"[Notice 2022-33 extends] plan amendment deadlines to comply with the [SECURE Act] and the relief for 2020 required minimum distributions (RMDs) under the [CARES Act]. Without this relief, plan amendments reflecting changes by these laws would have been required by the last day of the first plan year ending on or after January 1, 2022."  MORE >>

"The IRS noted in Notice 2022-33 that it expects SECURE Act guidance to be issued with the 2023 Required Amendment list, so all changes under the SECURE, Miners, and CARES Acts can be adopted by plan sponsors at the same time."  MORE >>

"The deadline for adopting optional CARES Act relief for expanded distributions and loans is apparently not extended and generally remains December 31, 2022 for calendar year plans."  MORE >>

"The proposal would generally: [1] Substantially expand disqualification events.... [2] Impose a one-year winding-down period for the QPAM -- triggered on covered conviction or prohibited misconduct.... [3] Require written assurances and indemnities to plan clients.... [4] Mandate QPAM registration with the DOL for national database.... [5] Impose recordkeeping requirements on QPAM exemption compliance and compel access by regulators, plans and participants and beneficiaries.... [6] Offer new color on QPAM as required decision-maker.... [7] Increase client assets under management and shareholder equity thresholds."  MORE >>

"If a failure, or a series of failures, is not insignificant, SCP is only available if the correction is made within a limited time period.... [A] plan sponsor is basically limited to the failures addressed in the Revenue Procedure ... [A] plan sponsor will never know for certain whether the IRS will accept the correction in an audit situation.... If the plan sponsor is a publicly-traded company where the company is answerable to its shareholders and public disclosures must be made, a VCP may be the only option."  MORE >>

"An investigation by the DOL is a demanding and unwelcome surprise for most plan sponsors. The blueprint for navigating the ordeal may be found in the compliance questions [described in this article]. If you minimize investigation triggers and chart your way to compliance in advance, using the best practices [described], you are much more likely to weather an investigation unscathed."  MORE >>

"There are five critical moments in the year that offer advisors the chance to opportunistically sell and provide support, expertise and attention to existing and prospective client relationships.... In early August, retirement plan sponsors will have the Form 5500 preparation and filing fresh on their minds. This is an opportunity to ask current and prospective clients about their experience."  MORE >>

"The workers had previously voted to strike after rejecting an offer from Boeing that included an increase in the matching contribution of its 401(k) plan to 100% of the first 10% in eligible participant contributions from 75% of the first 8% contributed ... Boeing's new offer ... eliminated all changes to the 401(k) plan automatic and matching contribution formulas and instead offered workers a one-time lump sum of $8,000, 100% of which they could defer to the 401(k) plan."  MORE >>

"The pension fund had been under investigation by the Justice Department since at least May of last year, when subpoenas indicated that the FBI and prosecutors were seeking evidence of kickbacks and bribes at [the Pennsylvania Public School Employees' Retirement System (PSERS)]."  MORE >>

"[T]he 8955-SSA is indeed absolutely 'necessary for the proper performance' by the Treasury/IRS and SSA to ensure this critically important information makes its way to participants at two critical times -- upon separation (while everything is still fresh in everyone's memories and records), and again upon retirement.... SSA appears to be properly performing its job.... [M]isguidance from the IRS allows plan administrators to evade their statutory responsibility to provide these critical individual statements to former employees upon their separation from the employer."  MORE >>