"PBGC is proposing to add a new question to Part II inquiring about the number of eligible participants with no accrued benefit. This addition is intended to garner a more accurate count of a plan's participants. Finally, PBGC is amending Question 4 of Part III applicable to a plan seeking a determination as a substantial owners plan. Under the amendment, a plan will need to provide the dates when participants separated from service, in addition to dates and amounts of payment to them. This addition is intended to allow PBGC to properly count payees who may still be participants in a plan even after distributions have occurred."  MORE >>

"[E]mployee contributions to most governmental 401(a) plans ... generally will be made on an after-tax basis. One way that a governmental plan sponsor can change the tax treatment of such employee after-tax contributions (to make them pre-tax) is to 'pick them up' in accordance with Internal Revenue Code section 414(h)(2) and applicable IRS guidance."  MORE >>

"Registered broker/dealers (B/Ds) and investment advisers have long been required to comply with a 'best execution' standard when making trades for their clients. That obligation is now one of the conditions a financial institution and financial professional must meet to take advantage of [PTE 2020-02]. The failure to meet the standard will result in the loss of exemptive relief."  MORE >>

"The proposed regulations would apply to determine RMDs for calendar years beginning on or after January 1, 2022. The proposed regulations on Section 1.402(c)-2 would apply for distributions on or after January 1, 2022. Additionally, the proposal related to excise taxes would apply for taxable years beginning on or after January 1, 2022."  MORE >>

"The trinity is composed of three key ERISA related decisions -- Tibble v. Edison International, Brotherston v. Putnam Investments, LLC, and Hughes.... [T]he combined impact of the trinity decisions is that cases will now be decided based on their merits, not on legal fictions such as the 'apples and oranges' and 'menu of options' defenses. This should result in more protection for plan participants in the form of fewer dismissals of 401(k)/403(b) ... as long as the attorneys for plan participants properly plead such cases to meet SCOTUS' plausibility standard for pleading."  MORE >>

"The U.S. Supreme Court declined to hear a case asking whether California's automatic retirement program for workers without employer-sponsored plans can coexist alongside [ERISA] ... The lawsuit by Howard Jarvis Taxpayers Association ... asked the court to strike down the CalSavers Retirement Savings Program as preempted by the federal ERISA statute." [Howard Jarvis Taxpayers Association v. California Secure Choice Ret. Savings Program, No. 20-15591 (9th Cir. May 6, 2021; cert. denied Feb. 28, 2022)]  MORE >>

"[S]ome plan sponsors with well-funded plans are happy to hang on to their plans. Reasons vary ... Yet to be seen is the success of retirees who spent their careers gathering assets under only defined contribution (DC) plans and their ability to turn those savings into a secure retirement.... Defined benefit plans are arguably more efficient at focusing retirement dollars to long-term employees.... there are defined benefit designs that can address employers' concerns."  MORE >>

"This post describes a six-step asset allocation process, asset class components, factors to consider when developing an asset allocation strategy, portfolio rebalancing, 'need to knows' and research findings about asset allocation, and six take-away action steps."  MORE >>

"[E]ight out of 10 companies say they are very likely or moderately likely to expand inclusion and diversity efforts in their retirement and financial wellbeing plans in 2022.... [T]his paper outlines specific plan features and strategies that can help bolster savings for underserved workers."  MORE >>

"The Bureau of Labor Statistics released figures last year saying that number of people in the workforce over the age of 75 will double by the end of the decade. Meanwhile, the BLS predicts the number of people ages 16-to-24 will contract by about 7%. As a result, ... there will be a need to reframe conversations about retirement and Social Security."  MORE >>

"If you had income in 2021 from equity compensation, whether from stock option exercises, restricted stock/RSU vesting, or sales of company stock, this article explains what you need to know about IRS tax returns in the 2022 tax season."  MORE >>