"Most notably, this package of Form 5500 changes includes reporting rules related to defined contribution 'groups of plans' or DCGs, changes to Schedules MB, SB and R for defined benefit plans, the addition of IRS compliance questions, and a change to the counting method for determining whether a defined contribution plan is subject to audit."  MORE >>

"The deadline for using plan forfeitures has never been clear.... The new proposed regulations provide some flexibility for plan administrators but also may require plans to be amended ... If finalized, the new proposed regulations would be effective for plan years beginning on and after January 1, 2024."  MORE >>

"[There is a] potential 'downstream' impact of this provision on a wide number of plan participants, legal and professionals who represent plan participants in divorce proceedings. Where there is a QLAC in a plan, this means that a wide swath of professionals of all sorts may need to be involved in sorting through this issue in resolving a domestic relations matter. Handling QLACs in QDROs may well force the whole idea of DC LI into a significant number of professional 'portfolios' as a matter of necessity."  MORE >>

"The SECURE 2.0 Act of 2022 will expand the retirement plan toolkit available to employers that desire to enhance the plans available for their employees.... [This article] provides brief answers to 20 of the most frequently asked questions."  MORE >>

"[A] United States District Court [ruled that] recommendations to employee benefit plans must be analyzed separately from recommendations to IRAs to determine whether the regular basis prong of the five-part test has been met.... [T]he Court vacated the policy underlying guidance DOL issued in 2021 ... which stated advice to rollover from a plan may be part of an ongoing advice relationship that satisfies the regular basis prong." [American Securities Association v. DOL, No. 22-0330 (M.D. Fla. Feb. 13, 2023)]  MORE >>

"In addition to providing a venue for the courts to clarify the scope of the duties of fiduciaries under [ERISA], these cases present an opportunity to address whether and to what extent ESG considerations relate to pecuniary interests and financial risk and return -- a premise of the 2022 Rule and a key question raised by Republican-led states' ongoing resistance to ESG‑based investing." [Utah v. Walsh, No. 223-00016, (N.D. Tex. complaint filed Jan. 26, 2023)]  MORE >>

"PRT is a valuable tool for plan sponsors seeking to protect participants and transfer financial risk. PRT annuitants benefit from enhanced security in annuities backed by a more stable, diverse asset pool. The market has evolved to provide the capacity and operational capabilities required to support even the largest and most complex PRT transactions. Regulatory and market infrastructure has matured to enable seamless deal execution and benefits administration."  MORE >>

"The aggregate funded ratio for U.S. corporate pension plans increased by an estimated 1.0 percentage point month-over-month in February to end the month at 100.2 percent ... The monthly change in funded ratio resulted from a 4.8% decrease in liability values partially offset by a 3.9% decrease in asset values. The aggregate funded ratio is estimated to have increased by 2.7% and 4.2% year-to-date and over the trailing twelve months, respectively."  MORE >>

"[The author] recently detailed how the National Tax-Deferred Savings Association uses almost comically flawed research and white papers to argue why K-12 403(b) plans should remain multi-vendor.... Let's look at three concrete ways they lead the charge to keep the K-12 403(b) in the Dark Ages."  MORE >>

"The appointees and their areas of expertise are as follows: [1] Accounting: Gwen Mazzola is a partner and the ERISA Practice Leader of HoganTaylor LLP.... [2] Employee Organizations: Mayoung Nham is a principal with the law firm of Slevin & Hart PC.... [3] Employers: John M. Towarnicky has ... [held] leadership positions at four Fortune 500 employers and at the Plan Sponsor Council of America.... [4] General Public: Mark D. DeBofsky is the principal member of DeBofsky Law Ltd.... [5] Insurance: Alice Palmer is vice president and chief counsel for Retirement Plan Service for the Lincoln Financial Group."  MORE >>

"Benefits need to meet individuals where they are by allowing enough flexibility to appeal to employees -- of any generation -- at all life stages.... Employees have become more vocal about needing more flexibility, including time away from work.... A retirement study can help determine if plan contribution matching practices and vesting schedule parameters are market competitive.... Precision medicine, which considers a person's genetics, environment and lifestyle, also brightens the horizon for cost control and population health."  MORE >>

"Considering differentiated and individualized incentives supports the goals of both HCEs and the organization. By offering more uniform access points and investment allocation choices -- and ensuring that employees understand how to use their plan features -- employers can enhance income planning. When that happens, the outcomes of efforts to attract and retain key employees are likely to improve."  MORE >>

"The DOJ's new pilot program makes more explicit a theme that has permeated the current administration's regulatory posture, namely, that compensation will be targeted within the context of compliance failures. Risk managers, in-house counsel, and HR and compensation consultants should ... begin thinking through how this impacts the development and maintenance of new and/or existing compliance and executive performance-assessment programs."  MORE >>