"The fourth quarter 2022 interest assumptions will be 3.90 percent for the first 20 years following the valuation date and 3.65 percent thereafter. In comparison with the interest assumptions in effect for the third quarter of 2022, these interest assumptions represent no change in the select period (the period during which the select rate (the initial rate) applies), an increase of 1.09 percent in the select rate, and an increase of 0.71 percent in the ultimate rate (the final rate)."  MORE >>

"This year, Rev. Proc. 2022-4 made some notable changes to the determination letter application filing process. This article provides background on changes made under the Revenue Procedure to the determination letter filing process, including utilizing pay.gov, some 'nuts and bolts' advice regarding navigating the website, filing an IRS Form 2848 electronically, and related considerations."  MORE >>

"[The Final Rule] clarifies that a condition on the receipt of SFA is that a [multiemployer plan] may not accept a collective bargaining agreement that allows for a reduction in the contribution rate, or a change in the basis on which the contributions are made that would yield a contribution obligation reduction, from what was set forth in a collective bargaining agreement as of March 11, 2021, including agreed-to contribution increases in those agreements."  MORE >>

"In general, the 415(c) limit is straightforward. When it's not, a skilled 401(k) provider will know how to account for the complicating factors.... [This article provides] a FAQ with answers to the most common questions."  MORE >>

"[T]he PTE provides a self-correction process. Unfortunately, some conditions of the self-correction process are difficult to interpret and additional DOL guidance is needed. To avoid these challenges, broker-dealers should implement good processes and documentation to satisfy the PTE conditions and closely supervise their investment professionals to ensure that the processes are followed."  MORE >>

"[T]he fact that a particular entity is exempt from federal and state income taxes ... can be based on the fact that the district is a 'local government' agency that is also exempt from taxes.... [M]any retirement plan advisers and consultants often 'assume' that 'tax-exempt' status means section 501(c)(3) status; they proceed to recommend and set-up a 403(b) when the client-entity involved does not have the right type of tax-exempt status."  MORE >>

"The Third Circuit, like the Fifth and the Ninth Circuits, seems to be holding a fairly tight line on stock drop cases -- requiring that plaintiffs clear the 'high bar' of the 'more harm than good' test before proceeding. And the 'Jander exception' to this rule -- requiring disclosure by fiduciaries where ultimate disclosure is 'inevitable' -- is, in the Third Circuit at least, being limited to a very narrow circumstance: where disclosure is imminent, and it has (at the time the motion to dismiss is being considered) already been admitted by the sponsor that disclosure is or was necessary." [Perrone v. Johnson & Johnson, No. 21-1885 (3d Cir. Sep. 7, 2022)]  MORE >>

"A defined contribution plan recordkeeper must comply with a broad [DOL] administrative subpoena seeking information about cybersecurity practices ... The subpoena stems from DOL's investigation of alleged cybersecurity breaches, which the agency says led to unauthorized benefit distributions. As part of the investigation, DOL is seeking a wide range of documents and communications, including information about Alight's plan sponsor clients and participants." [Walsh v. Alight Solutions LLC, No. 21-3290 (7th Cir. Aug. 12, 2022)]  MORE >>

"Based on new CPI-W data through August, estimates by The Senior Citizens League show that the Social Security COLA for 2023 will be 8.7%.... There were only three other times since the start of automatic adjustments that it was higher -- 9.9% in 1979, 14.3% in 1980 and 11.2% in 1981.... The Social Security Administration is expected to announce the COLA on Oct. 13, 2022[.]"  MORE >>

"[The] 2022 Global Retirement Index from the Natixis Center for Investor Insight ... said the U.S. barely held on to a top 20 position partly due to the progress other countries have made in improving retirement benefits and programs.... And despite the Center for Disease Controls recently noting that life expectancy has declined in the U.S., one of the biggest retirement planning mistakes Americas make is underestimating how long they will live."  MORE >>

"[M]ore than half (59%) of survey respondents said they plan to save more than $20,000 towards retirement in 2022, which is up from 51% in 2021.... [T]he majority of Super Savers (82%) [feel] confident they are in good shape to endure a recession ... Instead of making investment changes, two-thirds (67%) of Super Savers are making lifestyle changes to counter inflation[.]"  MORE >>

"Morningstar has issued a public report debunking the claims in the eleven lawsuits alleging that plan fiduciaries committed fiduciary malpractice by failing to switch out of BlackRock LifePath target-date funds (TDFs) in favor of higher performing investments.... The results-based BlackRock lawsuits are deficient as a matter of law ... because they make no effort to prove an imprudent process -- just circumstantial claims that the alleged lower performance of BlackRock TDFs is somehow evidence of an imprudent fiduciary process."  MORE >>