"The DOL is finalizing the amendments largely as proposed, but with minor changes. Instead of referencing or relying on credit ratings, parties relying on these class PTEs must determine whether certain credit standards are satisfied."  MORE >>

"The proposed rules would update the scope of the application procedures.... The proposed rules would also revise several definitions in the existing procedures and add new definitions.... The proposed rules would also expand the types of exemption applications the DOL will not consider.... Under the proposed rules, the DOL would still consider applications for retroactive exemptions but only if [two] conditions were met ... The proposed rules also identify factors the DOL would consider when reviewing an application for a retroactive exemption."  MORE >>

"DOL's position on brokerage windows seems to run counter to the view often taken by plan fiduciaries, that the plan fiduciary has a duty to prudently select and monitor the provider of the brokerage window but not the investment options chosen by participants through that window (particularly when those investments are publicly traded mutual funds or exchange traded funds)."  MORE >>

"The court rejected the argument that there was any reasonableness standard required by the statute, noting first that such omission is generally assumed to be deliberate. The court noted that Congress had placed reasonableness standards for actuarial assumptions in other parts of ERISA such as the determination of withdrawal liability." [Belknap v. Partners Healthcare System, Inc., No. 19-11437 (D. Mass. Mar. 4, 2022)]  MORE >>

"As DOL investigators grapple with applying the Guidance along with their internal resources, it remains unclear whether they will be fixated on requiring in all cases an express designation of a [Chief Information Security Officer (CISO)] by all retirement plan sponsors and plan service providers.... Organizations should have a qualified member of its senior leadership assigned and accountable for the management, implementation, and evaluation of its cybersecurity program."  MORE >>

"The estimated increase in 401(k) contribution levels after attending any financial wellbeing webinar was between $649 and $988, depending on age and initial contribution level. Attending a budgeting webinar was positively related to increased employee 401(k) contributions for all cohorts examined."  MORE >>

"The $1.5 trillion budget bill passed by Congress this week includes budget boosts for [EBSA] and the IRS -- but bipartisan retirement legislation apparently will have to wait for another day.... While there was some speculation that Congress would add the SECURE Act 2.0 to the consolidated spending bill, that did not happen. A separate push to include a package of expired tax breaks also did not materialize either. "  MORE >>

"Total annuity sales were $254.6 billion in 2021, up 16% from 2020. In the fourth quarter, annuity sales were $62.8 billion, 7% higher than fourth quarter 2020."  MORE >>

"[T]he draft bill would require a married participant's permission to withdraw assets in the form of a lump sum of cash, or to roll assets into an arrangement beyond the reach of the other spouse. A married participant would not have to get consent from the spouse to receive plan benefits in the form of a joint and survivor spousal annuity, or to roll the assets into another employer-sponsored retirement plan or individual retirement arrangement that provided protection for the spouse[.]"  MORE >>

"80 percent of job seekers believe their companies need to reevaluate the benefits they offer. Sixty-seven percent of job seekers surveyed indicated benefits are more important to them now than before the pandemic, and 54 percent would consider taking a lower-paying job with a better benefits package."  MORE >>

"The fully updated myStockOptions Tax Center provides expert yet easily readable guidance on the filing and reporting of tax returns that involve stock options, restricted stock, restricted stock units (RSUs), performance shares, stock appreciation rights, and employee stock purchase plans (ESPPs)."  MORE >>