"[C]hanges, which apply beginning with 2023 plan year reports ... include: [1] A consolidated Form 5500 reporting option for certain groups of defined contribution retirement plans.... [2] A change in the participant-counting methodology for determining eligibility for simplified reporting alternatives available to small defined contribution plans ... [3] Additional breakout categories added to Schedule H breakout of 'Administrative Expenses Paid by the Plan.' ... [4] The addition of selected Internal Revenue Code compliance questions[.]"  MORE >>

"[T[he response outlines the following points. [1] The state plaintiffs lack standing: No cognizable injury.... 'Speculative injuries' to a handful of plaintiff states cannot confer standing generally.... [2] The extraordinary remedy of a preliminary injunction is not warranted: No showing of 'irreparable' harm. Haven't shown a 'substantial likelihood' of success on the merits of their arguments ... and a preliminary injunction isn't in the public interest." [Utah v. Su, No. 23-00016, (N.D. Tex. DOL motion in opposition filed Mar. 28, 2023)]  MORE >>

"The [district court] applied a three-step analysis developed by the Tenth Circuit following the Supreme Court's ruling, asking whether the employer plan sponsor was associated with a church, whether the plan was maintained by a principal-purpose organization, and whether the principal-purpose organization was associated with a church.... The court rejected the argument that only the entity with the authority to amend and terminate the plan 'maintains' a plan[.]' [Kaplan v. Saint Peter"s Healthcare System, No. 13-2941 (D.N.J. Feb. 17, 2023)]  MORE >>

"The Seventh Circuit refused to extend the Dudenhoeffer pleading standard to fees cases ... At the pleadings stage, a plaintiff must provide enough facts to show that a prudent alternative action was plausibly available, rather than actually available[.]" [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 23, 2023)]  MORE >>

"Plan sponsors must be vigilant in their plan oversight. But what does that actually mean? [This article lists specific action items] to help the plan sponsor community be in good stead should litigation arrive at their doorstep."  MORE >>

"The DOL is authorized to waive all or part of the civil penalty for a faulty Form 5500 filing if the plan sponsor demonstrates reasonable cause for its failure.... The plan sponsor must establish it exercised all ordinary business care and prudence to meet the annual filing obligations but, nevertheless, was unable to comply with the duty within the prescribed time."  MORE >>

19 pages. "This document contains suggested edits to the explanation required by Internal Revenue Code section 402(f), to reflect changes made to the Code by The SECURE 2.0 Act of 2022... The document uses the most recent safe harbor explanation contained in IRS Notice 2022-62 as a base. Only those changes made by the SECURE 2.0 Act that directly affect language in the safe harbor explanation for 2023 have been included.... [T]his document does not reflect SECURE 2.0 provisions that apply starting in 2024 or later."  MORE >>

"[1] Consolidate retirement savings from prior employers or individual retirement accounts (IRAs) into the current 401(k) plan. [2] Engage an administrator who can manage all plan types ... [3] Prioritize participant-facing tools, including a consolidated website, mobile app, and contact center.... [4] Prioritize participant education so that they understand how the plans work together and to help them achieve their retirement goals."  MORE >>

"The Social Security Board of Trustees [released the 2023 annual report] on the financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2034, one year earlier than projected last year, with 80 percent of benefits payable at that time. The OASI Trust Fund is projected to become depleted in 2033, one year sooner than last year's estimate, with 77 percent of benefits payable at that time."  MORE >>

17 pages. "[T]he physical presence requirement should be retained, and the protections applicable to it should be further strengthened. However, if the agency decides to permit remote witnessing, safeguards far beyond what have been proposed are needed to adequately protect spousal rights to survivor benefits."  MORE >>

"Connect the dots between your company's health care and wealth programs to get employees' workplace benefits and savings in sync. Generate interest in your company's HSA-eligible consumer-driven health plan, life insurance and retirement savings programs ahead of open enrollment season. Increase utilization of employer-sponsored financial wellness coaching, college savings and short-term loans programs."  MORE >>

"The Hospital Insurance (HI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2031, 3 years later than reported last yea ... The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, 1 year earlier than reported last year.... If the OASI Trust Fund and the DI Trust Fund projections are added together, the resulting projected fund (designated OASDI) would be able to pay 100 percent of total scheduled benefits until 2034, 1 year earlier than reported last year."  MORE >>