"In recognition that RMDs may not have been made in 2022 in compliance with the Proposed Rule, or in 2021 consistent with what the IRS would consider a good faith interpretation of the SECURE Act, the IRS issued Notice 2022-53 to provide transition relief for 2021 and 2022. Additionally, Notice 2022-53 states that the final RMD rule will not apply to RMDs any earlier than 2023."  MORE >>

"The guidance for certain RMDs for 2021 and 2022 states that a DC plan that failed to make a specified RMD will not be treated as having failed to satisfy Internal Revenue Code section 401(a)(9) because it did not make that distribution. Additionally, for taxpayers who did not take a specified RMD, the IRS will not assert an excise tax under IRC section 4974."  MORE >>

"The [DOL] began fully enforcing its Prohibited Transaction Exemption 2020-02 as of July 1, 2022.... Some aspects of the rule were already in effect. Still, advisors must now provide clients with a mandatory written explanation of why the investment professional or financial institution believes the rollover is in the client's best interest."  MORE >>

"The Press Plaintiffs then sought to intervene to opt out of the newly certified class, or alternatively, enter the Guenther Action as named plaintiffs.... On appeal, the Fifth Circuit considered only whether the district court erred in denying the Press Plaintiffs' intervention as of right.... The Fifth Circuit rejected the Press Plaintiffs' arguments that their interests are considerably distinct from those of the Guenther Plaintiffs." [Guenther v. BP Ret. Accumulation Plan, No. 21-20617 (5th Cir. Oct. 7, 2022)  MORE >>

"[In] the event of a market downturn -- in which the major market indices decreased 10% or more -- 61% of Millennials will likely liquidate their retirement plan assets, pay taxes to withdraw and any applicable penalty, compared to 35% of Gen Xers, and 26% of Baby Boomers."  MORE >>

"[D]ates of employment ... are absolutely critical to retirement plan compliance. Termination of employment date is a key date for so many retirement plan provisions, such as small balance cashouts, eligibility for distributions, break in service rules for eligibility and vesting, required minimum distributions, post-employment 403(b) employer contributions, etc. Plan sponsors who don't ensure that termination of employment dates are 100% accurate run the risk of disqualification or significant sanction upon audit."  MORE >>

"Should I be investing in the stock market? ... How much should I be putting away in my 401k? ... How will I know if I have enough? ... When should I start withdrawing money from qualified accounts? ... Should I spend regular savings (non-qualified money) before qualified accounts or visa-versa? ... What options are available to me at retirement? ... What is the best thing to do with a 401k at retirement?"  MORE >>

184 pages. "[T]he Department believes it is appropriate to rescind the 2021 IC Rule and set forth an analysis for determining employee or independent contractor status under the Act that is more consistent with existing judicial precedent and the Department's longstanding guidance prior to the 2021 IC Rule.... Accordingly, the Department is now proposing, in addition to rescinding the 2021 IC Rule, to again add part 795.... [T]he Department is not proposing the use of 'core factors' but instead proposes to return to a totality-of-the-circumstances analysis of the economic reality test in which the factors do not have a predetermined weight and are considered in view of the economic reality of the whole activity. The Department is further proposing to return the consideration of investment to a standalone factor, provide additional analysis of the control factor (including detailed discussions of how scheduling, supervision, price-setting, and the ability to work for others should be considered), and return to the longstanding interpretation of the integral factor, which considers whether the work is integral to the employer's business."  MORE >>

"[T]he proposed rule would do the following: [1] Align the department's approach with courts' FLSA interpretation and the economic reality test. [2] Restore the multifactor, totality-of-the-circumstances analysis to determine whether a worker is an employee or an independent contractor under the FLSA. [3] Ensure that all factors are analyzed without assigning a predetermined weight to a particular factor or set of factors. [4] Revert to the longstanding interpretation of the economic reality factors. These factors include the investment, control and opportunity for profit or loss factors. The integral factor, which considers whether the work is integral to the employer's business, is also included. [5] Assist with the proper classification of employees and independent contractors under the FLSA. [6] Rescind the 2021 Independent Contractor Rule."  MORE >>

"[1] Consider the broad range of personal situations ... [2] Convenience + digitalization: Good intentions, poor execution ... [3] Post-COVID continuity ... [4] Support people leaders to handle effective deployment and consistent communication."  MORE >>

"Benefits continuation during layoffs, furloughs and other leaves of absences ... Employer contribution holidays for defined contribution retirement plans ... Loans and hardship distributions ... Investment and plan fiduciary considerations."  MORE >>