Rev. Jan. 2023. "Form 8915-F replaces Form 8915-E for 2021 and later years. Form 8915-E was used for coronavirus-related and other 2020 disaster distributions. Also use Form 8915-F for 2021 and later disaster distributions. Qualified disaster recovery distributions are qualified disaster distributions."  MORE >>

"The proposal clarifies that forfeited DB amounts may not be used to offset employer contributions.... The proposal makes clear that a money purchase plan.... is treated the same as other types of DC plans with respect to forfeitures ... DC plans will have to eliminate any forfeitures within 12 months of the last day of the plan year in which the forfeiture occurs."  MORE >>

"One of the key changes in the DOL's proposed amendments would allow plan fiduciaries to self-correct late-deposited participant contributions or loan repayments by filing a notice of correction with the DOL, in lieu of filing a full VFCP application, when the 'lost earnings' due to the plan are $1,000 or less."  MORE >>

"SECURE 2.0 authorizes many ways a plan can allow participants access to their retirement savings for other reasons. The repayment features are meant to avoid retirement savings leakage that could otherwise occur if the amounts could not be repaid to the plan. It remains to be seen if amounts that can be repaid are repaid in practice. Of course, these provisions are all optional, making the decision whether to include them in the discretion of the sponsoring employer as a matter of plan design."  MORE >>

"There are now three distinct tax credits for plan fees or contributions paid by small businesses. [This article provides] a summary of each tax credit  ... [along with] a few examples to demonstrate the scope of the tax credits."  MORE >>

"Being conservative is an understandable instinct, given current market uncertainty, but this may be detrimental to long-term solvency of the plan -- the very thing that the SFA program was designed to protect.... While many options exist, a plan-specific, holistic approach that combines multiple investment strategies is most likely to generate optimal outcomes. This paper provides a guide to plan sponsors as they seek to make the most effective use of their SFA program capital."  MORE >>

"[C]ertain provisions of SECURE 2.0 will likely increase plan participation levels over the next few years and result in more plans that are of the size that must file as 'large plans' and accompany their Form 5500 with an audit report. Below, we explain the change to the audit requirement, and briefly cover the SECURE 2.0 provisions that may be coming to the rescue."  MORE >>

An unofficial monthly report of the Moody"s Daily Long-term Corporate Bond Yield Averages and Moody"s Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

"Julie Su ... currently serves as the Deputy Secretary of Labor, a position she has held since her July 2021 Senate confirmation. As Deputy Secretary, Su has worked side by side with Secretary Walsh to advance President Biden’s vision of a strong, resilient, inclusive economy with worker well-being at its center."  MORE >>