"[T]his individual exemption is necessary to preserve the ability of the QPAMs to engage in the transactions permitted by PTE 84-14, which would be lost due solely to the impending merger of UBS and Credit Suisse (and not because of a new conviction for either UBS or Credit Suisse or their affiliates). If granted, the exemption will be for one year."  MORE >>

"[403(b)] plans have evolved, through regulations, to be more like their 401(k) plan cousin. [This] accelerated with ... SECURE Act 2.0 ... Hardship withdrawals ... Long-term part-time employees ... Collective investment trusts ... [O]ptional changes include employer matching contributions on student loan payments, emergency savings accounts and distributions, increased limitations on catch-up contributions and Roth catch-up contributions on behalf of highly [compensated] individuals. Required changes to new 403(b) and 401(k) plans are the inclusion of automatic enrollment and escalation features[.]"  MORE >>

"Eliminates the variable-rate premium (VRP) indexing ... Requires additional information for Defined benefit annual funding notices ... Requires a significant increase in lump sum window disclosures ... Extends the deadline for adopting amendment increasing benefit accruals ... Extends window for 420 transfers ... Requires participant election to receive electronic delivery of participant statements."  MORE >>

"[T]erminating a target's 401(k) plan prior to closing (which is typical in scenarios where the buyer will be covering the target's employees with the buyer's 401(k) plan postclosing) is often the preferred approach for several reasons ... Due to the administrative challenges ... with postclosing transitions, some buyers opt to maintain the target's 401(k) plan for a period following closing and later merge that plan into the buyer's plan."  MORE >>

"PRT is often the right financial decision for employers, especially those who want to reduce volatility by decreasing PBGC premiums, managing risk and planning for the plan's fate. Transferring risk can benefit your company and set the stage for a financially secure future."  MORE >>

"The court found that defendants breached the duty to follow plan documents, the ERISA fiduciary duties of care and loyalty, and that there was harm to the plan. Sherrod acted at her own direction and not at the discretion of the Administrator by unilaterally withdrawing funds from the plan." [Su v. Johnson, No. 22-2204 (7th Cir. May 10, 2023)]  MORE >>

"The annual Social Security cost of living adjustment (COLA) will be 'significantly lower' in 2024, one year after ringing in at 8.7% -- the highest adjustment in four decades. Driven by the declining inflation rate, estimates point to a 3.1% COLA, according to the Senior Citizens League."  MORE >>

"The Railroad Retirement Board (RRB) administers retirement, survivor, disability, unemployment, and sickness benefits for railroad workers and their families under the provisions of the Railroad Retirement Act (RRA) and the Railroad Unemployment Insurance Act (RUIA). Work for railroads engaged in interstate commerce, railroad associations, and railroad labor organizations is covered by the railroad benefits system instead of Social Security or the federal-state unemployment compensation system." [IF10481 May 11, 2023]  MORE >>

"[C]reative collaboration between mutual fund companies and insurance companies is generating new products that could easily prove to be category killers: guaranteed income products. These new products will usher in a fourth era of retirement plan design. The full brunt of these creative forces will be brought to bear on retirement plan fiduciaries, who will be forced to evaluate and sign off on guaranteed income products, a skill historically outside of their core competency. As in any evolutionary process, there will be winners and losers. Plan fiduciaries must adapt. The stakes are high."  MORE >>

"[N]either the DOL nor ERISA defines steps for determining the reasonableness of vendors' fees.... Years spent interpreting ERISA's vague vendor monitoring principle to employers have led to the formulation of five proven compliance action steps. [1] Read the vendor's disclosures.... [2] Verify that vendors adhere to their contracts.... [3] Establish key performance indicators.... [4] At least annually assess and confirm vendors' compensation for reasonableness.... [5] Factor the broad view into vendor management."  MORE >>