"A response to the IRS must be sent, and appropriate action must be taken, within the 90-day window.  Not all errors are eligible to be self-corrected under the principles of ECPRS. Closing agreements reached under the 90-day pre-examination compliance program will include sanctions determined according to the VCP fee structure, which are likely to be significantly less than equivalent Audit CAP sanctions."  MORE >>

"Each of the 401(k) plans involved in the lawsuits offered the target-date BlackRock LifePath Index Funds, which received the highest rating in the Morningstar 2022 Target-Date Landscape report. Despite this rating and the fact that TDFs are not meant to have the best performance of a 401(k) plan's investment options, the plaintiffs argue that plan fiduciaries failed to consider the BlackRock TDFs' return potential and instead only 'chased the low fees' charged by the funds."  MORE >>

"A lawsuit challenging the [DOL's] subsequent guidance/application of the so-called fiduciary rule has some support from the American Council of Life Insurers (ACLI).... The pushback here is focused on a key element of the so-called five-part test -- the on-going relationship between the advisor and the advisee." [Federation of Americans for Consumer Choice v. DOL, No. 22-243 (N.D. Texas amicus brief filed Aug. 29, 2022)]  MORE >>

"A quarter of plan participants now prefer to receive 401(k) account information via email, up from 9% in 2020, while 86% said digital savings tools and calculators offered on the provider's website are very or somewhat helpful, up from 77% ... Nearly three-quarters of participants expressed the same sentiment about digital content like articles, videos and webinars posted on the website, up 20% from 2020."  MORE >>

"Defined benefit plan sponsors that [1] are currently using the alternative (24-month average) method to determine unfunded vested benefits (UVBs) for purposes of calculating [PBGC] variable-rate premiums, and who [2] have the ability to elect to switch to the standard (spot-rate) method, may want to consider electing to switch to the standard method for 2022 ... While that election will generally not have a significant effect on 2022 variable-rate premiums, it is likely that it will reduce 2023 premiums significantly. And there are some 'pros and cons' to making that election this year."  MORE >>

37 pages. "Married women workers are more likely to say that they are confident they will have enough money to live comfortably throughout their retirement years than both divorced and single, never-married women workers.... Married women workers are more likely to agree that they feel knowledgeable about managing their day-to-day finances than single, never-married women workers.... Both divorced and single, never-married women workers are more likely to agree that retirement savings is not a priority relative to the current needs of their family than married women workers."  MORE >>

10 pages. "Both the tax rate and the limit on wages subject to taxation have been raised periodically to fund increases in the scope and amount of benefits.... This issue brief explores a wide variety of proposals for increasing system revenue that have been made over the years by members of Congress, government-appointed panels and commissions, and outside experts."  MORE >>

15 pages. "This issue brief explores a wide variety of proposals for changing the formulas for determining benefits that have been made over the years by members of Congress, government-appointed panels and commissions, and outside experts, with an eye toward how the proposed changes would affect the balance between individual equity and social adequacy."  MORE >>