84 pages. "This document contains final regulations regarding gain or loss of a qualified foreign pension fund attributable to certain interests in United States real property. The final regulations also include rules for certifying that a qualified foreign pension fund is not subject to withholding on certain dispositions of, and distributions with respect to, certain interests in United States real property. The final regulations affect certain holders of interests in United States real property and withholding agents that are required to withhold tax on dispositions of, and distributions with respect to, such property."  MORE >>

"Provisions expanding coverage and increasing retirement savings.... Provisions impacting retirement plan distributions.... Provisions impacting pooled employer plans (PEPs), multiple employer plans (MEPs), and groups of plans (GOPs) ... Simplification and clarification of retirement plan rules and administration.... [P]lan amendments ... generally do not need to be made until the end of the 2025 plan year ... SECURE Act 2.0 also extends the amendment deadlines for other recent legislation ... to conform to the SECURE Act. 2.0 amendment deadlines."  MORE >>

"Provisions reflect these themes: [1] Increasing employee participation.... [2] Incentivizing new plan creation.... [3] More lenient RMD Rules.... [4] Encouraging ROTH contributions.... [5] Increasing plan options for 403(b) plans.... [6] Encouraging annuitization of defined contribution benefits.... [7] New design options for defined contribution plans.... [8] Simplifying plan administration."  MORE >>

"[W]hile no single change in SECURE 2.0 will require the same level of urgency to consider before year-end changes to clients' plans as did the original SECURE Act or have the same level of impact across so many clients' plans as the elimination of the stretch, there are far more provisions in SECURE 2.0 that may have a significant impact for some clients than there were in the original version[.]"  MORE >>

"[T]wo notices must be provided to comply with new IRS guidance: [1] The employer must inform the plan administrator and trustee in writing about the discretionary matching contribution's existence.... [2] The employer must also inform its employees in writing about the discretionary matching contribution's existence, specifically describing which employees are eligible for the discretionary match and when these employees may receive this discretionary matching contribution."  MORE >>

"BNY Mellon served as a plan trustee for the Colgate-Palmolive retirement plan, provided investment management services, served as custodian of the plan's assets and made payments from the plan's trust fund ... BNY Mellon was dismissed as a defendant because it did not act as a fiduciary for the plan[.]" [Disberry v. Employee Relations Committee of the Colgate-Palmolive Company, No. (S.D.N.Y. Dec. 16, 2022)]  MORE >>

"[T]he Colgate court has signaled that sympathetic courts will allow fiduciary breach claims for cyber theft even when there is no evidence that the plan fiduciaries or recordkeeper failed to take reasonable steps to protect participant assets against sophisticated cyber fraud and theft. The court even gave litigation advice to the plaintiff to file an amended complaint against the recordkeeper to plead a more viable claim under a theory of common law negligence.... The court denied recordkeeper Alight's motion to dismiss -- Alight can be deemed a functional fiduciary despite the fiduciary disclaimer in its recordkeeping contract." [Disberry v. Employee Relations Committee of the Colgate-Palmolive Company, No. (S.D.N.Y. Dec. 16, 2022)]   MORE >>

"[An] employee could upload loan statement documents to the plan provider or enroll the loan information into their retirement account, then receive an end-of-year matching contribution.... [P]aycheck-by-paycheck contribution matching would certainly be feasible using the same methods.... Employers can also rely on employee self-certification for matching. [.]"  MORE >>

"For the most part, multiemployer plans have been cagey about future withdrawal liability estimates, telling employers that the impact of bailout money on potential exposure is unknown. All signs, however, point to more bad news for employers."  MORE >>