"[U]nder the new rule, the absolute earliest that an LTPTE could accrue three consecutive 12 month eligibility periods with at least 500 hours of service would be December 31, 2023 which would then trigger an initial participation date of no earlier than January 1, 2024.... [It] is critical for plan sponsors to begin collecting and analyzing the relevant payroll and employment data from 2021 and 2022 now in order to be prepared for this significant change to the eligibility rules in 2024."  MORE >>

"A recent federal court decision ... shows that fiduciaries of ERISA retirement plans may be able to attack and defeat complaints alleging breaches of ERISA fiduciary duties at the pleading stage if the right arguments are made and if certain fact patterns are present." [Jones v. Dish Network Corp., No. 22-0167 (D. Colo. Mar. 27, 2023)]  MORE >>

"Roth contributions or conversions are taxable in the year contributed or converted.... Each Roth conversion has a separate five-year tracking period to be a qualified distribution, so this may prove a challenge when record-keeping the amounts.... After-tax contributions to a qualified plan like a 401(k) are subject to the ACP nondiscrimination test (even in a safe harbor plan)."  MORE >>

"Reliable and accurate participant data that will not need to be scrutinized later gives the insurer the confidence to provide a reliable price upfront. It also ensures that the participant is receiving communication, better understands the upcoming changes, and will receive future communications from the insurance company."  MORE >>

"[Participants] want greater customization; and they are worried about making their retirement savings last.... [P]articipants and plan fiduciaries are solving for the greater customization demand through advisor managed account (AMA) services.... SECURE 2.0 Act provides additional tools to reach out to recent college graduates to help with their student loan repayments or your employees who have never built up a short-term emergency fund."  MORE >>

"An aging workforce, Generation Z, the growing demand for personalized investment advice, and financial wellness were four areas cited as some of the top disruptors of the retirement industry in a recent survey. Each area is viewed as a priority in the next 5-7 years to help address the widening retirement gap that is approaching $4 trillion in the U.S."  MORE >>

"While the tax savings acts as the hook, it's clear the goal is amassing enough assets to fund a comfortable lifestyle once employees hang up their cleats. More than a hook, however, tax savings introduces the opportunity to create opportunistic financial approaches."  MORE >>

36 pages. "Due to changes in the retirement landscape in recent decades, Late Boomers (who are now nearing retirement) would be expected to have less wealth from traditional pensions, Social Security, and housing, but higher 401(k)/IRA assets compared to Mid Boomers at the same age. Strikingly, though, Late Boomers have seen a drop in their 401(k)/IRA assets. The questions are why is their 401(k)/IRA wealth lower and what do the patterns mean for younger cohorts."  MORE >>

"[The Plan], based in Cleveland, Ohio, covers 1,461 participants in the transportation industry.... The plan was projected to run out of money in 2026."  MORE >>

"[The Plan], based in Nashville, Tennessee, covers 8,434 participants in the manufacturing industry. On September 1, 2017, the [Plan] implemented a benefit suspension under [MPRA] and was partitioned into two plans.... PBGC's approval of the SFA application rescinds the partition and enables the plan to restore all benefits suspended under the terms of MPRA and to make payments to retirees to cover prior benefit suspensions."  MORE >>

"[R]evised family attribution rules under [SECURE 2.0], effective for plan years after December 31, 2023, will permit businesses owned separately by spouses to provide benefits to their respective employees without necessarily having to count the employees of the other spouse.... [F]amily-owned entities ... should understand how the Act may alter the employee populations counted for qualified retirement plans and also for identifying Applicable Large Employer status under the health insurance mandate of the [ACA]."  MORE >>

"The SEC indicated ... that it expects to take longer than the initial 45 days contemplated by the proposed NYSE/Nasdaq clawback listing standards and expects to instead take up to the full 90 days (or longer) to approve the standards. The outside date of this 90-day review period (barring another SEC extension) will be June 11, and the SEC has stated that it will decide on the current proposals by that date (absent further extension)."  MORE >>