20 pages. "As retirement accounts proliferate and grow in value, American retirees are increasingly leaving substantial balances in these accounts to their adult children, siblings, and other relatives. Until recently, these new owners were able to withdraw funds from these tax-favored accounts over their lifetimes as their personal circumstances dictated. But legislation enacted in late 2019 and regulations issued in February 2022 have sharply limited the flexibility that non-spousal beneficiaries now have regarding these assets. This article examines those changes, analyzes their impact on the new owners of inherited retirement accounts, and considers what planning strategies are now appropriate."  MORE >>

"Although plan correction guidelines are usually addressed by the IRS through its Employee Plans Compliance Resolution System (EPCRS), Congress included several related provisions to provide relief to plan sponsors and owners of Individual Retirement Accounts (IRAs) due to the ever growing complexity of plan administration, as summarized [in this article.]"  MORE >>

"[A]ll Plans existing on the date of enactment are grandfathered from the requirement as an exception.... [N]ew employers, in existence for less than 3 years, are excepted from the requirement, until their fourth year. There is also an exception for Plans of employers who normally employ 10 or fewer employees until the year after the employer normally employs more than 10 employees.... [If] an employer with an existing plan on the date of enactment joins a multiple employer plan (MEP), the grandfathering disappears. Each Plan of an employer in the MEP is treated as a separate plan."  MORE >>

"Effective for plan years starting on or after January 1, 2024, 401(k) plans ... may allow participants to access up to $1,000 of their account balance (including pre-tax contributions) without penalty, in the event of an 'unforeseeable or immediate financial needs relating to necessary personal or family emergency expenses.' ... Participants need only self-certify their need for the emergency distribution in order to request it.... Also effective in 2024, plans may allow participants who are non-highly compensated employees ... to contribute up to $2,500 in post-tax deferrals to an emergency savings account under such plan, which will be treated as Roth contributions."  MORE >>

24 pages. "Survey responses indicated that Americans value the discipline and investment opportunity that 401(k) plans represent and that individuals were largely opposed to changing the tax preferences or investment control in those accounts. A majority of respondents also affirmed a preference for control of their retirement accounts and opposed proposals to require a portion of retirement accounts to be converted into a fair contract promising them income for life from either the government or an insurance company."  MORE >>

"PBGC determined that the Plan is not eligible for SFA because it does not meet the eligibility criteria under ERISA Section 4262(b). Accordingly, PBGC has denied the application."  MORE >>

"[1] Current Funded Status is greater than or equal to desired retirement threshold percentage (recommend 110%); [2] Current present value of non-risky assets/investments is greater than or equal to present value of future essential expenses; [3] Current investment in risky assets is greater than or equal to present value of desired future discretionary expenses; [4] Funded Status threshold for reducing future spending (or increasing assets) has been established (recommend 95%); and [5] Possible future cash flow issues have been identified and planned for."  MORE >>

"A case is currently pending in the 10th Circuit Court of Appeals involves many of the same issues that were in Brotherston, specifically the 'apples and oranges' argument and the issue of whose has the burden of proving causation in 401(k) actions.... This case is a perfect example of how some courts are improperly confusing the two distinct stages of pleading and proof of causation." [Matney v. Barrick Gold of N. Am., Inc., No. 20-275 (D. Utah Apr. 21, 2022; recon. denied Jun. 21, 2022; on appeal to 10th Cir. No. 22-4045)]  MORE >>

"Improvements to Proposed Self-Correction Component: [1] Remove notice requirement.... [2] Eliminate or increase earnings limitation.... [3] Extend self-correction window.... Improvements to PTE 2002-51: Remove additional contribution requirement ... Improvements to VFCP: [1] Expressly permit corrective contributions by service providers ... [2] De minimis errors.... [3] Use of forfeiture account."  MORE >>