29 pages. "This report provides [1] background on single-employer DB pension funding, [2] a discussion of funding rules under PPA, and [3] provisions since PPA that have provided funding relief or otherwise modified single-employer DB pension funding rules." [R46366 updated May 18, 2023]  MORE >>

"On May 11, 2023, the [DOL] published a fast-tracked proposed individual exemption involving UBS AG and Credit Suisse Group AG (CSAG).... [in] the proposal, DOL issued a 'Department Warning' to plan fiduciaries using UBS- or CSAG-affiliated QPAMs and 'strongly cautioned' them that 'the Department might not extend this one-year exemption following its expiration due to the significant number of convictions and the seriousness of the underlying conduct of the tainted entities that will now reside together within the UBS corporate umbrella following the Merger.' "  MORE >>

"While the ASA decision is the second vacatur issued by a Federal court concerning the DOL's attempts to recraft the definition or interpretation of what it takes to be an 'investment advice' fiduciary, it is also the second Federal case to cast doubts on the DOL's analysis in its 2020 interpretation of the Five-Part Test. Nevertheless, there are indications that the DOL is set to propose yet another regulation to amend the Five Part Test -- perhaps during this year." [American Securities Association v. DOL, No. 22-0330 (M.D. Fla. Feb. 13, 2023; stipulation as to voluntary dismissal filed May 16, 2023; 11th Cir. No. 23-11266)]   MORE >>

"The lawsuit ... claims the divestment decision inserted political beliefs into investment decisions and thus violated the pension plans' core fiduciary responsibility to maximize investment returns at prudent levels of risk for the plan's beneficiaries. The lawsuit says that putting net-zero emissions goals ... ahead of investment goals breaks the fiduciary agreement in favor of political and social interests." [Wong v. NYCERS, TRS and BERS, No. 652297/2023 (New York County, complaint filed May 11, 2023)]  MORE >>

"[O]ne aspect of the transition that is vital to resolve before the closing is what to do with the seller's retirement plan. If that plan is not terminated before the closing, then the buyer ... [will be] taking on the problems in that plan, as well as possibly having to make changes to the buyer's plan to accommodate differences in the seller's plan. Both of these outcomes can be costly and result in more complicated administration."  MORE >>

"Legislators in Missouri and Minnesota passed bills to expand access to retirement savings for private sector employees, and Vermont legislators voted to change its approach."  MORE >>

"This is the first in a series of reports that outline [1] Social Security's financial challenges, [2] criteria for evaluating options for reforming Social Security, and [3] types of proposed reforms. This first report focuses on Social Security's financial challenges." [GAO-23-106667]  MORE >>

"[C]ertain time periods and dates for special enrollment under [HIPAA], COBRA continuation coverage, and internal claims and appeals and external review [were] disregarded when determining the due dates for certain elections and other actions by employee benefit plans subject to ERISA and the Internal Revenue Code during the COVID-19 National Emergency. Retirement plan elections were also impacted by the Disregarded Periods."  MORE >>