"The current EPCRS has implemented two new correction options for overpayment failures from defined benefit plans that take into account plan funding levels and any increased minimum funding requirements that were the result of the overpayment.... [IRS] also extended the correction period for self-correction by a year [and] extended a special safe harbor correction method for the failure to enroll a participant timely in a plan with an automatic contribution arrangement."  MORE >>

"CalSavers Retirement Savings Board ... will begin levying penalties, this month, on those employers failing to register with CalSavers by their deadline ... Employers with more than 100 employees not offering a retirement program to their employees were required to register by [September 30, 2020].... [T]he threshold number of employees ... dropped from over 100 to over 50 with a deadline to register of June 30, 2021.... [E]mployers with 5 or more employees and no plan must register by June 30, 2022 to avoid penalties."  MORE >>

"[T]he IRS' limits for elective deferrals applicable to participants in a dual qualified plan, or to federal government employees, is $20,500 ... However, ... the elective deferral limits applicable to Puerto Rico participants in a dual qualified plan may not exceed $20,000; any amount contributed in excess of [the] limit established by the PR Code will be taxable. Therefore, even if employees participate in a dual-qualified plan, they will not be able to make elective deferrals in excess of $20,000, regardless of the language of the IRS notice of limits."  MORE >>

"[A table] summarizes the results of [a study of 3,217 plans].... [S]afe harbor and traditional plans [are reported] by their automatic enrollment status.... It is common for small business plans to fail the ADP/ACP and top heavy tests.... Automatic enrollment doesn't generally help small plans pass the ADP/ACP tests."  MORE >>

"PEPs can also provide a great alternative to state-mandated retirement plans when compared side-by-side.... Given the all but certainty that clients coming under the [group of plans (GOP)] format are going to be required to have an individual plan audit, ... GOPs will be attractive primarily to employers who have less than 120 or so employees. Larger employers can benefit from significant audit cost relief under the PEP that simply won't exist under a GOP format."  MORE >>

"[PBGC] announced [January 18] that $112.6 million has been paid in special financial assistance to the Local 138 Pension Plan ... the first plan to receive funds under the Special Financial Assistance (SFA) Program. The plan had been projected to run out of money early this year."  MORE >>

"[PBGC] has approved the plan application for the Bricklayers and Allied Craftworkers Local 5 New York Retirement Fund Pension Plan ... [The plan,] which covers 821 participants in the construction industry, will receive approximately $61.8 million in special financial assistance[.]"  MORE >>

"The high court's announcement, without comment by the justices, ends a legal campaign by the participants, who have lost every court challenge since they sued the PBGC in 2009 over a plan that covered 20,000 salaried workers." [Black v. PBGC, No. 19-1419 (6th Cir. Sept. 1, 2020; cert. pet. denied Jan. 18, 2022)]   MORE >>

29 pages. "This report explores the potential impact states will face should lawmakers decide to convert new public employees from a defined-benefit pension plan [DB plan] to a defined-contribution 401(k) retirement plan [DC plan][ as a budget-saving measure.... [1] Has the emergence of [DC plans] contributed to the retirement savings crisis in the country? [2] Does converting a [DB plan] to a [DC plan] impact the overall cost to the state? [3] What are the consequences of converting a [DB plan] to a [DC plan]? [4] Does conversion to a [DC plan] impact recruitment and retention of public employees?"  MORE >>