116 pages. "This document contains proposed regulations relating to the use of actuarial tables in valuing annuities, interests for life or a term of years, and remainder or reversionary interests. These regulations will affect the valuation of inter vivos and testamentary transfers of interests dependent on one or more measuring lives. These regulations are necessary because applicable law requires the actuarial tables to be updated to reflect the most recent mortality experience available."  MORE >>

"Notice 2022-22 provides the mortality tables for minimum funding calculations under Internal Revenue Code Section (IRC) Section 430 and lump sums under IRC Section 417(e), reflecting a new mortality projection scale but making no changes to current methodology. However, a set of proposed regulations would make more substantive changes by updating the base mortality rates, modifying the calculation of the mandated mortality tables, and restricting the use of static mortality tables to plans with 500 or fewer participants. Finally, informal guidance released in the April 28 issue of Employee Plans News clarifies the interaction between the notice and the regulations, if finalized."  MORE >>

"Last week, the Second Circuit heard oral argument ... about whether the government can garnish two retirement accounts held by the defendant to aid in the execution of an over $10 million criminal restitution award against the defendant.... This case will be an interesting one to watch, to see how much protection -- even in the criminal context -- qualified retirement plans receive from the courts and whether private victims will have the same powers to enforce." [U.S. v. Greebel, No. 15-637 (E.D.N.Y. Apr. 16, 2021; on appeal to 2d Cir. No. 21-993)]  MORE >>

"As You Sow, a group that describes itself as the nation's non-profit leader in shareholder advocacy, recently received backing from the SEC in its bid to include a proposal for shareholder vote that, if approved, would require Amazon ... to 'at reasonable expense and excluding proprietary information, prepare a report reviewing the Company's retirement plan options with the board's assessment of how the Company's current retirement plan options align with its climate action goals.' "  MORE >>

"88%of organizations believe their defined contribution retirement plan helps attract and retain high quality staff.... 93% of plan sponsors believe more can be done to help employees make more well-informed decisions to optimize dollars across health and wealth benefits (e.g., retirement savings, HSA, etc.)"  MORE >>

"The financial health of the nation's largest corporate defined benefit pension plans improved significantly in 2021 as strong investment returns and rising interest rates helped to drive aggregate funded status to its best level since before the 2008 financial crisis. The aggregate funded status of defined benefit plans in the WTW Pension 100, managed to rise, from 87.9% in 2020 to 95.8% in 2021."  MORE >>

"Total fixed annuity sales were $35.2 billion, up 14% over first quarter 2021. Double-digit growth for fixed indexed annuities and fixed-rate deferred annuities drove the overall fixed annuity sales to pre-pandemic levels. Fixed indexed annuity sales were $16.3 billion, 21% higher than prior year. Fixed-rate deferred annuity sales increased 10% in the first quarter, year-over-year to $16 billion."  MORE >>

"[PBGC] has approved the application submitted to the [SFA] Program by the Carpenters Industrial Council of Eastern Pennsylvania Pension Plan. The plan, based in Ashland, Pennsylvania, covers 242 participants in the construction industry. The Carpenters Pension Plan became insolvent in October 2017.... The plan will receive $11.3 million in SFA, including interest to the expected date of payment to the plan."  MORE >>

"[PBGC] has approved the application submitted to the [SFA] Program by the Local 365 UAW Pension Fund Pension Plan. The plan, based in Englewood Cliffs, New Jersey, covers 3,736 participants in the manufacturing industry. The Local 365 UAW Plan became insolvent in December 2020.... The plan will receive $210.4 million in SFA, including interest to the expected date of payment to the plan."  MORE >>

"[PBGC] has approved the application submitted to the [SFA] Program by the Local 805 Pension and Retirement Plan. The plan, based in New York City, New York, covers 2,003 participants in the transportation industry.... The plan will receive $118.3 million in SFA, including interest to the expected date of payment to the plan."  MORE >>

"In the current economic environment, we are looking at the distinct possibilities of higher-than-expected levels of inflation, rising interest rates, negative returns on investments and reductions in future Social Security benefits.... [W]hat is a retiree to do today to mitigate financial risks and sleep better at night? [1] Periodically adjust spending budget to reflect actual experience ... [2] Use a floor portfolio to fund essential expenses ... [3] Use conservative assumptions ... [4] Spend less."  MORE >>