"[EBSA] has posted the transcript on its website of the virtual public hearing regarding the proposed amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption) ... [T]he reopened comment period for the proposed amendment will close on January 6, 2023."  MORE >>

"By February 19, 2023, the terms of three of the Advisory Committee members,
one representing the general public and two representing employee organizations, will
have expired. Therefore, PBGC is seeking nominations for three seats."  MORE >>

"\Besides eliminating restrictions on the incorporation of ESG factors in qualified default investment alternatives (QDIAs), the final rule gives defined contribution plan fiduciaries more flexibility to weigh participant preferences when selecting investment offerings. DOL also removed the 2020 rule's proxy-voting policy safe harbors and cumbersome written documentation requirements."  MORE >>

"Economic uncertainty, market volatility, labor market challenges, a continued wave of litigation, and new legislation and regulation will keep plan sponsors busy next year evaluating the impacts and enhancing their retirement plan benefits."  MORE >>

"Having strong internal controls and documenting procedures is important to safeguarding retirement plan compliance and ensuring you are operating your retirement plan properly. Documentation standards and internal practices also allow retirement plan sponsors to readily detect and prevent costly errors, consequently reducing risk and liability."  MORE >>

"Defined contribution plan participants' withdrawal activity in the first three quarters of 2022 remained low, in line with the activity observed in recent years.... Most DC plan participants stayed the course with their asset allocations ... DC plan participants' loan activity edged up slightly in the third quarter of 2022, although [it] continues to be close to its historically low level."  MORE >>

"Pension finances were mixed in November, as lower interest rates offset the impact of higher stock markets. Both model plans ... were close to even last month: Plan A lost less than 1% last month but remains up almost 10% for the year, while the more conservative Plan B gained less than 1% last month and is now up less than 1% through the first eleven months of 2022."  MORE >>

"October and November 2022 brought consecutive months of positive market gains, which improved the estimated funded status of the 100 largest U.S. public pension plans from 69.3% as of September 30, 2022, to 71.6% as of October 31, 2022, and 74.7% as of November 30, 2022 ... The difference between the estimated assets and liabilities narrowed during October and November, from $1.808 trillion at the beginning of October to $1.496 trillion at the end of November."  MORE >>

"[T[here was a 12% increase in rate of death from 2019 to 2020, and a 14% increase from 2018 to 2020. These figures are slightly lower than the 16% increase from 2019 to 2020 for the total population reported by the [CDC].... 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."  MORE >>

"[PBGC] has approved the supplemented application submitted ... by the Bricklayers and Allied Craftworkers Local 5 New York Retirement Fund Pension Plan. The plan, based in Newburgh, New York, covers 821 participants in the construction industry.... The Bricklayers Local 5 Plan will receive approximately $8.2 million in supplemented SFA, which is in addition to $61.8 million in SFA approved for the plan by PBGC in January 2022 under the interim final rule."  MORE >>

"[PBGC] has approved the supplemented application submitted ... by the Teamsters Local 617 Pension Plan. The plan, based in Ridgefield, New Jersey, covers 891 participants in the transportation industry.... The Local 617 Plan will receive approximately $31.1 million in supplemented SFA, which is in addition to $155.8 million in SFA approved for the plan by PBGC in April 2022[.]"  MORE >>

"Since the October 15 deadline has passed, the [DOL] has identified more than 3,200 Form 5500s that were filed without the required audit report.... The DOL has sent emails to those plan administrators ... and if they do not receive an amended filing with the audit report, they will send a formal Notice of Rejection that states the plan administrator has 45 days to comply ... According to the DOL, the primary reason plan administrators open themselves to compliance risk is that they do not pay attention to the correspondence."  MORE >>