Oct. 13, 2022. "Reminders: ... The additional tax on early distributions doesn't apply to qualified disaster distributions, including 2020 coronavirus-related distributions.... The age restriction for contributions to a traditional IRA has been eliminated.... Individuals who reach age 701/2 on January 1, 2020, or later may delay distributions until April 1 of the year following the year in which they turn age 72" [Also available: 2022 IRS Form 5329]  MORE >>

"[PBGC] has approved the application submitted to the Special Financial Assistance (SFA) Program by the Central States, Southeast & Southwest Areas Pension Plan (Central States Plan).... The plan, based in Chicago, Illinois, covers 357,056 participants in a number of industries, including transportation, construction, food processing, and more. The Central States Plan will receive approximately $35.8 billion in Special Financial Assistance ... The Central States Plan is the largest plan expected to receive SFA. The plan was projected to run out of money in 2025."  MORE >>

"Here are some ways the federal government is assessing the benefits and risks cryptocurrencies pose to consumers, investors, and businesses.... [P]lan sponsors may want to take a long‑term perspective ... Given today's massive surge in the variety and scope of digital assets, plan sponsors should seek to understand their role in the financial landscape before rushing to implement changes."  MORE >>

"Employer retirement accounts are facing increasingly sophisticated attacks by hackers looking to get a slice of worker savings, and cryptocurrency investing is particularly at risk for scams[.]"  MORE >>

"The suits had been brought against Capital One and Booz Allen Hamilton for using a BlackRock target-date fund series as their qualified default investment alternative.... The plaintiffs [are] represented by Miller Shah LLP ... Miller Shah is currently representing clients in 11 lawsuits against plan sponsors that offer the BlackRock Lifepath Index Suite, a series of TDFs, as their QDIA."  MORE >>

"The Retirement Savings for Americans Act was introduced by U.S. Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC), and Representatives Terri Sewell (D-AL) and Lloyd Smucker (R-PA). According to a press release, the bill would establish a new program that gives eligible workers access to portable, tax-advantaged retirement savings accounts. It would also offer federal matching contributions for low- and middle-income workers, with the match beginning to phase out at median income."  MORE >>

"Central States becomes the 40th plan to have its request for funds under the BLA approved by the PBGC, the federal agency tasked under the law to administer BLA funds.... The substantial amount of funds that Central States will soon receive is expected to keep pension checks flowing to members, retirees and spouses for at least 30 years. "  MORE >>

22 pages. "The IRS, [PBGC], Social Security Administration, and [CMS] have issued 2023 cost-of-living adjustments (COLAs) for retirement, health and fringe benefit plans; Medicare; and Social Security and Supplemental Security income (SSI). Puerto Rico's Treasury Department has not yet announced 2023 limits for retirement plans qualified in Puerto Rico, but those figures are tied to US lim"  MORE >>

"The 2022 EBRI Financial Wellbeing Employer Survey reveals that employers continue to expand their financial wellness programs. Rankings of current goals, success measures, and challenges are reviewed [in this infographic]."  MORE >>

"If Congress doesn't act, high-deductible plans wouldn't be able to cover telehealth visits before patients hit their deductibles after Dec. 31.... Less likely to make the cut are bills that would cap consumers' out-of-pocket costs for insulin in the commercial market, require employer plans to cover kidney dialysis benefits on par with benefits for other chronic medical conditions, and create new civil monetary penalties for mental health parity violations."  MORE >>