"Spousal consent is not a big deal, until it is. And it becomes a big deal at the worst possible time -- when the participant dies and is no longer available to make corrections, or when the participant divorces and many issues cannot be agreed upon. Plans that follow best practices and pay attention to the issue will dodge the worst outcomes."  MORE >>

"SECURE 2.0 makes several changes to these credits. First, the employer plan start-up credit is increased from 50 percent to 100 percent for employers with up to 50 employees.... [An] additional credit is also provided based upon employer contributions made."  MORE >>

"Prior to SECURE 2.0, the startup tax credit only applied for the first 3 years that a MEP was in existence ... Section 111 of SECURE 2.0 aims to fix this issue ... Section 111 is effective retroactively for taxable years beginning after December 31, 2019. This enables taxpayers who formed or joined new MEPs/PEPs in 2019, 2020, and 2021 to file amended returns and retroactively claim a credit for those earlier years applying the rules of Section 45E."  MORE >>

"[1] The 'ALAR' rule means annual RMDs under the 10-year rule for some ... [2] 'Not more than 10 years younger' is not counted by calendar year ... [3] The shorter of rule limits distribution periods for older eligible designated beneficiaries ... [4] Documentation requirements for disabled or chronically ill status."  MORE >>

"SECURE Act 2.0 expands the [qualified charitable deduction (QCD)] provision, by allowing an IRA owner to make a one-time election to make a a QCD to a split-interest entity. This provision is effective for tax years beginning 2023 and [is] adjusted for inflation."  MORE >>

"In response to public comments, the final rule creates a process under which plan sponsors may request an exception from the interest rate assumptions and phase-in conditions when determining the plan's unfunded vested benefits (UVBs) for purposes of calculating withdrawal liability."  MORE >>

"In addition to the 24 states[, other plaintiffs include ... Liberty Oilfield Services LLC [which] sponsors a defined contribution 401(k) plan for its employees ... [The plaintiffs[ argue that the '2022 Investment Duties Rule contravenes ERISA's clear command that fiduciaries act with the sole motive of promoting the financial interests of plan participants and their beneficiaries'[.]" [Utah v. Walsh, No. 223-00016, (N.D. Tex. complaint filed Jan. 26, 2023)]  MORE >>

"[1] There is no perfect fund that meets everyone's needs.... [2] ESG investment options require due diligence.... [3] An ESG investment has to be considered on its investment merits.... [4] Determine the most important factors for your participants.... [5] Educate plan participants on ESG options."  MORE >>

"The key is managing the natural conflict between a company's settlor role and the plan fiduciary's role. The business goal is for a cost-effective and swiftly executed annuity purchase, and the fiduciary's goal is to select a safe and secure annuity. To resolve the competing goals, the plan fiduciary must have a carefully crafted fiduciary process."  MORE >>

"Estimated competitive retiree buyout cost, as a percentage of accounting liability, decreased by 70 bps from 101.0% to 100.3% during December ... [T]he competitive bidding process is estimated to save plan sponsors on average around 2.5% as of December 31.... [R]etirees can be annuitized for an estimated 100.3% of accounting liabilities (accumulated benefit obligation)."  MORE >>

"The plan, based in Portland, Oregon, covers 317 participants in the construction industry.... The plan will receive $20.5 million in SFA, including interest to the expected date of payment to the plan."  MORE >>

"The plan, based in Anchorage, Alaska, covers 744 participants in the construction industry.... The plan will receive $53.5 million in SFA, including interest to the expected date of payment to the plan."  MORE >>

"[M]iddle-aged employees reported being more likely than younger or older workers to be concerned about various aspects of their well-being. Older workers were, unsurprisingly, focused on retirement benefits. And younger workers highly valued help with day-to-day bills, student loan debt assistance, and career advancement opportunities."  MORE >>

"Deadlines for these annual reporting requirements are quickly approaching: 31 January 2023 or corporations to furnish annual information statements to employees. 28 February 2023 (if filing by paper) or 31 March 2023 (if filing electronically) for corporations to file information returns with the IRS."  MORE >>