"Section 301 of [SECURE 2.0] addresses correction of plan overpayments and amends sections of both ERISA and the Code. These additions codify the IRS' established correction principles and create new requirements ... [P]lan administrators could find themselves in the position where they are both required to correct a plan overpayment to maintain plan qualification status under the Code, but are prohibited from correcting the same overpayment without breaching their fiduciary duties under ERISA."  MORE >>

"SECURE 2.0 freezes the variable rate premium at $52 per $1,000 of unfunded vested benefits.... However, the rate freeze will have limited to no impact on employers that are already subject to the cap on variable rate premiums, which is currently equal to $652 per participant. This is because the cap is also indexed and SECURE 2.0 does not end indexing for the cap. "  MORE >>

"The final rule adds a process for requesting from the PBGC an exception that applies in narrow circumstances, including for plans that use an alternative allocation method for determining withdrawal liability. The final rule took effect on January 26, 2023."  MORE >>

"The SECURE Act 2.0 permits plan sponsors to give participants the option of receiving employer contributions on a Roth basis. This provision is effective on the date of enactment, December 29, 2022. However, the option may not be as attractive as it first appears, since the matching and nonelective contributions must be fully vested when made."  MORE >>

"New legislation raises the amount you can transfer from your rollover IRA to a qualifying longevity annuity contract (QLAC), reducing RMDs and increasing guaranteed lifetime income."  MORE >>

"A complete and diligent fiduciary process can result in underperformance -- fiduciary prudence is judged, even at the motion to dismiss stage, based on process and not results. This is the second court to dismiss (without prejudice) the dubious Miller Shah investment imprudence claims that BlackRock LifePath target-date funds are a 'vastly inferior retirement solution.' " [Locascio v. Fluor Corp., No. 22-00154 (N.D. Tex. Jan. 18, 2023)]  MORE >>

"We estimate that enactment of these provisions would extend the ability of the OASDI program to pay scheduled benefits in full and on time for an additional 24 years. That is, the date of projected depletion of the combined OASI and DI Trust Fund reserves would be moved from 2035 under current law to 2059 assuming enactment of the proposal, under the intermediate assumptions of the 2022 Trustees Report."  MORE >>

"The agenda includes a variety of actions the DOL plans for the coming months, including: [1] A proposed rule updating the definition of 'fiduciary' ... [2] A request for comment on pooled employer plans ... [3] A request for comment on ways to improve the effectiveness of retirement plan disclosures required under ERISA ... [4] A proposed rule updating the Voluntary Fiduciary Correction Program ... [5] Continuation of efforts ... to improve Form 5500 ... [6] A final rule amending rules implementing the [MHPAEA] ... [7] A final rule that would revise the department's ... process for granting prohibited transaction exemptions."  MORE >>

"For ISO exercises and ESPP transfers occurring in 2022, the Section 6039 employee information statement requirement is satisfied by providing Form 3921 (for ISOs) and Form 3922 (for ESPPs) to employees no later than January 31, 2023. The Section 6039 IRS return requirement is satisfied by providing the IRS with copies of the corresponding Forms 3921 and Forms 3922 by February 28, 2023 (for paper filings) and March 31, 2023 (for electronic filings)."  MORE >>