"What's New: The repayment period for a qualified 2018 disaster distribution ends 3 years and 1 day after the distribution was received. This is particularly important if your qualified 2018 disaster distribution was received in 2019. Repayments reported on 2022 Form 8915-C can be used to reduce the income reportable on your 2019, 2020, 2021, or 2022 tax return, as applicable; if you have already filed your tax return for the year in question, you will need to amend that return." [Also available: 2022 IRS Form 8915-C]  MORE >>

"If a plan fails to meet the pre-approved plan restatement deadline, the plan document will need to be reviewed to determine if the plan met the requirements of Section 401(a) of the Code (either from inception or since the last pre-approved restatement) as an individually designed plan. If the plan document did meet these requirements, it is still qualified and can regain its pre-approved status by simply restating using a pre-approved document that meets current requirements."  MORE >>

"Interest credits for cash balance plan compliance.... New notice and disclosure requirements for lump sum windows.... Transfers of surplus assets to fund welfare benefits extended and funding conditions loosened.... Ending COLA adjustments to PBGC premiums.... Additional information for PBGC funding notice ... [C]ap on the future mortality improvements that must be considered for purposes of the minimum funding requirements."  MORE >>

13 pages. "SECURE 2.0 contains more than 90 substantive changes to retirement plan law; the key provisions impacting employer-sponsored retirement plans are discussed [in this article].... SECURE 2.0 will have a significant impact on employer-sponsored retirement plan for years to come and, just like SECURE 1.0, will require guidance from the IRS and the DOL."  MORE >>

"Among the proposed changes is to impose higher standards for independence for plan service providers involved in the prohibited transaction exemption request. This may make it difficult to identify appropriate independent service providers, especially in light of increasing consolidation in the financial services industry."  MORE >>

"Recently, a major software provider (Provider) to third party administrators joined this horrible club. The question [the authors] are receiving from TPAs is 'What should we do about this?' ... [1] Review your own TPA service agreement ... [2] Review the Provider's contract ... [3] Notify your insurance carrier ... [4] Prepare client communication ... [5] Prepare participant communication ... [6] Continuously update everyone."  MORE >>

"Plan Sponsors will want to make sure they are sending their RFP to CPA firms who have a specialization in these types of audits. Questions the Plan Sponsor will want to include in their RFP about potential CPA firms ... [P]rovide potential CPA firms with enough details and information about your Plan ... [and] about your Plan's operations ... Key information to include in your RFP [so that] the CPA firms [can respond] in their proposal."  MORE >>

"[I]nstitutional investors across segments took nearly two times more uncompensated risks -- or risks that are not sufficiently rewarded by return -- than compensated risks.... While adding managers into the portfolio lineup can potentially reduce overall risk, ... risks that were ultimately reduced were often different from what was intended as managers frequently cancelled each other out."  MORE >>

"In October 2022, three major defined contribution recordkeepers representing approximately 43.8 million workers across more than 48,000 employer-sponsored retirement plans, came together to embrace auto-portability, forming an industry-led utility -- the Portability Services Network (PSN) -- to accelerate its adoption.... [SECURE 2.0] codifies auto-portability, which represents the first retirement savings legislation specifically aimed at reducing cashout leakage."  MORE >>

"Discount rates were up slightly for the month, but meaningfully up year-over-year. Equity markets were down again for the month and for the year (the S&P 500 had its worst year since 2008). While funded status most likely deteriorated in December, most plan sponsors will be in significantly better position at the end of 2022 than they were at the beginning of the year."  MORE >>

"Increases in interest rates, the increasing cost of PBGC premiums, and the idiosyncrasies of IRS minimum funding/benefit restriction rules may, for many sponsors, make 2023 a good year for defined benefit plan liability settlement -- through the payment of lump sums or the purchase of annuities (AKA pension risk transfer). [This article reviews] the issues with respect to 2023 settlements sponsors will want to consider."  MORE >>