"Although there are many complications involving the investment of real estate in a qualified plan, that is, it complicates administration, exposes the plan sponsor to additional requirements and risk of government scrutiny, can create prohibited transactions, and can raise qualification issues -- some trustees may still find the investment benefits outweigh the costs."  MORE >>

"For 2023 and annually thereafter, the Exemption also requires an annual retrospective review report of any transactions covered by the Exemption, certified by a senior executive officer of the financial institution providing the investment advice, no later than six months following the end of the relevant annual period. The report and any supporting data are subject to a six-year retention requirement and must be made available to the DOL upon request generally within ten business days of such request."  MORE >>

"The court relied on plaintiff's expert testimony that it is imprudent for fiduciaries to retain an investment that underperforms for twelve consecutive quarters. This is a warning to all plan fiduciaries that the retention of any investment that is underperforming -- even in the short-term -- can be second-guessed and lead to fiduciary liability. Despite five high-profile investment advisors and multiple investment tracking reports, the Court curiously held that there was no evidence that the plan considered the performance of the challenged investment." [Jacobs v. Verizon Communications Inc., No. 16-1082 (S.D.N.Y. Apr. 20, 2023)]  MORE >>

"A third district court has dismissed with prejudice a complaint alleging that defendants breached their fiduciary duties under ERISA by offering 401(k) plan participants the option to invest in BlackRock LifePath Index Target Date Funds.... Although the outcome of the court's ruling here is consistent with earlier decisions, the rationale underlying the Beldock decision arguably goes further than in prior rulings[.]" [Beldock v. Microsoft, No. 22-1082 (W.D. Wash. Apr. 24, 2023)]  MORE >>

"[W]hat if there was an easy way to get people who really don't need Social Security to suspend their Social Security benefits, which would help preserve the program for those who need it most and possibly preserve Social Security as we know it indefinitely? As conversations around these challenges are picking up in the U.S. Senate, this article presents a legislative proposal called the RMD Option Act, which could potentially preserve Social Security indefinitely."  MORE >>

"The 2023-2024 Priority Guidance Plan will identify guidance projects that the Treasury Department and the IRS intend to actively work on as priorities during the period from July 1, 2023, through June 30, 2024."  MORE >>

"Victims of Severe Winter Storms, Straight-line Winds, Flooding, Landslides and Mudslides in California that began on Feb. 21, 2023, now have until Aug. 15, 2023, to file various individual and business tax returns and make tax payments ... [I]ndividuals and households ... that reside or have a business in Modoc County qualify for tax relief."  MORE >>

"Companies should consider conducting a detailed inventory of all plan documents and other written communications that reference pay decisions. Once that is complete, each company can determine what changes are necessary and how the compensation committee, advisors and corporate secretary can prepare for when clawbacks are required."  MORE >>