"[U]nder the 2020 rules it could be argued that a Taft-Hartley fund, selecting between two similar investments, was forbidden from considering whether a particular investment would utilize union labor, as that would likely have been a 'non-pecuniary factor.' The new Final Rule forecloses such an issue, and provides fiduciaries with more clarity and freedom when making decisions to invest plan assets."  MORE >>

19 page summary of the proposed legislation as included in the Consolidated Appropriations Act of 2023. SECURE 2.0 starts on page 2046.  MORE >>

"New 401(k) and 403(b) plans would have to start enrolling participants with a salary deferral of at least 3% of salary, no higher than 10%, and escalate at 1% per year of service up to a minimum of 10% and maximum of 15%.... Starting in 2027, low-income savers could receive a tax credit of 50% of their retirement contributions, up to $2,000.... The age for required minimum distributions ... would be increased to 73 in 2023 and 75 in 2033.... Starting in 2024, employers could match student loan payments with plan contributions."  MORE >>

"[S]ix of the top ten highest-priced 401(k) providers in terms of per capita administration fees also ranked in the top ten based on their percentage of hidden fees. The takeaway for employers -- plans that pay hidden fees cost more. That means lower investment returns for participants and higher liability for plan fiduciaries.... The easiest way to avoid hidden fees is by replacing the mutual fund share classes that pay them."  MORE >>

"Available data suggest that the small firms with a plan are larger and have workers with higher earnings and education. Small firms without a plan cite three obstacles: not big enough or firmly established, workers prefer cash wages, and cost. The first two obstacles may be insurmountable. But cost concerns might be eased by providing more information on low-cost options"  MORE >>

"[PBGC] has approved the supplemented application submitted to the Special Financial Assistance Program by the Idaho Signatory Employers-Laborers Pension Plan. The plan, based in Portland, Oregon, covers 682 participants in the construction industry.... The Idaho Signatory Plan will receive approximately $1.1 million in supplemented SFA, which is in addition to $13.9 million in SFA approved for the plan by PBGC in December 2021 under the interim final rule."  MORE >>

"[PBGC] has approved the supplemented application submitted to the Special Financial Assistance Program by the Local 408 International Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America Pension Plan. The plan, based in Union, New Jersey, covers 1,058 participants in the transportation industry.... The Local 408 Plan will receive approximately $6.4 million in supplemented SFA, which is in addition to $100.5 million in SFA approved for the plan by PBGC in January 2022 under the interim final rule."  MORE >>

"has approved the supplemented application submitted to the Special Financial Assistance Program by the Management-Labor Pension Plan Local 1730 ILA. The plan, based in Mastic, New York, covers 478 participants in the transportation industry.... The Longshoremen Local 1730 Plan will receive approximately $6.1 million in supplemented SFA, which is in addition to $62 million in SFA approved for the plan by PBGC in May 2022 under the interim final rule."  MORE >>

"Included in the bill is a new pro-employee ownership program within the [DOL] including more than $50 million in funding over five years, a requirement to provide formal guidance on the valuation of company shares to be bought by an ESOP, an expansion of the 1042 tax benefit to S-corporations, and others."  MORE >>

"[1] Last chance to correct certain Section 409A document failures discovered in 2022 ... [2] Nonqualified deferred compensation deferral elections should be made on or before December 31, 2022 ... [3] Take certain action to address impact of Tax Cuts and Jobs Act on Section 162(m) of the Code ... [4] Review whether your equity-based compensation plan has sufficient shares remaining for 2023 awards ... [5] Code Section 6039 information statements due by January 31, 2023 ... [6] Consider clawback issues ... [7] Pay for performance disclosures."  MORE >>