"Most significant among the proposed changes is the addition of the self-correction component. This feature will enable employers and other plan officials to notify EBSA electronically that they have self-corrected certain failures to send participant contributions and loan repayments to pension plans on time. The proposed self-correction component can only be used if [certain] conditions are met."  MORE >>

"For the first time ever, 403(b) plan sponsors can request an IRS determination letter for their 'individually designed' 403(b) plans on initial plan qualification, on plan termination, or in other limited circumstances to be established by the IRS. The program opens June 1, 2023, with a staggered schedule for initial plan qualification requests."  MORE >>

"With two very limited exceptions -- a TEFRA church defined benefit plan and a plan grandfathered under Rev. Rul. 82-102 with respect to deferrals made to a credit union -- the new program will be available to all individually designed 403(b) plans. However, if there were any form defects in an individually designed 403(b) plan, a favorable determination letter will only be available for the plan if: [1] the error first occurred after June 30, 2020, and [2] it is corrected by the last day of the second calendar year following the year in which the form defect first occurred."  MORE >>

"Ignoring the appraised FMV would jeopardize the ROBS exemption from the prohibited transaction (PT) rules, under ERISA Section 408(e); and it could also be a breach of fiduciary duty by the plan trustees under ERISA. The consequences for the PT would be the requirement that the transaction be reversed, and that a 15% excise tax be reported and paid on the amount involved in the PT."  MORE >>

"Priority Group 6 includes those plans for which PBGC projects a present value of financial assistance payments under section 4261 of ERISA that would exceed $1 billion in the absence of SFA.... PBGC has identified the plans listed here as meeting the requirements for Priority Group 6 ... [I]nclusion on this list does not establish eligibility for SFA." [The application period for Priority Group 6 plans is currently scheduled to open on February 11, 2023.]  MORE >>

"Estimated competitive retiree buyout cost, as a percentage of accounting liability, increased by 70 bps from 100.1% to 100.8% during October."  MORE >>

"[PBGC] has approved the application submitted to the Special Financial Assistance (SFA) Program by the New York State Teamsters Conference Pension and Retirement Plan  ... The plan, based in Syracuse, New York, covers 33,643 participants in the transportation industry.... SFA will enable the plan to pay retirement benefits without reduction for many years into the future. The plan will receive $963.4 million in SFA, including interest to the expected date of payment to the plan."  MORE >>

"The EARN Act ... should be revised to better enhance retirement equity ... Three major changes would help achieve this goal: [1] focus retirement incentives more quickly on those with inadequate retirement savings; [2] insure that those seeking to meet their reasonable retirement needs are the ones targeted for incentives; and [3] reduce the incentives for those with savings in excess of their reasonable retirement needs."  MORE >>

"This FLSA definition also applies to the Family and Medical Leave Act, the Age Discrimination in Employment Act, and the Americans with Disabilities Act.... For retirement plans and other employee benefit plans covered by ERISA Title I, ... the practical definition ... has been determined by the courts. Still, courts may rely on well-reasoned and highly vetted regulations, such as the new proposed FLSA rule, to inform their analyses when crafting common law rulings."  MORE >>

"This [list] describes annual cost-of-living increases ... [and includes] a summary table of penalties, percentages, and premiums under the employer shared responsibility requirements of Code Section 4980H."  MORE >>

12 presentation slides. "A plurality of voters (45%) trust employers the most to provide affordable, high-quality health insurance coverage, a rise from 39% in 2020. Further, a plurality of voters (46%) trust employers the most to help achieve a secure retirement.... A majority of voters (51%) trust their employer the most to ensure they have an adequate amount of paid leave from work, rather than federal or state government ... A majority of voters (53%) continue to believe standards for employer benefits should be set at the federal level, although there is some downward trend from 2018."  MORE >>