"The Senate is currently working on its own version of comprehensive bipartisan retirement policy reform. Some believe there is a possibility that some combination of SECURE 2.0 and whatever the Senate produces could pass in a post-election lame duck session."  MORE >>

"Newly covered employers would be entering a thicket of ERISA and tax rules the likes of which they never could have anticipated. In addition, this provision doesn't mention anything about employer matching contributions. Employers could, however, take a large bite out of regulatory compliance by buying off-the-shelf safe-harbor plans from vendors."  MORE >>

"At least 14 ERISA lawsuits have been filed since December 2018 in cases affecting defined benefit plan participants who retired before the traditional retirement age, usually 65. Seven cases have been settled. Some settlements took place after a federal court judge denied a sponsor's motion to dismiss; some took place after a judge granted a motion to dismiss. Plaintiffs' lawyers say the sponsors could address the issue by using more current mortality tables when calculating benefits for early retirees."  MORE >>

"The Center for Board Certified Fiduciaries (CBC) has published fiduciary best practices for a specific segment of the industry -- insurance and annuities.... Though this initial attempt to define a fiduciary standard for insurance was met by resistance, recent legislation, such as the Secure Act and the SEC's Reg B, has put insurance back on the fiduciary track."  MORE >>

"The Bay State's fiduciary rule encountered a major setback when a Massachusetts judge on March 30 invalidated the March 2020 rule that imposed a heightened fiduciary conduct standard on broker dealers and agents." [Robinhood Financial, LLC v. Galvin, No. 2184CV00884 (Sup. Ct. Mass. Mar. 30, 2022)]  MORE >>

"IRI's 'Retirement Readiness Among Older Workers' report found only 26 percent of respondents correctly estimated how much annual income would be required in 10 years to maintain their standard of living when the annual inflation rate is three percent.... [N]early seven in 10 respondents did not understand sequence of returns risk ... Forty-two percent of respondents answered correctly with $1,500 per month. However, four in 10 respondents overestimated the average monthly Social Security benefit."  MORE >>

"The plan, based in Union, New Jersey, covers 3,610 participants in the transportation industry. The Local 641 Plan became insolvent in March 2021.... [and] reduced participants' benefits to the PBGC guarantee levels, which was roughly 55 percent below the benefits payable under the terms of the plan. PBGC's approval of the SFA application enables the plan to restore all benefit reductions caused by the plan's insolvency and to make payments to retirees to cover prior benefit reductions.... The plan will receive $503.9 million in SFA[.]"  MORE >>

"Victims of severe storms, flooding and landslides beginning February 4, 2022 now have until June 15, 2022, to file various individual and business tax returns and make tax payments ... Individuals and households affected by severe storms, flooding, and landslides that reside or have a business in municipalities of Cataño, Dorado, Toa Baja, Vega Alta, and Vega Baja qualify for tax relief."  MORE >>