"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"  MORE >>

"The California Public Employees' Retirement Law and Public Employees' Pension Reform Act of 2013 do outline exceptions to the general rule. It is through these exceptions that agencies have been able to hire retired annuitants. The two common exceptions are found in Government Code sections 21221(h) and 21224. However, when an agency is utilizing either one of these exceptions, it must be aware of the strict and complicated requirements[.]"  MORE >>

"The original lawsuit targeting Molina Healthcare directly says the defendants caused plan participants to invest in flexPATH's 'untested target-date funds,' which allegedly replaced 'established and well-performing target-date funds' previously offered to participants.... The new lawsuit almost completely mirrors the original compliant, though it is distinct in that it argues that NFP is also a fiduciary to the retirement plan in question, based on the nature of the advice it allegedly provided to the plan sponsor, and it should therefore face the court's scrutiny alongside the Molina defendants." [Mills v. NFP Retirement Inc., No. 22-994 (C.D. Cal complaint filed May 16, 2022)]  MORE >>

"Depending upon the size of your company and staffing, it may be necessary for benefits, human resources, payroll, administrative services (e.g., mailroom services), and information technology personnel, along with the plan's record keeper, to ensure that former employees' contact information is current. Changes to contact information must be coordinated and shared throughout the company and to/from the plan's record keeper."  MORE >>

"Inflation in the 12 months ending April 30, 2022, was 8.3%. With only five months remaining for FFY 2022, the 2023 IRS limits could be the highest one-year increase, both in dollars and percentage, even if inflation transitions to a more reasonable 3.0% annually for the final five months."  MORE >>

"[R]ecent increases in interest rates [have] increased the amount of monthly life annuity that may be purchased with a given premium amount and had increased implied interest rates (or rates of return) on life annuity purchases.... [I]mplied interest rates (rates of return) on [single premium immediate life annuities (SPIAs)] have increased since April 1, 2022.... [It] may still be wise to wait until the Federal Reserve has finished increasing the Federal Funds interest rate before actually purchasing an annuity."  MORE >>

"[1] Understand the Risk.... [2] Examine the Required Skill Sets.... [3] Manage for Process, Not Outcomes.... [4] Technical Skills Required for the Role.... [5] An Opportunity to Serve Others.... [6] Look Before You Leap."  MORE >>

"Average retirement account balances decreased, but slightly less than market decline4 in Q1.... Significant growth in IRA accounts, especially among Millennials.... Total 401(k) savings rate reaches record level.... The majority of retirement savers did not make any changes to their allocation.... The percentage of workers with a 401(k) loan continued to decrease."  MORE >>

"65% of adults report that as a result of inflation, they are cutting back on short-term spending to stay on track with their long-term financial goals. One-in-four respondents report that their long-term financial strategy has not been impacted due to inflation and 72% of respondents still expect to retire at their desired age.... Millennials are making the most significant cuts, with their monthly emergency fund contributions falling by nearly $289."  MORE >>

"From a practical standpoint, using retirement funds without the discount of taxes can be a viable alternative for those looking for capital to start a business. However, under the watchful eyes of the IRS, compliance is the key to ensuring success with this funding source."  MORE >>

"On May 10, the Walcheske law firm sued WEC Energy Group Inc. alleging that the defined contribution plan fiduciaries imprudently chose the 'high risk and unsuitable' Fidelity Freedom active target-date funds for their plan participants. But on May 11, the Capozzi law firm sued Illinois Tool Works, Inc. for offering company-created target date funds, which was purportedly 'baffling given the number of excellent target date suites available on the market.' The 'excellent' alternatives that Illinois Tool Works fiduciaries should have chosen? The target-date funds offered by T. Rowe Price, American Funds, and Fidelity."  MORE >>

"If stock options are an important part of your incentive compensation programs, this may be a good time to review and tune up your stock option grant practices. Here are some thoughts on best practices for both privately held and publicly traded companies: [1] Timing of grants and setting the exercise price ... [2] Required approvals ... [3] Other checklist items."  MORE >>