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"While there is an extended period before formal plan amendments need to be adopted to reflect the new changes ... operational compliance with the changes will be required as soon as they are effective -- with some changes becoming effective immediately. Because of the need to comply operationally with all changes, plan sponsors and plan administrators ... may want to align plan document language with operations well before the plan amendment deadlines."  MORE >>

"[SECURE 2.0] contains a provision ... specific to cash balance plans that credit a variable rate of interest. In proving that the plan does not impermissibly backload accruals, the plan sponsor can assume an interest credit that is a 'reasonable' rate of return, provided it does not exceed 6%.... [T]his change does two things: It makes it easier to pass the backloading test, and it provides certainty for how the test works."  MORE >>

"[1] Expansion of Multiple Employer Plan and Pooled Employer Plan arrangements to Section 403(b) plans ... [2] Section 403(b) plans may invest in collective investment trusts (CITs) ... [3] Expanded investment sources for Section 403(b) hardship withdrawals ... [4] Extension to amend Section 457(b) plans for SECURE 1.0 required minimum distribution rules ... [5] Eligibility for long-term, part-time employees."  MORE >>

"[SECURE 2.0] includes a provision ... to authorize investments by 403(b) custodial accounts in CITs, effective January 1, 2023. However, ... a deterrent remains under the Investment Company Act of 1940: a CIT holding assets of 403(b) plans would not be exempt from regulation as an investment company ... It is reasonable to conclude that investment providers offering CITs will not offer them to 403(b) plans generally until Section 3(c)(11) is amended."  MORE >>

"The most important change for employee ownership is the passage of the Worker Ownership, Readiness, and Knowledge (WORK) Act ... The WORK Act provisions (incorporated into the bill as Section 346 of the SECURE 2.0 Act) [1] direct the [DOL] to create an Employee Ownership Initiative within the department to coordinate and fund state employee ownership outreach programs and [2] require the DOL to set new standards for ESOP appraisals."  MORE >>

"Colleen Lehr was a former participant in the Perri Electric, Inc. Profit Sharing Plan who was charged with embezzling money from the Plan. She was ordered to pay Perri Electric ... the amount she stole from the Plan. Appellants Colleen and Paul Lehr argued that Perri Electric should have applied the initial installment payment to the Plan and asserted a breach of fiduciary duty claim against Perri Electric. The district court granted summary judgment to the defendants on the basis that the Lehrs lacked statutory standing under ERISA. The Ninth Circuit affirmed." [Lehr v. Perri Electric, Inc., No. 19-17199 (9th Cir. Jan. 3, 2023; unpub.)]  MORE >>

"In this review of retirement policy developments in 2022, [the authors] discuss major retirement-related legislative and regulatory initiatives and significant developments in retirement plan litigation."  MORE >>

"Emergency savings options within retirement plans will finally be possible come 2024. But implementing them will require work and regulatory consideration that might delay their use even more[.]"  MORE >>

14 pages. "The author first comments on the legislative intent. Next, he highlights landmark cases in this area, analyzing the development of the jurisprudence culminating with the recent rulings from the U.S. Court of Appeals for the Third Circuit in Steelworkers Pension Trust v. Renco Group and from the U.S. Court of Appeals for the Second Circuit in New York State Teamsters v. C&S Wholesale Grocers, Inc. Finally, the author offers perspective and a legal analytical framework for considering 'evade or avoid' claims."  MORE >>

"[The authors] asked retirement advisors from across the country whether they felt SECURE 2.0 has been over-hyped or represented a game changer. Here's what they said on a few key issues."  MORE >>

47 pages. The guide is organized by plan type. "This year's guide features new regulations pertaining to air ambulance claims reporting, gag-clause attestations and an annual statement of compliance for plans that receive special financial assistance. Some of the deadlines noted in this guide may be extended due to the COVID-19 public health emergency."  MORE >>