As a result of the indexing rules provided by law, the maximum guarantee limits for single-employer plans that fail in 2023 will be 8.79% higher than the limits that applied for 2022. The guarantee limits for multiemployer plans are not indexed and have not changed.  MORE >>

"In an apparent effort to resolve uncertainty caused by court rulings, the [PBGC] has proposed that actuaries of multiemployer pension plans should be allowed to use any interest rate for calculating withdrawal liability, provided the rate is not less than the PBGC's ERISA Section 4044 rates, or greater than the plan's assumed rate of return. More broadly, the PBGC's proposed rule offers a relevant regulation that plans can rely on in defending challenges concerning the discount rate."  MORE >>

"Following the steps [in this article] will help you ensure that your SPD is not only legally compliant but also helpful to plan participants and supportive of the way that you administer the plan."  MORE >>

"Cyber criminals are creative and resourceful -- and they're not just after bank accounts. Industry experts in a recent webinar cautioned that retirement plans are in their sights as well."  MORE >>

"The booming stock market associated with COVID induced early claiming among those with retirement assets, a stark difference from the Great Recession where workers remained to replenish depleted balances.... [G]enerous UI benefits reduced early claiming for workers in the two lowest earnings terciles, a stark difference from the Great Recession where the lower paid continued to retire earlier than the well paid. In the end, and in contrast to the Great Recession, the competing effects more than canceled each other out and resulted in an actual decrease in early claiming during the COVID Recession and slightly higher monthly Social Security benefits."  MORE >>

"Thus far, the recent decisions dismissing 401(k)/403(b) actions have ignored both the First Circuit's decision and the court's reasoning and excellent analysis of the applicability of the common law of trusts and the Restatement (Third) of Trusts (Restatement). The decisions have ignored SCOTUS' recognition of the Restatement as a resource in settling fiduciary disputes.... The potential economic harm to both plan participants and plan sponsors from the current inconsistent and inequitable trends in 401(k)/403(b) litigation are just too important to continue to be unaddressed and unresolved."  MORE >>

"The amicus filing notes that 'the Plaintiff here claims imprudence exclusively based on the fiduciaries' selection of a BlackRock fund suite that allegedly underperformed -- solely on short-term returns -- a set of four cherry-picked so-called comparators with little in common with the challenged BlackRock funds beyond the 'target date fund' label.' " [Tullgren v. Booz Allen Hamilton Inc., No. 22-0856 (E.D. Va. amicus brief filed Oct. 17, 2022)]  MORE >>

"Unlike qualified plans -- like 401(k)s, defined benefit pensions, or profit-sharing plans -- NQDCs operate mostly outside of [ERISA]. This makes it possible for employers to offer them only to a subset of employees and to create a level of flexibility not permissible within qualified plans."  MORE >>