"The first quarter 2023 interest assumptions will be 4.86 percent for the first 20 years following the valuation date and 4.70 percent thereafter. In comparison with the interest assumptions in effect for the fourth quarter of 2022, these interest assumptions represent no change in the select period (the period during which the select rate (the initial rate) applies), an increase of 0.96 percent in the select rate, and an increase of 1.05 percent in the ultimate rate (the final rate)."  MORE >>

"Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023. As we near the end of 2022, plan sponsors should ensure that their retirement plan systems and vendors are on track to implement the new federal tax withholding election forms no later than January 1, 2023."  MORE >>

"[This article describes] some of the significant regulatory dates for 2023 -- it does not identify all compliance obligations or due dates.... [T]he calendar assumes that a plan is being administered on a calendar year basis by an employer using a calendar fiscal year."  MORE >>

"Operational and document failures must be disclosed in a plan audit or during due diligence related to a merger or acquisition involving the plan sponsor. Having a self-correction memo and exhibits to hand in such an event is vastly preferable to simply asserting that self-correction was pursued, without being able to prove that SCP was both available to the plan sponsor, and properly completed within the necessary time period."  MORE >>

"Industry data from 2019 shows that 85% of defined contribution plan participants had access to plan loans. Further, as of the end of March 2022, 12.5% of all such participants had outstanding loan balances.... Failing to correct plan loan errors can lead to adverse consequences for both plan loan recipients and the plan itself ... [C]hanges to the IRS's EPCRS correction program have made correcting certain common plan loan mistakes simpler and less costly."  MORE >>

"Annual valuations are a great snapshot of where a pension plan is currently at; projections are useful to see where a plan may be going.... While projections couldn't predict the roller-coaster ride 2022 has taken pension plans on, they could have helped plan sponsors weather the ups and downs."  MORE >>

"[PBGC] has approved the supplemented application submitted ... by the Trucking Employees of North Jersey Welfare Fund Inc. Pension Plan. The plan, based in Union City, New Jersey, covers 6,121 participants in the transportation industry.... The Trucking Employees Plan will receive approximately $84.5 million in supplemented SFA, which is in addition to $673.1 million in SFA approved for the plan by PBGC in April 2022 under the interim final rule."  MORE >>

"[PBGC] has approved the supplemented application submitted ... by the Mid-Jersey Trucking Industry and Teamsters Local 701 Pension Plan. The plan, based in North Brunswick, New Jersey, covers 1,623 participants in the transportation industry.... The Teamsters 701 Plan will receive approximately $52.4 million in supplemented SFA, which is in addition to $142.2 million in SFA approved for the plan by PBGC in May 2022 under the interim final rule."  MORE >>

"[PBGC] has approved the supplemented application submitted ... by the Iron Workers Local 17 Pension Fund. The plan, based in Cleveland, Ohio, covers 1,900 participants in the construction industry.... The Iron Workers Local 17 Fund will receive approximately $42.2 million in supplemented SFA, which is in addition to $48.9 million in SFA approved for the plan by PBGC in May 2022 under the interim final rule."  MORE >>

"All covered job postings must include a general description of all benefits offered for the specific available position ... If the general description of benefits changes after a posting has been published, the job posting must be updated.... [T]he law applies to any employer who conducts business activity in Washington, regardless of whether the company has any employees in Washington or any physical presence in Washington.... A posting for a remote role must comply with Washington law if the position could be performed by a Washington-based employee. Employers cannot avoid coverage by excluding Washington applicants[.]"  MORE >>

"After a tumultuous year of stock-price volatility and declines, year-end financial and tax planning in 2022 may be trickier than usual for some people with equity comp and holdings of company shares.... Multi-year planning is especially valuable with stock comp, as you can control the timing of stock sales and option exercises, and you know when RSUs will vest. Getting this planning right is crucial, for example, if you are considering option exercises or stock sales at the end of 2022."  MORE >>