"The Committee's review of relationship summaries observed good examples of simple, clear disclosures.... At the same time, the Committee observed areas where compliance improvements appear to be needed.... [This Statement describes] some of the Committee's observations -- first, with respect to the specific disclosure topics required by the form's instructions, and second, with respect to the general requirements pertaining to content, format, and website posting."  MORE >>

"The [PBGC] has filed a brief with the U.S. Supreme Court opposing the Delphi Salaried Retirees Associations' request to have the justices hear their claims against a 2009 decision not to cover pensions for 21,000 salaried retirees after Delphi, formerly Packard Electric went bankrupt.... If the court does not decide to hear the case, some lawmakers say they will still try to use legislation to help the retirees." [Black v. PBGC, No. 19-1419 (6th Cir. Sep. 1, 2020; cert. pet. filed Jul. 22, 2021)]  MORE >>

"The complaint alleges these funds were not selected and retained for the plan as the result of an impartial or otherwise prudent process, but were instead selected and retained by the defendants because they benefited financially from including these options in the plan." [Ravarino v. Voya Financial Inc., No. 21-1658 (D. Conn. complaint filed Dec. 14, 2021)]  MORE >>

"[O]ften, the court (and indeed sometimes the litigants) do not seem to understand how alleged underperformance may simply be the result of a different funds/fund types' investment strategy.... [F]iduciaries should identify, ideally before an investment fund is selected for inclusion in the plan's fund menu, a benchmark against which they are prepared to judge it." [In re LinkedIn ERISA Litigation, No. 20-5704 (N.D. Cal. Nov. 16, 2021)]  MORE >>

"Greater engagement and education from plan sponsors and recordkeepers are key, but they need more information from participants about employee retirement readiness to form a clearer picture."  MORE >>

"[P]ooled solutions have been around for decades ... As with any retirement solution, pooled plans have nuances advisors should know and understand. Pooled plans may not be appropriate for every organization or retirement plan practitioner."  MORE >>

"One obvious risk associated with [issuing taxable Pension Obligation Bonds (POB) as] a funding strategy is the possibility that the targeted return on plan assets is not achieved. But how big is this risk and how significant is it? After all, wouldn't a plan sponsor have to make up the shortfall whether or not a POB was used as a funding device?"  MORE >>

"The analysis is based on official records covering all individuals insured by the public health system in Germany and including all certified diagnoses by practitioners.... The empirical findings ... provide evidence that the increase in the retirement age negatively affects health outcomes as the prevalence of several diagnoses, e.g., mental health, musculoskeletal diseases, and obesity, increases."  MORE >>

"Using plan-level portfolio allocation data for the near universe of 401(k) plans over the period 2009-2019, ... [this study finds that plans] with wealthier and more educated participants tend to have higher equity exposure while plans with more retirees and minorities tend to have lower equity exposure. These patterns cannot be explained by differences in 401(k) menus or participation costs."  MORE >>

"If it is discovered that previous estimated tax payments were not enough to cover income for the year, a taxpayer could take a distribution from his IRA ... [and] elect to have up to 100% withheld for taxes. This tax withholding will be treated as if it were paid in evenly throughout the year, across all quarterly payments, even if the withholding tax was taken from a distribution on December 31st.... Had we attempted to make up the difference of underpaid estimated taxes with a single payment directly from a non-qualified account, the payment would have all counted for the fourth quarter ... Additionally, by following the 60-day rollover guidelines, we can replace the IRA dollars sent to the IRS."  MORE >>

"Justice Kagan's discrediting of the 'menu of options' defense, combined with the 1st Circuit's discrediting of the 'apples and oranges' defense based upon comment m of Section 90 of the Restatement (Third) of Trusts, should send a clear message to plan sponsors and and investment fiduciaries -- choose your advisers well!" [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 25, 2020; oral arg. transcript Dec. 6, 2021)]  MORE >>

"[1] Last chance to correct certain Section 409A document failures discovered in 2021.... [2] Nonqualified deferred compensation deferral elections should be made on or before December 31, 2021.... [3] Take certain action to address impact of Tax Cuts and Jobs Act on Section 162(m).... [4] Code Section 6039 information statements due by January 31, 2022."  MORE >>