10 pages. "This notice provides guidance in the form of questions and answers with respect to section 305 ... the SECURE 2.0 ... [which] provides for the expansion of the Employee Plans Compliance Resolution System (EPCRS) ... This notice is intended to assist taxpayers by providing interim guidance in advance of an update to Rev. Proc. 2021-30 ...

"Among other issues addressed, this notice [1] provides that a plan sponsor may self-correct an eligible inadvertent failure ... before Rev. Proc. 2021-30 is updated if certain conditions are satisfied and certain exceptions do not apply, [2] provides that a custodian of an individual retirement account ... or an individual retirement annuity ... may not correct an eligible inadvertent failure under EPCRS before Rev. Proc. 2021-30 is updated, and [3] provides interim interpretive guidance that applies with respect to corrections of eligible inadvertent failures.

"This notice does not address section 301 of the SECURE 2.0 Act, which relates to the recovery of plan overpayments, or section 350 of the SECURE 2.0 Act, which relates to correcting automatic contribution errors in a plan described in section 401(a), 403(b), 408, or 457(b) of the Code. This notice also does not address any elements of section 305 of the SECURE 2.0 Act over which the [DOL] has authority."  MORE >>

"Beginning June 1, 2023, the IRS is expanding the determination letter program to include certain 403(b) plans.... [T]axpayers who are required to file at least 10 returns of any type during the calendar year must file electronically. Generally, the final regulation applies after 2023."  MORE >>

15 pages. "While certain elements of SECURE 2.0 build on provisions of other recent retirement reform, many provisions are novel, expansive, complex and, often, optional. Accordingly, employers, plan sponsors and administrators should consult with their ERISA counsel and familiarize themselves with SECURE 2.0, to decide which provisions it may adopt and, where applicable, to ensure a smooth and informed transition towards expanded retirement plan eligibility, flexibility and participation enhancement."  MORE >>

"Congressional leaders wrote an open letter to Secretary of the Treasury Janet Yellen and IRS Commissioner Daniel Werfel clarifying what Congress intended with certain provisions of the SECURE 2.0 Act of 2022. In the letter, a bipartisan group of Senate and House members said they intend to correct those technical errors, but they did not spell out a timetable."  MORE >>

"[I]ndependent fiduciaries are needed when the plan sponsor may need to transfer plan decision making to an outside party to avoid being viewed as entering a conflicted, prohibited transaction under ERISA. This article will describe what an independent fiduciary is, the types of services it provides and examples of transactions where one may be needed. It will also discuss the [DOL's] recently proposed changes to the regulations for prohibited transaction exemptions (PTEs), which may make using an independent fiduciary more attractive."  MORE >>

"[T]he House Financial Services Committee approved an amended version of the Retirement Fairness for Charities and Educational Institutions Act (HR 3063) ... The bill ... would amend the Exchange Act to allow 403(b) retirement plans to invest in unregistered insurance contracts and CITs that currently may be invested in by comparable retirement plans, such as 401(k) plans."  MORE >>

"Following the cascade of economic effects from the COVID-19 pandemic and amidst continuing market volatility, retirement readiness for Millennials' -- individuals age 27 to 42 -- declined to 72 in 2023 from 82 in 2020, the greatest decline for a generational cohort ... Baby Boomers', ages 59 to 77, retirement readiness scores stayed flat at 87 in 2023; and Gen X workers', ages 43 to 58, readiness scores dropped to 79 in 2023 from 80 in [2020.]"  MORE >>

"[The DOL's] issuance of regulations on considering ESG factors, in addition to satisfying ERISA's duty of loyalty to act for the exclusive benefit of plan participants, has put plan fiduciaries in a difficult position. An examination of ERISA's foundations and historical perspective is now more important than ever."  MORE >>

"The language in the Contractor's collective bargaining agreement with the union required the Contractor to assure that contributions for the Sub's employees be paid, but the language in the subcontractor agreement between the Contractor and Sub did not require the Sub to pay such contributions. The fringe benefit funds included pension/retirement and welfare funds." [Trustees of the Operating Engineers' Local 324 Pension Fund, v. Tri-City Groundbreakers, Inc., and Edw. C. Levy Co., No. 21-11080(E.D. Mich. Feb., 2023)]  MORE >>

"Flexible work hours were called out by 34% of employees and 40% of employers as a top benefit for remote workers. ... 26% of employees and 34% of employers named [work-provided equipment] a top remote-work benefit.... 17% of employees and 20% of employers named a home office stipend as a valuable perk for remote workers."  MORE >>

"Generative AI has the potential to transform the benefits communications landscape in a number of ways.... [1] Simplifying the complex and cumbersome ... [2] Creating content ... [3] Improving customer service ... [4] Generating ideas and brainstorming ... [5] Creating images."  MORE >>

"[T]he NYSE and Nasdaq have issued proposed listing standards related to the recovery of erroneously awarded executive compensation, commonly referred to as the 'clawback' rules. The proposed listing standards closely follow the SEC's Rule 10D-1 issued under the Securities Exchange Act of 1934 (the 'Exchange Act') in October 2022."  MORE >>