"While the IRS in Notice 2022-33 and Notice 2022-45 extended the deadline for retirement plans to adopt the amendments required by the SECURE Act and the CARES Act until December 31, 2025, there are still some amendments and other actions that may be required by the end of 2022.... [I]ndividually designed plans can choose to adopt amendments reflecting the SECURE Act and CARES Act changes despite the postponement ... There is value in keeping a plan up to date with operational changes."  MORE >>

"Plan Sponsors should have documentation in place as to how their information can be accessed, who has and who should have access, and tools in place to protect that information.... [T]hey should have a process in place to continually monitor who has access to the data to ensure that only current employees have access to the information.... It is very important to secure all data that is sent/received from Third Party Administrators and plan participants. Secure portals or encrypted data are typical means of safely sending sensitive information."  MORE >>

"[1] 2021 RMDs taken in 2022 are not affected ... [2] The new tables reduce RMDs for account owners ... [3] Spouse beneficiaries get reduced RMDs ... [4] Nonspouse beneficiaries get a mixed bag ... [5] Nonspouse beneficiaries benefit from a transition rule."  MORE >>

"If it's been a while since you considered the benefits of adding a Roth 401(k) feature ... or if you never evaluated adding a Roth, here are four reasons to give them another look. [1] Your retirement benefits package will be more competitive.... [2] There are no income limits with a Roth 401(k).... [3] Employees will appreciate two tax-friendly options.... [4] Younger employees may even be more interested in a Roth."  MORE >>

14 pages, Sep. 2022. "Reforms made in the wake of the 2008-09 market decline included higher employee contribution rates for many public pension plans. This issue brief examines employee contribution plan designs, policies and recent trends."  MORE >>

"In 2019, 87 percent of large 401(k) plans, covering more than 90 percent of 401(k) participants, had employer contributions. Employer contributions represented 31 percent of total contributions going into large 401(k) plans in 2019.... [L]arge 401(k) plans offer participants, on average, 28 investment options.... In 2019, 86 percent of large 401(k) plans offered target date funds (10, on average)."  MORE >>

"The MBTA's largest union is challenging an independent arbitrator's decision that would reshape the rules of the authority's $1.66 billion retirement system, including slashing the pensions of those who retire before the age of 65.... As of the end of last year, the fund's unfunded liability hovered at more than $1.3 billion[.]"  MORE >>

"[T]he IRS has said that the applicable deadline for taxpayers who file a timely return is six months after the original due date for filing the tax return, even if no extension is filed. This year, October 15 is on a Saturday, so the deadline is Monday, October 17.... A 6% penalty applies to excess contributions.... It will apply every year that an excess contribution remains in the IRA. The only way to avoid the 6% penalty when an excess contribution occurs is to correct it by this deadline."  MORE >>

"[1] RMDs: if you are at least age 72 by year-end ... [2] RMDs. for some inherited IRAs ... [3] Qualified Charitable Distributions ... [4] SEPP/72(t) payments: avoiding the 10% early distribution penalty ... [5] Roth IRA conversions: taking advantage of tax-free growth."  MORE >>

"The perception of a state as having high or low taxes could make it more or less attractive for someone choosing where to relocate, and those perceptions are often skewed by the state's 'headline' tax rate (that is, the top tax rate imposed on the highest income tax bracket) ... [T]he top marginal rates don't usually tell the whole story -- at least not for retirees.... [M]any states (including those typically labeled as 'high-tax') feature a slew of different tax breaks that can significantly reduce the tax burden for retirees in those states."  MORE >>

"[C]urrent volatility in securities markets and lower expected returns in the midterm do not warrant a change in ... retirement saving strategies. Workers over 50 might consider increasing their saving rate, however. Plan sponsors can help participants navigate market volatility by increasing adoption of target date funds in their plan lineup and providing emergency savings vehicles."  MORE >>

25 pages. "The trustees project that following depletion of the combined funds in 2035, Congress could restore balance by immediately reducing scheduled benefits by about 20%; the required reduction would grow gradually to 26% by 2096.... The sooner adjustment to Social Security policy is undertaken, the less abrupt the changes would need to be, because they could be spread over a longer period and would therefore affect a larger number of workers and beneficiaries. As well, enacting adjustment to Social Security policy sooner, rather than later, would give workers and beneficiaries more time to plan and adjust their work and savings behaviors." [RL33514 updated Sep. 28, 2022]  MORE >>

"Victims of Alaska severe storm, flooding and landslides occurring between September 15 and September 20, 2022, now have until February 15, 2023, to file various individual and business tax returns and make tax payments ... Individuals and households affected by severe storm, flooding and landslides that reside or have a business in the Regional Education Attendance Areas of Bering Strait, Kashunamiut, Lower Kuskokwim and Lower Yukon qualify for tax relief."  MORE >>

"[T]he top total rewards aspects enhanced to meet recruitment and retention objectives include: [1] Base salary; [2] Medical benefits; [3] Wellbeing initiatives; [4] Leave policies; [5] Retirement options."  MORE >>