"If the changes go forward, they would, among other things, [1] expand the scope of conduct that could disqualify a financial institution from being able to rely on the QPAM Exemption.... [2] require specific provisions in QPAM investment management agreements ... [3] require firms that rely on the QPAM Exemption to notify DOL that they are doing so; and [4] increase the assets under management and owners' equity thresholds to qualify as a QPAM[.]"  MORE >>

"The most significant proposals relate to the following areas: [1] Requirement to provide notice.... [2] Changes in amounts of net capital and client assets under management (AUM) required for QPAM status.... [3] Significant expansion of disqualifying provisions for certain criminal convictions and prohibited misconduct.... [4] Protective [investment management agreement] provisions relating to disqualifications."  MORE >>

"[This article] provides a brief summary of the timing rules for income tax withholding applicable to 457(b) and 457(f) plans. Next, it reviews the special timing rule and exceptions for FICA tax withholding for nonqualified deferred compensation plans. Finally, it provides ideas and strategies for properly setting up and administering FICA tax withholding and reporting."  MORE >>

"All key Internal Revenue Code (IRC) limits for qualified retirement plans will rise by unprecedented amounts from 2022 to 2023, Mercer projects.... [I]nflation is projected to reach its highest level since indexing began, causing 7%-11% increases for most limits, based on their rounding levels. In addition, the non-SIMPLE plan catch-up limit -- which has a large rounding threshold -- will jump more than 15%. These record hikes come on the heels of 2021's increases, which were the second highest ever at that time."  MORE >>

"In June, the Senate committees with jurisdiction over retirement approved their versions of retirement reform legislation. The Senate bills are the Enhancing American Retirement Now Act (unnumbered, the 'EARN Act') ... and the Retirement Improvement and Savings Enhancement to Supplement Health Improvements for the Nest Egg Act (S 4353, the 'RISE & SHINE Act') ... The Senate bills are companion legislation to the House-passed Securing a Strong Retirement Act (HR 2954, colloquially referred to as 'SECURE 2.0').... [A] chart compares the House and Senate bills and identifies differences among the bills."  MORE >>

"Sponsors of defined benefit pension plans have seen significant volatility in the value of their assets, liabilities and funded status through the course of 2022.... However, ... the funding level in percentage terms for many plans has not materially improved which can lead to unintended risks ... [which] are a result of the use of automatic glidepaths as part of the strategic asset allocation policy."  MORE >>

"More than 100 U.S. corporate 401(k) plans in 2021 made changes in their investment options lineups ... Those plans had assets totaling $209 billion and added 185 investment options from 54 managers in the year ended Dec. 31. Plans in that same universe removed 178 investment options from 52 managers during that same period."  MORE >>

"[E]each PEP will have investment option variations in their offering. These variations will center around a few key areas: [1] The Qualified Default Investment Alternative (QDIA); [2] Use of proprietary funds vs. external fund managers; [3] Fund vehicles used -- namely mutual funds vs. collective investment trusts (CIT); [4] Availability of managed accounts and/or a brokerage window; [5] Fees."  MORE >>

"Fidelity [said] it is working directly with policymakers and regulators in an ongoing dialogue, but plans to launch its new Digital Assets Account this fall remain on track."  MORE >>

"The three publicly traded companies that listed the Northern Trust Focus Funds in their investment options lineup in their 11-K filings in 2020 all removed them ... A participant in Northern Trust Co.'s 401(k) plan had filed a class-action lawsuit in November 2020 against the bank and its benefit administrative committee, alleging a breach of fiduciary duties related to its target-date fund lineup."  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 >>

"What constitutes putting the 'best interests' of customers above the financial and personal interests of the broker is a potentially malleable concept. Further, it does not reach far enough to protect vulnerable customers in markets that are altogether less regulated or, for that matter, non-retail customers who are less sophisticated in understanding financial products or can ill afford truly independent financial and legal help."  MORE >>