accounts with more than $10 billion in assets into existing 401(k) or IRA accounts."  MORE >>

RIABiz

Courts Giving DOL More Time to Claim ERISA Violations

"[T]he Supreme Court recently ruled ... that the 'actual knowledge' condition is only met where there is actual knowledge.... Relying on that precedent, DOL recently persuaded a federal court that the filing of Form 5500 in October of 2013 did not provide DOL actual knowledge because the filing 'was only a disclosure that was not actually reviewed by anyone in the Government until December 2014.' " [Walsh v. Bowers, No. 18-0155 (D. Hawaii, Sep. 17, 2021)]  MORE >>

Groom Law Group

Employee Benefits Changes in Ways and Means Amendment for 2022 Budget Reconciliation (PDF)

"The tax portion of the bill would: [1] Restrict Roth conversions and rollovers of after-tax contributions for all taxpayers, [2] Introduce additional retirement plan restrictions for high-income taxpayers, [3] Create plan reporting obligations for high account balances, and [3] Accelerate unrelated changes in paid leave and executive compensation. The portion of the bill promoting alternative vehicles would [r]einstate and expand the bicycle commuter benefit that had been suspended in 2018."  MORE >>

Ivins, Phillips & Barker

Contributions to New HSAs Reduce 401(k) Contributions, But Only Marginally (PDF)

"The median reduction in 401(k) contributions the first year participants made HSA contributions was $34.... Contributions to 401(k) plans were unaffected among participants contributing $8,500 or less in Year 1.... Higher HSA contributions were associated with lower 401(k) contributions.... Contributions fell $315 among HSA participants contributing more than $4,350."  MORE >>

Employee Benefit Research Institute [EBRI]

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