"The Marketing Rule represents a substantial overhaul of the SEC's now-defunct advertising and cash solicitation rues. Based on a firm's current practices, compliance with the Marketing Rule can be a significant process -- firms need to make sure they are on track for full compliance by November 4, 2022."  MORE >>

"The question now is when, whether, and how will the DOL or the federal courts develop standards for plan fiduciaries to apply when designing and monitoring individual account plans with brokerage windows.... [F]iduciaries might also step back and consider ... as whether brokerage windows can be designed within ERISA Section 404(c) rules to capture fiduciary protection from losses, whether 404(c) is the best, or only, way to create a fiduciary shield, or whether Code rules could allow for participant investments outside of plan menu choices through rollovers to IRAs."  MORE >>

"More than half of smaller employers surveyed by the Secure Retirement Institute -- regardless of whether there is a retirement plan currently in place -- said they are interested in learning more about PEPs ... Sixty-six percent of employers that have a retirement plan have no plans to make changes. Small employers that are avoiding switching to a PEP express concerns about lower levels of support for the company (42%) or lower levels of service for their employees (39%)."  MORE >>

"Americans have $7.3 trillion invested in [401(k) plan] accounts, according to the Investment Company Institute, and there are roughly 60 million active 401(k) participants. BrightScope ... [compiled] this list of the 100 most popular mutual funds in 401(k) plans based on funds' 401(k) assets under management."  MORE >>

"The third-term Republican governor says it does not contain enough structural change to the system 'to solve the enormous unfunded liability' issues the state currently faces.... [T]he fiscal year 2022 budget contains a one-time general fund appropriation of $200 million in order to pay down unfunded liabilities ... [T]he Senate overrode the veto 30-0, sending the bill to the House for consideration."  MORE >>

"[This] article recaps the key themes from the event and items for plan fiduciaries to consider as we navigate a challenging labor market, an active litigation and regulatory environment, and increased employee needs and expectations. [1] ESG, crypto, and cybersecurity are hot topics.... [2] Supreme Court ruling will be impactful.... [3] Individualized and personalized solutions are the present and the future.... [4] In-plan income is needed, valued, and becoming expected."  MORE >>

"The study analyzes the behavior of approximately 1.55 million active state and local defined contribution participants with Empower as the recordkeeper.... Government participants ... are saving an average of 6.4% of their salary in their workplace retirement plan, up from 5.9% two years ago.... About half of government participants utilize professional management.... Engaged government workers have savings rates 90% higher than unengaged participants."  MORE >>

"The final regulation should not require all details of the procedures to correct a failure to provide information and a failure to take action be included in the plan document.... In listing the administrative duties, any final regulation should make clear that that the pooled plan provider is not responsible for determining eligibility or severance from service.... The IRS should coordinate [with DOL] its guidance on whether employers [are considered to] have a common interest ... by adopting the [criteria enumerated in the 2019 DOL final regulation on association retirement plans]."  MORE >>

"We strongly oppose the Proposed Rule's: [1] elimination of any notarization requirement for spousal consents; [2] failure to impose any requirements or offer any explanation at all on how spousal consents will be provided, executed, and proven in this online system; and [3] inadequate provisions about how the spousal consent requirement will be enforced, the penalties for violations, and the remedies that will be provided to defrauded spouses."  MORE >>

"By accepting a lump sum from the pension, you gain the control over your income assets. Even if the income generated from the lump sum is less than the promised annuity payment from the pension, you gain control over the assets.... [N]ot all pensions have a lump sum option, which means you have no choice but to accept an annuity payment. If that is you, there are a few things to consider before selecting your irrevocable annuity option."  MORE >>

"While the court stopped short of deciding whether Section 502(a)(2) claims could ever fall within the scope of an arbitration clause in an individual employment agreement, it held that plaintiffs' claims did not fall within the arbitration clauses here. The court reasoned that because such claims 'belong' to the Plan, they cannot be forced into arbitration based on agreements that bind only individual participants.... [T]he court found that, in this case, the agreements established only plaintiffs' consent to arbitration, but not the plan's." [Hawkins v. Cintas Corp., No. 21-3156 (6th Cir. Apr. 27, 2022)]  MORE >>

"Because partnerships are excluded from coverage under Section 280G, there is a tendency to stop the analysis there.... However ... all members of the same affiliated group as defined in Code Section 1504 ... are treated as a single corporation for several purposes under Section 280G.... [T]his means that one corporate taxed entity in the selling affiliated group can result in making Section 280G applicable to entities and their service providers that would have otherwise been exempt from the Section 280G rules had there been no corporate taxed entity."  MORE >>