"[S]ome Form 5500 preparers of retirement plans ... are answering Part III -- Accountant's Opinion, Line 3(a) and 3(b) of the Schedule H of Form 5500 incorrectly by selecting an incorrect type of audit opinion and/or failing to indicate whether the audit was performed in accordance with ERISA Section 103(a)(3)(C). Confusion may be warranted because after the Form 5500 was updated to reflect auditing standard changes, the Audit Standards Board postponed the implementation of Statement on Auditing Standards 136 due to the COVID-19 pandemic."  MORE >>

"Although these changes may bring more opportunity and flexibility to participants, ... [p]lan Sponsors must balance these benefits with the burden of administering new and complex provisions. More than ever, Plan Sponsors will need to evaluate and communicate plan design choices to participants who may be unaware or confused by these new rules."  MORE >>

"The IRS provides the List periodically, to help qualified retirement plan sponsors and practitioners achieve operational compliance by identifying material changes in qualification requirements for qualified retirement plans (including Section 403(b) plans) that become effective during a calendar year. The List ... is particularly helpful to qualified plan sponsors as a compliance checklist since the IRS has closed its determination letter program to most qualified retirement plans."  MORE >>

"Neither the CRA resolution, nor the federal lawsuits, nor the state regulations would result in outright bans on the consideration of ESG factors in investing ... [T]hese legislative and judicial challenges may clarify the lens through which fiduciaries and companies consider ESG, encouraging fiduciaries to document why the ESG factors they rely on are financially relevant to an investment's risk and return characteristics."  MORE >>

"The Senate on [March 1] cleared a resolution that would disapprove of a [DOL] rule allowing retirement plans to consider climate factors in their investment decisions.... The Senate's 50-46 vote on the resolution comes one day after the House voted 216-204 to pass it.... The resolution would nullify a [DOL] rule that allows retirement plans to consider environmental, social and governance factors in their investment decisions."  MORE >>

"[P]ension buyout sales totaled $7.1B in Q4 2022. Despite this representing the lowest fourth quarter amount since 2016, total 2022 sales of $48.3B shattered the previous annual record of $36B set in 2012 ... and were a 42% increase from the 2021 total of $34.2B. The total number of buyout contracts of 562 in 2022 also broke the old record of 500 set in 2019."  MORE >>

"The average global funded status for the largest pension plans jumped to 96.9% in 2022, reaching the highest level since 2007, according to [an] analysis of 20 publicly listed U.S. corporations with more than $20 billion in pension liabilities.... [T]hese large plans, which represent nearly 40% of all pension and liability assets of U.S. listed corporations, also experienced the largest asset losses since 2008 ... and the largest decrease in liabilities since 2009 as discount rates hit the highest level since 2010."  MORE >>

"A record 43% of businesses classify themselves as 'growing.' These businesses are concerned with retaining talented employees and want to offer more employee and key employee benefits. Almost 80% of growing businesses say their benefit package improves the ability to recruit and retain employees. And 74% say it improves productivity."  MORE >>