"The lawsuit alleges that, from January 2018 through April 2021, CEB received nearly $2 million in salary deferral contributions from employees' pay. According to the lawsuit, however, CEB 'failed to timely remit the amounts withheld to the plan.' In some cases, the lawsuit alleges, the plan fiduciaries took up to 482 days to make the required contributions." [Walsh v. Preece, No. 22-0066 (E.D. Ky. complaint filed Jul. 13, 2022)]  MORE >>

"[T]he court held that, if the assumptions used in the withdrawal liability calculation are to reflect anticipated experience under the plan, the discount rate should reflect the plan's actual investments. Under this standard, using PBGC rates to determine withdrawal liability would not be appropriate, as they reflect the underwriting practices of insurance companies in pricing annuities and not the investments in any particular plan." [United Mine Workers of America 1974 Pension Plan v. Energy West Mining Co., No. 20-7054 (D.C. Cir. Jul. 8, 2022)]  MORE >>

"[T]he cases filed make the point that call center employees are a vulnerable part of any recordkeeper system, and that they must be properly trained to consult managers and/or secure additional identifying information before putting through any suspicious transactions.... Plan sponsors can take steps now to reduce the probability a theft like this will harm participants."  MORE >>

11 pages. "Majority of employees participate in 401(k), but still room to improve ... 401(k) balances are growing but significant gender disparities exist ... Employees still need education on the benefits of maximizing their retirement savings contributions ... Employees have significantly increased the portion of their assets in [ESG] focused investments ... Employees are embracing Target Date Funds -- often investing their full account balance ... Health Savings Account (HSA) utilization continues to accelerate with more education needed."  MORE >>

"The average Annuity Purchase Interest rates jumped again this past month, with the average duration 7 rate at 4.04% and average duration 15 at 4.05%.... [A]verage annuity rates thus far in 2022 are substantially higher than 2021 average annuity rates.... [A}nnuity purchase cost relative to pension accounting value (GAAP PBO) is well below [historical averages] making Pension Risk Transfer solutions even more appealing."  MORE >>

"[1] Are you handing over a business? ... [2] Will you continue to work in some capacity? ... [3] What will you do during your retirement? ... [4] How much money do you have? ... [5] Do you have suitable health insurance? ... [6] Have you paid off your debts? ... [7] Trust your instincts."  MORE >>

36 pages. "Policymakers may be interested in ways to improve the Statement, thus providing individuals more sufficient and accurate information to prepare for retirement. Those improvements may involve [1] developing more accurate benefit estimates for younger workers, women, lower earners and those with zero earnings in the two years prior to receipt of the Statement; [2] providing additional information related to benefits for spouses and survivors, benefits for workers with earnings not covered by Social Security, an accrued benefit illustration ... and other retirement plan information ... [3] assessing the effectiveness of the latest version of the Statement introduced in fall 2021; and [4] exploring Statement delivery methods." [R47183 Jul. 18, 2022]  MORE >>

"[By] agreeing to release a plan adviser from their co-fiduciary status and duties, a plan sponsors arguably allows a plan adviser to legally provide a lower quality of advice under the SEC's Regulation Best Interest (Reg BI) than the adviser would have been required to provide as a fiduciary.... Reg BI provides advisers with a loophole, the 'readily available alternatives' language, which effectively allows an adviser to put the best interest of their broker-dealer and themselves ahead of plan participants and their beneficiaries. This creates an obvious problem[.]"  MORE >>

"Morgan Stanley has asked a federal court to stay a proposed class action lawsuit related to its deferred compensation plan and compel 12 of its former brokers who filed the suit to arbitrate their claims.... Matthew T. Shafer ... sought class action status for claims based on allegations that Morgan Stanley violates federal laws governing vesting and anti-forfeiture rules for pension and retirement packages by withholding deferred pay when brokers move to the competition. In response, Morgan Stanley has argued that the deferred compensation program is a bonus plan, which is generally not covered by ERISA."  MORE >>