"This article outlines the solutions available when qualified or 403(b) plans miss or miscalculate RMDs ... [including] streamlined procedures for plans applying for IRS approval of a proposed correction, and options for requesting a waiver of participants' excise taxes. Related tax reporting and withholding rules also are addressed."  MORE >>

"Last year, California mandated that employers with more than 50 employees must offer a retirement plan through either the state-run CalSavers program or a private-market option. Starting today, the requirement extends to California employers with five or more employees. Failure to comply may result in financial penalties enforced by the Franchise Tax Board."  MORE >>

"The key question is whether certain regulations fall under the major questions doctrine, which states that administrative agencies must be able to cite 'clear congressional authorization' when they make decisions of wide-ranging 'economic and political significance.' ... [T]he ruling may impact how the DOL will continue its recent emphasis on rule-making based on ERISA Section 404(a) on fiduciary responsibility." [West Virginia v. EPA, No. 20-1530 (S. Ct. Jun. 30, 2022)]  MORE >>

"The PBGC ... said that [the surviving domestic partner] was not entitled to the survivor benefit, even though California treats domestic partnerships as the equivalent of a marriage and refers to domestic partners as 'spouses.' The PBGC simply said the law doesn't cover domestic partners.... [The Pension Rights Center] has written a legal analysis of [the] case."  MORE >>

"The average 401(k) plan account balance for consistent participants rose each year from 2010 through year-end 2019, with the exception of a slight decline in 2018. Overall, the average account balance increased at a compound annual average growth rate of 15.6 percent from 2010 to 2019 ... The growth in 401(k) plan account balances for consistent participants generally exceeded the growth rate for all participants in the EBRI/ICI 401(k) database."  MORE >>

"[P]ersonal financial thought-leaders like Michael Kitces are trying to convince financial advisors (and their clients) to adopt changes to their Monte Carlo modelling approaches to make them more like the Actuarial Financial Planner.... [Y]ou can relatively easily make the spending budget developed using the AFP even more conservative (or less conservative) ... by varying some of the assumptions or inputs so that you can select a spending budget within the range that is consistent with your personal tolerance for risk."  MORE >>

An unofficial monthly report of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

"The Sixth Circuit's acknowledgment of the importance of investment fees and others costs, including the fact that the impact of such fees, like returns, compound over time, cannot be overemphasized.... Costs and cost-efficiency generally do not receive the same amount of attention that returns receive.... The financial services industry does not like to discuss cost-efficiency, as studies have consistently shown that the overwhelming majority of actively managed mutual funds are cost-inefficient." [Smith v. CommonSpirit Health, No. 22-5964 (6th Cir. Jun. 21, 2022)]  MORE >>

"Deferred compensation agreements can be creatively customized to the unique purposes of the company and the individual objectives of the plan participant. They can be complex and detailed or defined by only a few targeted provisions. Either way, they may help fortify an organization's employee retention strategy."  MORE >>