"Some proposals to increase short-term savings envision new add-on accounts ... Other proposals would use existing features of employer-sponsored DC plans that allow funds to be used for unexpected expenses. This In Focus discusses two of such existing features: deemed Roth Individual Retirement Accounts (IRAs) and after-tax accounts (non-Roth) within qualified retirement plans." [IF 12065, Mar. 23, 2022]  MORE >>

"As the New York State program will likely cover many of the same employers as the New York City program, it is unclear if the City's program will be implemented.... Participating employers must automatically enroll in the Secure Choice IRA each employee who does not opt out of participation ... or who has made an election to participate with a level of employee contributions other than three percent (3%) of wages in New York State or five percent (5%) in New York City."  MORE >>

"While [MPRA] explicitly excluded surcharges that accrued after 2014 from such calculations, this case concerned surcharges that accrued before 2015. The Ninth Circuit reasoned that the surcharge was not a 'contribution rate' because the PPA surcharge is calculated and paid after the total amount of contributions has been calculated." [Bd. of Trustees of the Western States Office & Professional Employees Pension Fund v. Welfare & Pension Admin. Serv., Inc., No. 20-35545 (9th Cir. Jan. 31, 2022)]  MORE >>

"Most participants equated financial wellness with having enough money to live day-to-day and having confidence and resources to meet their future financial needs.... Most live paycheck to paycheck and feel severe stress.... Workers were open to utilizing employer-provided financial wellness assistance, administered by a third party (for employee privacy). Some people were hesitant, however, citing lack of trust and a need for employers to be transparent and genuine."  MORE >>

"In a national survey of those with workplace retirement plans held by Principal®, 71% listed 'living comfortably in retirement' as a top life goal along with good health and financial wellness. Unfortunately, less than half (49%) have confidence that their savings will be enough, and a further 55% don't feel secure in their retirement planning."  MORE >>

"Recently, some compliance administrators and school districts ... have put in place requirements to restrict new vendors. In some cases, the compliance administrator will place a requirement that a new vendor must first line up a certain number of participants before they will be added to that school district. In other cases, the school employer has simply closed the list to new entrants entirely. These new restrictions make it very difficult for low-cost, high-quality vendors to gain access to these school districts."  MORE >>

"Although the term 'civil action' is supposed to have identical meaning under the Federal Rules of Civil Procedure regardless of the type of claim being brought, ERISA claim litigation differs dramatically from ordinary civil procedure. Courts have invented rules that lack any statutory or other support.... For years, no court questioned the quasi-administrative law regime to which ERISA claims have been relegated. However, in a quartet of recent appellate rulings, courts have started to question the status quo."  MORE >>

"[T]he Trump rule condensed the analysis to weighing two key factors: [1] the nature and degree of the individual's control over the work; and [2] the individual's opportunity for profit or loss. Under the Trump rule, only when these two factors are insufficient to answer whether the individual is an employee or independent contractor should the remaining four factors be considered." [Coalition for Workforce Innovation v. Walsh, No. 21-0130 (E.D. Tex. Mar. 14, 2022)]  MORE >>

"Although the ruling purports to vacate the delay and withdrawal rules, there is a long-running legal debate as to whether such vacatur orders from lower courts do or ought to apply nationwide as opposed to only the court jurisdiction or to the plaintiffs involved. So it is possible that the DOL could file a motion for clarification with the court or offer a public statement that competes with what appears to be a nationwide vacatur of the rule." [Coalition for Workforce Innovation v. Walsh, No. 21-0130 (E.D. Tex. Mar. 14, 2022)]  MORE >>