"This revenue ruling provides tables of covered compensation under Section 401(l)(5)(E) of the Internal Revenue Code and the Income Tax Regulations thereunder, for the 2022 plan year.... For purposes of determining covered compensation for the 2022 year, the taxable wage base is $160,200."  MORE >>

"President Biden announced $36 billion for the Central States Pension Fund, preventing drastic cuts to the hard-earned pensions of over 350,000 union workers and retirees.... Today’s Announcement Protects the Earned Pensions of more than 350,000 Union Workers and Retirees from 60% cuts[.]"  MORE >>

"If an employer cannot (or does not want to) make additional contributions, the employer can instead reallocate the original contribution to the employees pro-rata based on compensation.... When corrective contributions are made, the contribution must be adjusted for lost earnings from the date the amount should have been funded through the date the full correction (with earnings) is funded to the plan."  MORE >>

"This article provides a checklist that includes tips and best practices for policyholders to ensure they are in a strong position to obtain retirement plan fiduciary coverage when it comes time to review and avoid coverage denials when it comes time to pay benefits."  MORE >>

"[T]he SECURE Act extended the deadline for establishing a qualified retirement plan from the end of the business's tax year to the business's tax-filing deadline for that tax year, plus extensions.... A small employer ... may be able to claim up to $15,000 in tax credits over three years to offset the costs of establishing and administering a plan, including the cost of educating employees about the plan.... A small employer may also claim a $500 tax credit for each of the first three years its plan includes an eligible automatic enrollment feature."  MORE >>

"The number of deaths relative to the number expected increased significantly between 2019 and 2020 for all groups of employees, especially for retirees in pay status. Retirees saw a 15% increase in the ratio of actual to expected deaths, beneficiaries a 9% increase and disabled participants an 11% increase.... [It[ is expected that 2021 mortality experience will continue to reflect the impact of COVID-19 ... [W]hen including the increase in non-COVID-19 deaths in both 2020 and 2021, the highest increase in rate of death across the population has been for the 35- to 44-year-old age group."  MORE >>

22 pages. "DC plans provide less retirement income than DB plans in a typical 'cost-equivalent' conversion for career public employees. The average DB public pension plan with a two percent COLA provides employees with adequate retirement income without additional employee savings ... Not participating in Social Security requires a higher multiplier and higher employee savings for an adequate retirement. Lack of a retiree medical plan increases an employee's shortfall, requiring an expected additional six percent of pay during an employee's career to cover the gap."  MORE >>

"The aggregate funded ratio for U.S. corporate pension plans was unchanged month-over-month in November to end the month at 99.1 percent ... The monthly change in funded ratio resulted primarily from a 6.3 percent increase in liability values offset by a 6.4 percent increase in asset values. The aggregate funded ratio is estimated to have increased by 2.9 and 5.5 percentage points year-to-date and over the trailing twelve months, respectively."  MORE >>

"The funded status of the 100 largest corporate defined benefit pension plans decreased by $17 billion during November ... A decrease in the benchmark corporate bond interest rates used to value pension liabilities led to an increase in plan liabilities, representing a loss of $76 billion for the month.... As of November 30, the funded ratio dipped to 111.2%, down from 113.3% at the end of October, and the funded status surplus decreased to $151 billion."  MORE >>

"TRS, the Teachers Retirement System, ... accounts for well over half of Illinois state-level pension debt. Unfunded liabilities grew about $6 billion from $74.7 billion to $80.7 billion on a fair asset value basis. Its funded ratio worsened from 46.2% to 43.8%. The drop occurred despite a one-time, special contribution by taxpayers to the fund of $173 million that was in addition to their annual, scheduled contributions."  MORE >>

For Information Purposes Only, Not to be Used for Filing

• Form 5500 Annual Return/Report of Employee Benefit Plan | Instructions
• Form 5500-SF Annual Return/Report of Small Employee Benefit Plan | Instructions
• Schedule A - Insurance Information
• Schedule C - Service Provider Information
• Schedule D - DFE/Participating Plan Information
• Schedule G - Financial Transaction Schedules
• Schedule H - Financial Information
• Schedule I - Financial Information - Small Plan
• Schedule MB - Multiemployer Defined Benefit Plan and Certain Money Purchase Plan Actuarial Information
• Schedule R - Retirement Plan Information
• Schedule SB - Single-Employer Defined Benefit Plan Actuarial Information

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"While some causation issues under ERISA are frequently litigated, such as which party has the burden of proof in establishing that a breach of fiduciary duty has or has not occurred once plaintiff has established a prima facie case, other issues, such as the type of causation required under ERISA Section 409, are infrequently discussed."  MORE >>

"[W]hile businesses of all sizes agree they would try to avoid any action that would negatively impact employees, small businesses -- those with under 500 employees -- most likely would not take any action to reduce salaries (64%) or benefits (57%). Larger businesses were less enthusiastic, with 49% indicating they would not reduce salaries and 45% indicating they would not reduce benefits offered."  MORE >>

"Over the last few years, growth in NQDC's has been largely driven by small and mid-sized companies implementing new plans at a much faster pace than they did in the past ... In the last two years, NQDC plans being offered by start-up retirement plans have doubled from a range of about 15%-20% to 40% as of November[.]"  MORE >>