"[EBSA] will hold an online public hearing on the proposed amendment to its Class Prohibited Transaction Exemption 84-14, also known as the Qualified Professional Asset Manager Exemption. The department is also extending the public comment period for the proposed amendment for an additional 15 days, through Oct. 11, 2022, which will be supplemented by a subsequent comment period beginning in mid-November."  MORE >>

"This article provides a brief summary of the US tax classification and reporting obligations with which US persons must comply in connection with their interest in a foreign pension, retirement account, and in some cases, Social Security programs, as well as the practical guidance on how to use IRS Notice 2022-36 to minimize the reporting penalty burden for 2019 and 2020."  MORE >>

"Principal is ... compensated for any positive spread between what it promises to credit participants and what its investments actually yield. The higher the 'deducts' to the Guaranteed Interest Rate (GIR), the lower the rate paid to participants. The court found that this tension does not inevitably result in a type of conflict that establishes a breach of the duty of loyalty." [Rozo v. Principal Life Ins. Co., No. 21-2026 (8th Cir. Sep. 2, 2022)]  MORE >>

"The Supreme Court's Hughes v. Northwestern University holding has already revealed its expected impacts: [1] retirement plan fee lawsuits are more likely to survive a motion to dismiss; and, as a result [2] retirement litigation continues to accelerate. A recent collection of litigation activity provides another opportunity for plan fiduciaries to identify helpful protective steps and best practices."  MORE >>

"Delaware EARNS -- or Expanding Access for Retirement and Necessary Savings -- seeks to extend retirement benefits to the almost 150,000 private sector workers who currently have no access to a retirement plan though an employer ... The new law applies to all employers that employ five or more employees during the previous calendar year, have been in business for at least six months and do not offer a qualified retirement plan."  MORE >>

"The [actuarial financial planner (AFP)] uses two relatively straightforward equations ... to help you balance your needs in retirement to grow your assets, protect your assets and prudently spend your assets.... While generation of an actuarial balance sheet, annual spending budget and liability-driven investment strategy is a relatively simple matter using these equations, the plan produced by the AFP (with annual adjustments and periodic stress testing) is quite robust[.]"  MORE >>

"The future of retirement should be individual retirement accounts. We should phase out pensions in public sector jobs and make retirement accounts accessible to more people rather than enlarging Social Security."  MORE >>

"Subject to certain limitations, the DOL is revising its independence guidelines to provide an exception for new audit engagements from the condition on holding disqualifying financial interests during the period covered by the financial statements being audited."  MORE >>

"Retention and performance incentives ... are possible to implement in an efficient, effective manner, but that takes care. There is no doubt that P4P may motivate when done well. Likewise, retention incentives can secure talent and protect employers from costly defections. For private and public employers, [this article lists] some simple self-audits for identifying best, and riskiest, practices."  MORE >>