"[Rev. Proc. 2022-28] doesn't explain exactly why it will no longer issue letter rulings under these circumstances. The agency may hope to discourage transactions specifically designed to circumvent restrictions on DB and DC plans, and instead limit rulings to reversions after complete termination of a DB plan. However, employers undertaking a spin-term don't need IRS approval[.]"  MORE >>

12 pages. Topics include: [1] Guidance on new closed plan rules and clarification on what plans are eligible for relief, [2] Statutory and substitute mortality tables, [3] Issues with plans terminating in surplus position, [4] Cash balance plans that use actual investment return, [5] Applicability of excise taxes on multiemployer plans remaining in critical status after their rehabilitation period ends, and [6] Annual certification under IRC Section 432 for plans receiving SFA.  MORE >>

"When asked about specific barriers, like company culture or the availability of opportunities, men and women often gave similar answers.... 38% of men said they do not face any barriers to success in the workplace, but only 25% of white women and 22% of women of color said the same."  MORE >>

"The complaint marks the SEC's first case pursuing violations of Reg BI's best interest standard and previews how regulators might conceptualize Reg BI violations going forward." [SEC v. Western International Securities, Inc., No. 22-4119 (C.D. Cal. complaint filed June 15, 2022)]  MORE >>

"The legislation provides that certain school districts -- those with at least 1,000 students that offer a 403(b) retirement plan to school district employees -- select at minimum three providers or vendors for the plan."  MORE >>

"Two California divestment bills, one that would have required CalPERS and CalSTRS to divest from fossil fuels and another from companies with business operations in Russia or Belarus are dead for this session after an Assembly committee chairman declined to schedule the bills for hearings."  MORE >>

"[A recent Sixth Circuit decision] refutes the entire genre of lawsuits claiming that active fund management is per se proof of fiduciary malpractice. It effectively disposes of the persistent and repetitive claims of fiduciary imprudence asserted in most excessive fee lawsuits in which plaintiffs are asking the court to infer fiduciary malpractice based on circumstantial evidence of what participants consider an undesirable outcome." [Smith v. CommonSpirit Health, No. 22-5964 (6th Cir. Jun. 21, 2022)]  MORE >>

"A recent Delaware Chancery court opinion serves as a reminder to companies and their boards that shareholder-approved equity compensation plans are contracts, and failing to follow the terms of such contract could result in costly shareholder litigation." [Garfield v. Allen, No 2021-0420-JTL (Del. Ch. May 24, 2022)]  MORE >>