"Although some investment companies and advisers have considered cybersecurity risks as part of their fiduciary obligations and/or implemented written policies and procedures ... the new regulations require a more specific, frequently reviewed, and documented program."  MORE >>

"What are the deposit deadlines? ... Our plan is small -- is there any relief for us? ... What about relief for delays due to COVID-19? ... We have late deposits -- what should we do? ... Is there a correction program to fix this error? ... Do we have to file a VFCP application? ... Wait -- what about our Form 5500?"  MORE >>

33 pages. "This report explains IRAs' eligibility requirements, contribution limits, tax deductibility of contributions, and withdrawal rules, and it provides data on the accounts' holdings. It also describes the Retirement Savings Contribution Credit (also known as the Saver's Credit) ... Lastly, it explains provisions enacted after certain federally declared disasters, starting with the Gulf of Mexico hurricanes in 2005, that exempt distributions to qualified individuals from the 10% early withdrawal penalty." [RL34397, updated Feb. 15, 2022]  MORE >>

"A key issue in an IRS audit and related internal Form 5500 ... auditor review is to ensure that the various definitions of compensation under a tax-qualified retirement plan are being properly implemented. This article provides background on this issue and discusses various definitions of compensation, the potential consequences of the mistreatment of compensation definitions, and related considerations that are important to maintain the tax qualified status of a plan."  MORE >>

"[P]articipant savings behavior had a greater impact on glide path design than employer match generosity did. The richness of the match formula shifted the optimal glide path equity allocation by less than 5% at all ages, even in the absence of a defined benefit plan. These findings support the idea that participants ultimately own their outcomes when their retirements are supported primarily by defined contribution plans."  MORE >>

"New poll from Capitalize finds 61% of employees -- but only 46.5% of financial advisors -- believe cryptocurrency is a strong long-term investment."  MORE >>

"Supporters claim PEPs can offer lower fees for plan participants and greater liability protection for plan fiduciaries than a traditional single-employer 401(k) plan (SEP). In truth, a SEP with an investment menu of leading index funds and flat administration fees can usually beat a PEP on both fronts.... The 401(k) industry has aggressively marketed PEPs since the SECURE Act made them possible. This support can seem odd when you understand that PEPs are more difficult for 401(k) providers to administer correctly than SEPs ... It makes perfect sense, however, when you understand how PEPs can be more profitable."  MORE >>

"[SPARK writes] to express concerns about the timing of the final regulation relating to lifetime income illustrations, which, according to the [DOL's] Fall 2021 Regulatory Agenda, is currently targeted for release in February 2022.... [At] this point, a final LII regulation making any changes to how the illustration is to be calculated or displayed could not be feasibly implemented prior to the interim final rule's (IFR's) deadline for furnishing LIIs and would impose unnecessary costs and burdens on plans and their service providers."  MORE >>

"Once the success threshold has been met, to determine whether a discretionary award of fees is warranted, courts apply a five-factor test ... factors that clearly and intentionally favor successful plaintiffs.... Increasingly, insurance companies are seeking attorney fee awards against claimants who are partially or wholly unsuccessful in overcoming deference and other substantive and procedural advantages to the plan decision makers and are thus unable to have a denial of benefits reversed. For the most part, courts continue to reject attorney fee applications from insurance companies that successfully defeat lawsuits seeking plan benefits."  MORE >>