"If adopted in its current form, the Proposal would come dangerously close to a revocation of the exemption ... [T]he DOL outlined six objectives behind the proposed amendments. While the objectives on their face appear reasonable, the actual conditions proposed to attain those objectives should raise concerns for both plans and investment providers."  MORE >>

"The Proposed Amendment does not provide for any grandfathering of existing QPAMs or QPAM management agreements.  ... [If] the Proposed Amendment is finalized in its current form, existing QPAM management agreements would need to be amended in order to comply with the revised conditions of the exemption."  MORE >>

"While there appears to be bipartisan support for many of the EARN Act's proposals, before being considered by Congress, there will need to be a reconciliation between the EARN Act and the other proposed retirement legislation.... [M]any are hopeful that the final version of the new retirement legislation, dubbed SECURE Act 2.0, will be passed later this year. A few of the EARN Act's key provisions affecting larger plan sponsors and IRA providers are summarized [in this article]."  MORE >>

"We forgot to implement the loan deductions through payroll, now what? ... We changed payroll cycles, does that impact the participant loans? ... We are changing recordkeepers and did not withhold the loan repayments during the blackout period, now what?"  MORE >>

"When the latest round of pension relief was signed into law in late 2021, many thought they'd seen the last of minimum funding concerns for a while as liability volatility was effectively neutralized for a full decade.... Market value gains and losses for [some] plans ... are currently hitting the 'smoothed' value dollar-for-dollar ... And if things don't turn around soon, 2023 could bring some rough results for unsuspecting plan sponsors, including a possible sudden reemergence of minimum required contributions."  MORE >>

"Milliman analysis shows a sharp decline in multiemployer plans' funded ratio from 91% to 80% in the first half of 2022.... The $6.7 billion in SFA under ARP that has been paid through June 30 has increased the aggregate funded percentage by about 1%. In total, [PBGC] estimates $74 billion to $91 billion in SFA will be paid, with a median estimated payout of $82 billion."  MORE >>

"As of July 2022, 11 states have passed legislation authorizing auto-IRA programs. Six of those states ... have live programs.... There are more than 497,000 funded accounts with $457 million in retirement savings that can be traced to state mandates ... [One] estimate is that when all 11 states have live programs, they will provide retirement accounts to 31 percent of the current uncovered workforce, or 19 million workers."  MORE >>

10 pages. "This report provides data on retirement asset ownership among U.S. households in 2019 -- specifically, household ownership and account balances of DC accounts, IRAs, and retirement assets (DC accounts plus IRAs)[.]" [R47213 Aug. 10, 2022]  MORE >>

"[C]onstructing a household balance sheet using basic actuarial and economic principles is an important element of good retirement financial planning ... [This] approach produces a much more robust planning tool than Monte Carlo models frequently used by financial advisors or Systematic Withdrawal Plans (SWPs) such the 4% Rule or the RMD rule."  MORE >>

"There are four major takeaways from EBSA's collection of public comments on its potential responses to climate-related financial risks. [1] EBSA has not committed to any rulemaking.... [2] Plan fiduciaries [are] concerned about solely focusing on climate risk.... [3] Financial industry groups urge EBSA to limit regulations to ERISA and coordinate with SEC.... [4] ESG rules face similar opposition by industry groups."  MORE >>

"Pennsylvania State Senator Mike Regan (R-Cumberland & York counties) re-introduced legislation Senate Bill 669 to allow certain police officers to purchase up to five years of pension service credit for prior police service, including part-time service, in a police department. All Pennsylvania cities (other than Philadelphia), boroughs, towns, townships and regional police departments would be required to amend their police pension plans to allow this type of service purchase."  MORE >>

"The brief supports an award of attorneys' fees and costs against the [DOL] on the basis that the DOL has been taking unreasonable positions on ERISA's 'adequate consideration' exemption. [The authors] discuss the issue in the appeal and some of the points raised in the amicus brief." [Walsh v. Bowers, No. 22-15738 (9th Cir. amicus brief filed Jul. 27, 2022)]  MORE >>

"Victims of severe storms and flooding beginning July 25, 2022, now have until November 15, 2022, to file various individual and business tax returns and make tax payments ... Individuals and households ... that reside or have a business in the Independent City of St. Louis, Montgomery, St. Charles and St. Louis counties qualify for tax relief."  MORE >>

"A Section 83(b) election can potentially provide substantial tax savings when a taxpayer receives shares of company stock subject to vesting. The idea is that assuming the stock increases in value from the grant date to the vesting date, the taxpayer has paid income taxes on a lower stock value. The catch, however, is that if the company's stock at the time of vesting is less valuable or worthless, then the taxpayer has paid more in taxes and is not eligible for a refund or credit."  MORE >>