"This notice provides a 6-month extension, through December 31, 2022, of the temporary relief provided in Notice 2021-40 from the requirement in Section 1.401(a)-21(d)(6)(i) that certain participant elections be witnessed in the physical presence of a plan representative or a notary public (the physical presence requirement). This extension of relief is provided in response to the continuing [COVID-19] pandemic."  MORE >>

"ERISA does not exclude individuals otherwise qualifying as common law employees from plan rights and protections simply because of their immigration status. However, although the [DOL] has affirmed that other federal statutes, such as the FLSA, protect undocumented workers, it has conspicuously failed to formally state that ERISA does too."  MORE >>

"Employers undergoing a standard termination of their defined benefit (DB) pension plan should take care when coordinating the dates of a lump-sum window and an annuity purchase.... [PBGC] representatives, speaking informally at a meeting with ... delegates from four major professional organizations for actuaries -- also addressed how certain administrative delays affect post-distribution certification filings (Form 501) and pointed out an increase in the threshold for a standard termination audit."  MORE >>

"New ways of working and saving will quadruple the nation's retirement savings pool ... With it will come demands by consumers and investors for a better, more familiar, experience in dealing with investment advisors, tracking performance, and understanding new products.... [M]ore companies are embracing artificial intelligence and virtual reality as ways to put more control in the hands of consumers as they make their retirement investment choices and review options."  MORE >>

"The 2022 Retirement Confidence Survey (RCS) finds just under three-quarters of American workers (73 percent) feel confident in their ability to have enough money to live comfortably throughout their retirement ... The share of workers reporting that they feel either very or somewhat confident has increased significantly since 2017 (73 percent vs. 60 percent in 2017) and is not statistically different from its 2020 level, before the start of the pandemic."  MORE >>

"Workers continue to report an expected median retirement age of 65, while retirees report they retired at a median age of 62 ... Workers are notably more likely to say they expect to retire at ages 70 or older. Over 1 in 4 (29 percent) workers expect to retire at 70 or beyond or not at all, while only 7 percent of retirees report this was the case."  MORE >>

"Of the 47.8 million Americans ages 65 and older, the average income is only $38,515 dollars, according to the U.S. Census, and their average net worth is $170,516. With numbers like that, saving for retirement can be challenging."  MORE >>

20 pages. "[N]early half of public sector employees are taking no action with their defined contribution plan funds once retired. Looking out ten years from general employees' last contributions, 48% of plan participants had not taken any partial disbursements, and 72% had not taken any full disbursements.... 27% of plan participants took their first partial disbursement within the same year of retirement, while 11% took a full disbursement that first year."  MORE >>

"Between 2011 and 2021, institutional investors increased their aggregate allocations to real assets -- including commodities, precious metals, real estate, and natural resources -- by 7.8 percent ... Total public pension plan allocations to U.S. and non U.S. equity and fixed income decreased by 2.5 percent during the same period."  MORE >>

"Victims of Wildfires and Straight-line Winds beginning April 5, 2022, now have until August 31, 2022, to file various individual and business tax returns and make tax payments ... Individuals and households affected by Wildfires and Straight-line Winds that reside or have a business in Colfax, Lincoln, Mora, San Miguel and Valencia counties qualify for tax relief."  MORE >>

"The limited scope audit related to Form 5500 filings is now more involved and has a new name: the ERISA Section 103(a)(3)(C) audit. From a plan sponsor's perspective, the changes do not affect anything in ERISA. Therefore, a sponsor's ability to elect such an audit continues. The new rules change what is expected of the plan auditor, starting with the 2021 filing year in most cases."  MORE >>