"On March 7, the IRS issued Notice 2023-23 to provide guidance on how IRA providers may comply with the new rules, as well as some relief to address non-compliance based on the late hour of the law change."  MORE >>

"While the 100-participant threshold is still in place, it would now only apply to those with account balances, presumably at the beginning of the plan year. For example, if your plan had 150 eligible participants but only 75 of them had account balances at 1/1/2023, your plan would not be subject to the audit requirement for the 2023 plan year."  MORE >>

"The Final Rule comes nearly four years after the IRS issued its proposed rule regarding the availability and application of the Code section 897(l) exemption. Substantively, the Final Rule retains much of the 2019 proposed rule. However, there are some notable changes and clarifications[.]"  MORE >>

"Although the disparate results can arguably be rationalized by the underlying facts in each case, the opinions show that district courts continue to apply inconsistent principles in adjudicating these claims at the motion to dismiss stage." [Sigetich v. The Kroger Co., No. 21-697(S.D. Oh. Mar. 9, 2023); Lucero v. Credit Union Retirement Plan Assoc., No. 22-208 (W.D. Wis. Mar. 9, 2023)]  MORE >>

"One of the key unresolved issues involves which party has the burden of proof on the issue of causation in ERISA 401(k) litigation. The DOL recently filed an amicus brief ... [which] supports the position of the common law of trusts, the First Circuit Court of Appeals' and the Solicitor General position that the plan sponsor has that burden.... [T]hat burden may prove a difficult one to carry in most cases if SCOTUS adopts that position as well."  MORE >>

"The political fallout from [the 2011= debt ceiling fight ... resulted in an age of austerity in Washington for the next several years in which all types of spending cuts and revenue raisers were on the table, including various proposals attacking the tax incentives for retirement savings. It is instructive now to review those proposals again and highlight the potential damage to the retirement savings of American workers if they are enacted[.]"  MORE >>

"A key question all employers and retirement plans need to think about for the future is will the government always fully insure bank deposits above the FDIC guarantee.... [T]his paper will explore the basics of the FDIC insurance program, what a customer could expect to receive in a scenario where the government does not step in to fully back deposits that exceed the FDIC guarantee, and how Bitcoin may be a solution employers adopt once market conditions fall into certain parameters."  MORE >>