"This revenue procedure amplifies Rev. Proc. 2022-3 ... which sets forth areas of the Internal Revenue Code relating to issues on which the [IRS] will not issue letter rulings or determination letters.... The IRS will not issue letter rulings on whether an employer reversion from a qualified plan occurs for purposes of Section 4980(c)(2) in connection with a spin-off/termination transaction that involves excess assets."  MORE >>

"This presents a potentially valuable opportunity to correct errors not normally eligible for self-correction during an audit at a reduced price, as Audit CAP fees can be significantly higher than the VCP fees (with VCP fees capped at $3,500)."  MORE >>

"The ability to reduce costs by commingling plan assets from different companies' plans has been by far the largest perceived attraction regarding MEPs in and past and PEPs in the future.... It may be that while Congress fiddled for years, the industry may have found ways to streamline itself, reducing the overall weight of this attraction.... [E]ven with lower fees, there appear to be other reasons why we haven't seen the explosion of PEPs as many expected."  MORE >>

"The growing importance of financial well-being has many employers doubling down on benefits that can promote 'fiscal fitness' in order to appeal to existing workers and new hires alike ... [S]ome workplaces have started taking a variety of steps to improve employees' sense of financial well-being by exceeding baseline salary obligations, i.e., bolstering pension plans, offering better insurance packages and even providing financial coaching."  MORE >>

"For most American workers, retirement savings either come from individual contributions to a retirement account or employer-sponsored programs that encourage saving. But according to economic data, while both options are present, people don't generally save for retirement unless their employer offers a plan at work."  MORE >>

"Starting this quarter, plan holders will see two new estimates on their 401(k) statements. Each assumes that they will use their current account balance to purchase an annuity, a retirement vehicle that allows investors to invest a lump sum that will be converted into fixed, lifetime monthly payments.... The illustrations don't account for Social Security or any outside savings, nor do they include any future investment growth or compounding in the market."  MORE >>

"Balanced-fund investors have three options.... [1] [P]retend that this year never happened, by continuing to do what they have long been doing.... [2] Rather than rely on what essentially are two assets -- stocks to provide high returns, and bonds to function as ballast -- balanced portfolios should invest more broadly.... [3] [B]alanced-fund shareholders might benefit by temporarily adjusting their allocations to favor inflation-resistant assets such as commodities, gold, and liquid alternatives. Then, when the economic climate reverts to the norm, swap those assets for Treasuries, thereby returning to the previous formula."  MORE >>