"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"  MORE >>

"In FAQ 17, the DOL discusses both the implications of payout grids and mitigation techniques to minimize compliance risks. The review must be reduced to a written report and signed by a senior executive officer of the firm. The report is available to the DOL on request. The failure to satisfy that requirement results in the loss of the exemption. That would mean that the conflicted recommendations were prohibited transactions, resulting in penalties and costs."  MORE >>

"[W]hile the DOL works on finalizing the ESG Rule, it is simultaneously searching for additional information about other ways that climate change may impact the retirement industry, and whether the DOL should take additional, broader action on top of the pending ESG Rule.... This action affirms a persistent focus of the DOL on the intersection of ESG and retirement savings."  MORE >>

"Courts often conclude that plan fiduciaries are not responsible for the actions of employees or contractors who make mistakes, even when the consequences of such mistakes are devastating to plan participants. However ... fiduciaries cannot hide behind a 'ministerial exception' where their employees are not making mistakes but are instead acting on instruction to behave in an evasive and misleading manner when dealing with plan participants." [Smarra v. Boilermaker-Blacksmith National Pension Trust, No. 20-860 (W.D. Pa. Feb. 8, 2022)]  MORE >>

"Based on Hughes, retirement committee members and other fiduciaries should ... [1] Practice good fiduciary hygiene.... [2] Limit, monitor and curate the plan's menu of investment options.... [3] Pay particular attention to sales loads, management fees and administrative charges." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

"[The Lifetime Income For Employees Act (HR 6746)] would amend the DOL's current default investment safe harbor regulations to allow, but not require, a retirement plan's default investment to include a limited investment in a non-liquid annuity component that provides a guaranteed return on investment."  MORE >>

"The average 401(k) balance climbed to a record $130,700 in Q4, up 4% from Q3 2021 and 8% from a year ago.... A record 38% of individuals increased their 401(k) contributions in 2021, with an average increase of more than 3%.... By the end of 2021, 83% of workers had their employer make a contribution in addition their own 401(k) contributions, with the average employer contribution reaching $4,080 in 2021."  MORE >>

"[T]he funded status of state and local pension plans nationwide has improved to 75.4% in 2021, up from 72.2% in 2020.... In the 2021 data available, plans have averaged contributions between 97% and 106% of the [actuarially determined employer contribution (ADEC)].... The portion of total portfolios invested in real estate, hedge funds, commodities, and alternative investments has grown from 9% in 2001 to 29% in 2020.... The ratio of active workers to plan beneficiaries continues to decline across all public plan sizes."  MORE >>

"This article explores the presence and extent of Social Security information provided to employees in workplaces, to servicemembers in military facilities, to students in secondary and postsecondary schools, and to participants in religious and community organization settings."  MORE >>