"The proposed changes are the first updates to VFCP since 2006 and provide, for the first time, a self-correction feature for delinquent participant contributions and loan repayments, the most common prohibited transactions under ERISA. [This article provides] a summary of the proposed changes to the VFCP."  MORE >>

"[1] ESG factors may be part of risk-return analysis.... [2] Qualified default investment alternatives (QDIAs) play by the same rules.... [3] The new rules clarify ERISA's duty of loyalty.... [4] The final rules contain three changes to shareholder rights, including proxy voting."  MORE >>

"Participation in a plan by eligible employees would likely increase ... If the 403(b) plan sponsor is a non-governmental 501(c)(3) entity and the plan currently meets the DOL rules to avoid being an ERISA plan, the addition of automatic enrollment will likely make the plan become subject to ERISA.... Advisors also need to be aware of any applicable state rules ... which could have an impact on the adoption of automatic features in the individual employers' plans."  MORE >>

"SECURE 2.0 includes over 100 provisions intended to expand coverage, increase retirement savings, and simplify and clarify retirement plan rules."  MORE >>

5-page chart describes important administrative dates and deadlines for single-employer defined benefit plans that are subject to ERISA and the Internal Revenue Code.  MORE >>

"While many employers with underfunded pension plans will welcome decreases in liabilities, this is bad news for many closely held family businesses with key employee-owners who are fast approaching retirement.... These owners will be surprised and disappointed to learn that their lump sum amounts may have decreased by 20% to 30%, depending on whether the lump sum payment occurs in 2022 or 2023."  MORE >>

"The estate planning of an individual who owns a professional or other enterprise that maintains a tax-advantaged plan ... requires that measures also be taken so that soon after the death of the individual a person be authorized to invest plan assets, determine the plan beneficiary(ies) and benefit entitlements, give notifications of such determinations, and make plan distributions ... If this is not done, the delay in making investment decisions and giving the individual's beneficiary(ies) access to their plan benefits may place those benefits at substantial risk and expose the individual's estate to fiduciary liability claims."  MORE >>

"[PBGC] as approved the supplemented application submitted to the Special Financial Assistance Program by the Local 365 UAW Pension Fund Pension Plan. The plan, based in Englewood Cliffs, New Jersey, covers 3,736 participants in the manufacturing industry.... The Local 365 UAW Plan will receive approximately $19 million in supplemented SFA, which is in addition to $228.3 million in SFA approved for the plan by PBGC in May 2022 under the interim final rule."  MORE >>

"In May 2009, Delphi's pension plans were terminated and responsibility for the payment of plan participants' benefits was turned over to the [PBGC] ... PBGC may not pay an individual more than a statutory maximum benefit. Some participants in Delphi pension plans whose benefits were reduced by PBGC claimed that their pension plan was wrongly terminated and have sought relief via both judicial and legislative processes."  MORE >>