"If you are required to submit [Schedule SB] for a plan that uses the annuity substitution rule provided in Section 1.430(d)-1(f)(4)(iii)(B) to determine the funding target instead of assuming benefits are paid in the form assumed for valuation purposes, you may assume benefits are paid as an annuity (i.e., you may report the projected benefits that are used to determine the funding target)."  MORE >>

"While these provisions do not necessarily represent a major departure from current law or DOL position, they do provide some additional emphasis on the fiduciary review process for proxy voting and shareholder rights. As such, unlike the rest of the DOL Rule which became effective in January 2023, the DOL extended the effective date for the proxy rules until December 1, 2023 to allow both managers and plan sponsor fiduciaries to assess the contractual provisions currently in place regarding proxy voting."  MORE >>

"Historically, the RMD rules have presented significant impediments to the use of retirement annuities ... While some technical guidance is still needed, these changes from SECURE 2.0 clearly reflect congressional intent to dissolve these technical barriers where possible, and therefore encourage the use of annuities in defined contribution plans and IRAs[.]"  MORE >>

"HB 3 is one of the strictest and most restrictive anti-ESG laws adopted to date, imposing significant new compliance obligations that are distinct from those required by ERISA and other state laws.... [T]he Florida legislation includes some novel provisions that will require asset managers' special attention. "  MORE >>

"The Third Circuit ruled that the employee did not raise any arguments to refute the conclusion that the employer was a political subdivision exempt from ERISA. The court noted that the employer was 'allocated within the Department of Transportation, [and] constituted as an instrumentality of the State exercising public and essential governmental functions.' " [Pue v. New Jersey Transit Corp., No. 22-2616 (3d Cir. Apr. 13, 2023)]  MORE >>

"Where the 'excessive fee' litigation cases alleged that plan sponsors' processes were deficient due to a lack of benchmarking to find lower fee investment options, these latest cases do not even allege any concerns with the plans' selection processes. Essentially, the plaintiffs target plan sponsors responsible for overseeing company retirement plans as having retained the BlackRock TDFs when better performing investments were available and could have been selected."  MORE >>

28 pages. "Retirement savings took a big step backward in 2022, with 56% of workers saying they've fallen behind compared with 43% who said the same in 2021.... 38% think they'll now retire later than planned.... 78% say it's important for employers to offer financial wellness resources.... The average contribution rate is 20% higher for those who opened six or more emails about retirement planning."   MORE >>

"During March, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 99.7% of a plan's total liabilities to 99.3% of those liabilities. ... [T]he estimated retiree PRT cost is now 99.3% of the plans' retiree accumulated benefit obligation. During the same time period, the average annuity purchase cost across all insurers in our index also decreased, from 102.8% to 102.6%."  MORE >>

"Under the old single-benefit Civil Service Retirement System, most employees planned to retire around their 55th birthday ... Under FERS, things are more complicated, because it includes three different benefits that come into play at different ages."  MORE >>

"[PBGC] has approved the application [for special financial assistance] submitted ... by the United Independent Union -- Newspaper Guild of Greater Philadelphia Pension Plan. The plan, based in Philadelphia, Pennsylvania, covers 2,566 participants in the printing industry. The UIU-NPG Pension Plan will receive approximately $296.2 million ... The plan was projected to run out of money in 2025."  MORE >>

"[PBGC] has approved the application [for special financial assistance] submitted ... by the Pension Plan of the Bakery Drivers and Salesmen Local 194 and Industry Pension Fund. The plan, based in North Brunswick, New Jersey, covers 1,155 participants in the transportation industry. The Bakery Drivers Local 194 Plan will receive approximately $110.9 million ... The plan was projected to run out of money in 2024."  MORE >>