"Use Form 8955-SSA to report information relating to each participant who separated from service covered by the plan and is entitled to a deferred vested ... The information reported on Forms 8955-SSA is generally given to the Social Security Administration (SSA).... The SSA no longer processes nonstandard pages 2.... A Form 8955-SSA need not be filed for a year if no information is required to be provided for that year by these instructions. Form 8955-SSA may be filed electronically through the FIRE system or on paper." [Also available: Draft 2022 Form 8955-SSA]  MORE >>

"[A]ctuaries would be permitted to select a withdrawal liability interest rate that is equal to [1] the interest rate used for minimum funding purposes, [2] the interest rate prescribed by PBGC for valuing terminated pension plans, or [3] any interest rate that falls between these rates.... [it] is likely that the range of interest rates specified in the proposed regulation will encompass substantially all interest rates that multiemployer pension actuaries currently use."  MORE >>

"SFA assets and earnings are segregated from non-SFA assets and may be used any time. SFA assets may be used to make benefit payments and pay plan expenses. The final rule allows for allocation to return-seeking assets (RSA) up to 33%. The remainder of SFA assets -- at least 67% -- must be allocated to investment grade fixed income (IGFI). These allocations are applicable on the date that an application is filed with PBGC under provisions of final rule.... The 33% limit must be met every time RSA are purchased."  MORE >>

"[E]ven if a company's buy back is considered a repurchase under Section 4501(c), the new tax does not apply to stock (or an amount equal to the value of such stock) contributed to 'an employer-sponsored retirement plan, employee stock ownership plan, or a similar plan.' ... [T]he new tax applies to buybacks of stock after December 31, 2022."  MORE >>

8-page detailed chart of retirement plan limits from 1989-2023.  MORE >>

"Former employees of Pinnacle West ... allege that the company used outdated and unreasonable actuarial tables to undervalue their defined benefit pension benefits by underestimating the participants' life expectancy." [Skrtich v. Pinnacle West Capital Corp., No. 22-1753 (D. Ariz. complaint filed Oct. 13, 2022)]  MORE >>

"Callan reviewed 165 lawsuits filed against mid- to mega-sized defined contribution (DC) plans ($175 million to $10 billion-plus) between January 2019 and August 2022, to provide an analysis of trends in litigation centered on the fiduciary duties outlined in [ERISA].... The complaints span industries, plan sizes, plaintiffs' counsel, and allegations.... The ongoing pace of new litigation reinforces the need to continue managing and reviewing fees, funds, and services."  MORE >>

"401(k) plans are the primary way most participants started investing, but fewer Gen Z workers first got involved in investing via their 401(k) ... Almost one in five employees changed employers in the past 12 months ... Younger workers say they want a wider range of investments in their 401(k)s ... Almost eight in ten participants are offered an HSA and about half take advantage of it ... Younger generations are more open to financial wellness tools, including online tools to help save for retirement, build an emergency savings fund, and manage debt ... Participants are looking for help on how to invest their 401(k) and setting specific savings targets for retirement with differences by generation."  MORE >>

"54% of Americans say they have stopped or reduced retirement savings due to inflation. 62% worry that a major recession is right around the corner. 67% say they are nervous about investing, but don't want to miss out on a recovery."  MORE >>

"U.S. adults aged 18+ anticipate they will need $1.25 million to retire comfortably, a 20% rise since 2021. At the same time, Americans' average retirement savings has dropped 11% -- from $98,800 last year to $86,869 now -- while their expected retirement age has risen -- now 64, which is up from 62.6 last year.... More than four in ten (43%) people say they do not expect to be financially ready for retirement when the time comes. And 45% say they can imagine a time when Social Security no longer exists."  MORE >>

"[PBGC] has approved the application submitted to the Special Financial Assistance (SFA) Program by the Bricklayers and Allied Craftsmen Local 7 Pension Plan.... The plan, based in Akron, Ohio, covers 397 participants in the construction industry. On October 1, 2020, the Bricklayers Local 7 Plan implemented a benefit suspension under [MPRA] and was partitioned into two plans.... The plan will receive $32.7 million in SFA, including interest to the expected date of payment to the plan."  MORE >>

"In June, the TSP moved to the new recordkeeper vendor Accenture Federal Services, boasting of better security and functionality for users. But since then, participants have reported a cavalcade of problems, from difficulty proving their identity to set up new accounts and having to resubmit beneficiary designations to the loss of historical account data and other issues. Many of the issues were exacerbated by Accenture's vast underestimate of the amount of calls seeking assistance at the TSP's customer service hotline, and subsequent call center understaffing."  MORE >>

"It could be that TDFs have an Achilles' Heel that leaves them vulnerable. 'We're seeing a spike in TDF lawsuits because fiduciaries are starting to see what many of us have known all along; TDFs generally exist to drive growth in proprietary assets, not create optimal allocation strategies for savers,' [said one consultant] ... This has left 401k plan sponsors wondering if they're holding a ticking time bomb."  MORE >>

"[E]mployer contributions tied to employee deferrals or nonelective contributions may significantly increase the employer's DC plan contribution for 2023.... In defined benefit plans that include highly paid individuals, demographic losses may be generated due to the increase in the compensation limit.... For plans that require coverage or nondiscrimination testing, the increased HCE limits and the compensation and benefit limits could change testing results.... Employees could be encouraged to begin or increase their contribution rate or employers may begin or increase contributions to employees' HSA accounts."  MORE >>