"The IRS issued 'soft guidance' in the form of its Employee Plans News ... on May 23, 2022.... [1] The IRS does not regard failure to timely restate as a disqualifying defect in and of itself. This is a departure from positions the IRS has taken in the past. [2] Failure to timely restate transforms the preapproved plan into an individually designed plan. The reliance normally associated with a preapproved plan is gone.... The correct question is whether there are actual document failures that must be corrected."  MORE >>

"The proposal would require funds that consider ESG factors in their investment process to disclose additional information regarding their strategy. The amount of required disclosure depends on how central ESG factors are to a fund's strategy and follows a 'layered' framework[.]"  MORE >>

"It is the employer as the plan sponsor that is responsible for ensuring that the new document correctly reflects the operation of the plan. If your recordkeeper or TPA is preparing your plan documents, they almost certainly have a provision in their service agreement which provides that it is you that is responsible for any errors.... The review is important because even a small error can cost a company a lot of money to correct."  MORE >>

"Cryptocurrency has, until recently, not been available as part of a 401(k). However, due to the built-in features of 401(k) accounts, some may find that a 401(k) suits their needs for crypto allocations better than an IRA does, particularly sponsors. Here are some of the differences between how crypto functions in these two account types, and a breakdown of why crypto in a 401(k) brings more benefits for some investors and sponsors than in an IRA."  MORE >>

"Senate [HELP] Committee Chair Senator Patty Murray, D-Wash., and Ranking Member Senator Richard Burr, R-N.C., released the draft of the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act. ... [which] would: [1] bolster savings by allowing employers to offer emergency savings accounts; [2] expand access to employer-provided retirement plans through multiple employer plans, and through increased access to plans for part-time workers; and [3] improve communications to retirement plan participants and transparency around lump-sum buyout offers for pension plan participants."  MORE >>

29 pages. "91% of plan sponsors agreed that having a dedicated financial advisor provided them with guidance on critical plan design options as their company scaled.... Eighty-seven percent of plan sponsors agreed that when a Financial Advisor is offered with the workplace retirement plan, the company as a whole has better plan outcomes, including higher employee participation (86%) and more eligible employees being on-track for retirement (86%)."  MORE >>

"Plan fiduciaries may consider asking the following questions: [1] Is the plan currently invested in assets subject to sanctions and, if so, what is the form of investment (e.g., registered mutual funds, collective investment trusts, private funds, separate accounts)? [2] What steps are being taken to ensure that the plan and its underlying investments are in compliance with Russian sanctions? [3] To what extent does the plan have illiquid investments that may be adversely impacted by Russian sanctions?"  MORE >>

"In Texas, West Virginia and Kentucky, legislatures have required state funds to limit transactions with companies that divest oil, natural gas and coal, according to news reports. West Virginia and Arkansas recently pulled out pension money run by BlackRock, whose chief has been vocal about fighting climate change. In Texas, a new law prevents state agencies from doing business with companies that the state comptroller determines are 'boycotting' fossil fuels."  MORE >>