"[T]he Tenth Circuit rejected enforcement of an [ESOP] arbitration provision in a lawsuit brought by a plan participant alleging that the ESOP's fiduciaries overpaid for the employer's stock, breached numerous ERISA fiduciary duties, and engaged in prohibited transactions.... [The] ruling focused on the ESOP's specific arbitration provision, which precluded a claimant from obtaining plan-wide relief, rather than ERISA arbitration provisions generally." [Harrison v. Envision Mgmt. Holding, Inc. Bd. of Directors, No. 22-1098 (10th Cir. Feb. 9, 2023)]  MORE >>

"In separate letters to the Treasury Department on Tuesday, the National Association of Government Defined Contribution Administrators and the American Benefits Council asked the agency to issue guidance stating that it will apply the law as though the anticipated technical correction to the legislation had been made."  MORE >>

"More than four in 10 US households owned individual retirement accounts (IRAs) in mid-2022 ... With $11.7 trillion in assets in mid-2022, IRAs represented 34 percent of US total retirement market assets, almost double the 18 percent figure recorded three decades ago.... Rollovers from employer-sponsored retirement plans have fueled the growth in IRAs.... Roth IRA owners are almost twice as likely to contribute than traditional IRA owners. T"  MORE >>

"[PBGC] has approved the supplemented application submitted ... by the Gastronomical Workers Union Local 610 and Metropolitan Hotel Association Pension Fund. The plan, based in San Juan, Puerto Rico, covers 2,624 participants in the hospitality industry.... [It] will receive approximately $2.2 million in supplemented SFA, which is in addition to $31.1 million in SFA approved for the plan in August 2022[.]"  MORE >>

"[PBGC] has approved the supplemented application submitted ... by the Sheet Metal Workers Local Pension Plan. The plan, based in Massillon, Ohio, covers 1,649 participants in the construction industry.... [It] will receive approximately $9.9 million in supplemented SFA, which is in addition to $28.8 million in SFA approved for the plan in October 2022[.]"  MORE >>

"One of the inevitable results of Congress's failure to cobble together some sort of compromise on what the most suitable 'Securities Fix' would be for the 403(b) CIT is a flurry of activity to find some way to craft a solution which would permit 403(b) plans' investments in 81-100 trusts without a statutory fix. From a purely technical point of view, any of the three or four different possible legislative approaches being considered are not, in themselves, a heavy lift.... What we've not seen much discussion of is of the risks involved in adopting any of these seemingly esoteric approaches."  MORE >>

"Let's dig into the NTSAs 2023 effort ... [starting] with the title: Apples and Oranges: Why K-12 403(b) Plans Work. Clearly the paper is trying to draw a comparison with the 401(k). So let's do that. Does this look like a plan that works?"  MORE >>

"This document contains final regulations amending the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports, and certain excise tax returns. The final regulations reflect changes made by the Taxpayer First Act (TFA) and are consistent with the TFA's emphasis on increasing electronic filing."  MORE >>