"[E]mployer-sponsored retirement plans have significant latitude in how they handle the more complicated SECURE Act RMD provisions -- for example, they can choose to allow only lump-sum distributions to employees, meaning a former employee would need to withdraw their entire plan balance before or when they start taking RMDs, or they can require all beneficiaries to withdraw the entire remaining account balance immediately following the employee's death."  MORE >>

63 pages. "PBGC's Multiemployer Program is likely to remain solvent to a point more than 40 years out. This is an improvement over last year's report, in which half of projected scenarios resulted in insolvency by the end of FY 2055. However, both reports show a high degree of uncertainty, with the most pessimistic downside scenarios continuing to show a risk of insolvency in the mid-2030s.... The Single-Employer Program's financial status has evolved from recent deficits to a positive net financial position projected to grow over the next 10 years. None of the projected scenarios result in PBGC's Single-Employer Program running out of money within the next 10 years."  MORE >>

"Neither Hughes, the Sixth Circuit, nor the Seventh Circuit have stated what must be pled for a breach of fiduciary duty of prudence claim to survive a motion to dismiss. However, the Seventh Circuit, in essence, raised the pleading standard for excessive fees claims by holding that allegations of failing to consider one set of investment options for another will not suffice." [Albert v. Oshkosh Corp., No. 21-2789 (7th Cir. Aug. 29, 2022)]  MORE >>

"[I]nflation was a top concern among both plan sponsors and participants, and interest is high in exploring other solutions to generate income. About 63% of those surveyed said they were on track with retirement savings but that was a substantial dip from previous years when confidence was higher.... [A]lmost a quarter of the savers said they were not earning enough to save adequately for retirement."  MORE >>

"Corporate pension plans saw mixed results in funded status in August amid rising discount rates and falling equities.... Total-return plans outpaced LDI allocated plans due to a lower hedge of rising discount rates as Treasury rates rose and credit spreads were little changed."  MORE >>

"[T]he assumptions of the typical retirement-income calculator -- people are in good health, don't want to make a bequest and will claim Social Security as soon as they retire, among others -- fit only 4% of people. That means it's mostly up to individuals to factor in their own preferences and needs as they think about their income stream from retirement savings.... [Here] are some questions to help them through that process."  MORE >>

"The relief, while limited, is a step toward closing the gap between the American Institute of Certified Public Accountants (AICPA) auditor independence standards and those standards imposed by the Department. Additionally, IB 2022-01 should reduce the number of auditors that are inadvertently disqualified from initial engagements, thereby allowing plan sponsors more latitude in their auditor selection process."  MORE >>

"[T]he Treasury Regulations under Section 409A explain that an employee or other service provider may be treated as having separated from service even if he or she continues to provide some services. The Treasury Regulations also contain a special rule that deserves careful attention when an employee or other service provider ceases employment with one member of a controlled group of companies but continues to provide services to another member of the controlled group."  MORE >>