29 pages; Jan. 13, 2022. "What's New: ... Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments (previously titled Withholding Certificate for Pension or Annuity Payments), has been redesigned for 2022. The new Form W-4P is now used only to request withholding on periodic pension or annuity payments. Previously, Form W-4P was also used to request additional withholding on nonperiodic payments and eligible rollover distributions. Starting in 2022, additional withholding on nonperiodic payments and eligible rollover distributions is requested on new Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions. Although the final redesigned Form W-4P and new Form W-4R are available for use in 2022, the IRS is postponing the requirement to begin using the forms until January 1, 2023. Payers should update their system programming for these forms and are encouraged to begin using them in 2022 as soon as programming is in place but may otherwise continue to use the 2021 Form W-4P in 2022."  MORE >>

"The move to electronic filing of Form 5300 submissions is not surprising, given the similar action taken last year for Form 5310. The short (one month) transition period, however, is unusual and illustrates why submitters must carefully review the relevant parts of these updated procedures when preparing requests for letter rulings, determination letters, or other covered submissions."  MORE >>

"Ultimately, the Supplemental Statement does not change the bottom line from the 2020 Letter. Limited private equity allocations within a defined contribution plan investment are still permitted. The Supplemental Statement simply highlights the importance of rigorous analysis when evaluating the prudence of an investment, and it stresses the particular complexity of private equity."  MORE >>

"Whatever a particular fiduciary's degree of involvement with cybersecurity may be, the DOL's enforcement initiative should prompt the fiduciary to get ready for scrutiny of their own cybersecurity preparedness and oversight of the preparedness of their defined contribution retirement plan (DC Plan) service providers, for example, 401(k) plan recordkeeper and institutional trustee." [Also available: a Cybersecurity Checklist.]  MORE >>

"Employers that do not offer a private retirement plan and who have more than 100 employees have been urged to immediately comply with state law and register for the CalSavers Retirement Savings Program before penalties are imposed this month. Those penalties -- $250 per employee, according to a press release -- will be levied on employers by the CalSavers Retirement Savings Board in partnership with the Franchise Tax Board."  MORE >>

"Whether due to downsizing, objections to vaccine mandates, concerns about exposure risks, other health issues, or the desire for more leisure time, the retired population grew by 3.5 million over the past two years -- compared to an annual average of 1 million between 2008 and 2019 ... At the same time, a survey ... revealed that more than half of Americans are concerned that the COVID-19 pandemic has impacted their ability to achieve a secure retirement."  MORE >>

"Author Mark Hulbert's gripe is that glidepaths consider too few variables, something reflected in the research.... While not perfect, some critics countered target-date funds are adequate for most savers and better than the do-it-yourself allocation and rebalancing alternative. Others claimed the criticism stems from a desire on the part of advisors to use more expensive managed accounts."  MORE >>

"[A] table reflects the DOL's 2022 annual inflation adjustments to the civil money penalties for violations of certain requirements under ERISA, effective January 15, 2022."  MORE >>

"According to a three-judge Pennsylvania Superior Court panel, providing written descriptions to employees regarding various benefits, incentives and rewards may form a binding, unilateral contract creating rights and obligations separate from an employee's at-will relationship with the employer." [Evans v. Capital Blue Cross, No. 410 MDA 2021 (Penn. Jan. 5, 2022)]  MORE >>

"The United States Senate Committee on Health, Education, Labor and Pensions (HELP) on [January 13] advanced the nomination of Lisa Gomez to serve as assistant secretary for [EBSA], setting the stage for a full Senate vote. The nomination advanced by a partisan committee vote of 12 to nine."  MORE >>