"[1] Long-term, part-time worker eligibility ... [2] Multiple-employer plans (MEPs) ... [3] Investment in collective investment trusts (CITs) ... [4] Hardship withdrawal conforming changes ... [O]ther SECURE 2.0 provisions [that] apply to 403(b) and other DC plans."  MORE >>

"Procedural Notice 5000-846607 amends the SBA’s Standard Operating Procedure Summary (“SOP Summary”) to remove the requirement of an “equity injection of at least 10 percent of total project costs” applicable to loans to ESOPs for the purpose of purchasing a controlling interest of an employer. This change is effective May 11, 2023."  MORE >>

"[T]he IRS issued Notice 2023-43 to provide interim guidance on the [SECURE 2.0] expansion of EPCRS.... The expanded program is not limited to failures that occurred on or after the Act was adopted; failures that occurred before December 29, 2022, may also be self-corrected under the expanded EPCRS."  MORE >>

"The Minnesota Secure Choice retirement program requires participation by employers that employ five or more covered employees and do not sponsor their own retirement plans.  ... [O]peration of the program [will begin] no earlier than January 1, 2025. Covered employers will be required to enroll covered employees, withhold contributions from payroll (unless an employee has elected not to contribute), remit payroll contributions to the program, and provide program information to employees."  MORE >>

"The plan expelled the employer because it was transferring work to non-union workers. The plan assessed the employer over $58 million in withdrawal liability ... The court relied on the dictionary definition and common usage to conclude that the term 'withdrawal' presupposes a voluntary act by the employer ... In reaching its decision, the court parted ways with other decisions in which district courts held that 'voluntariness' has no bearing on whether an employer is deemed to have effected a 'withdrawal.' " [Central States v. Wingra, No. 21-3684 (N.D. Ill. Jan. 17, 2023)]  MORE >>

"[Several] recent decisions ... have dismissed suits for what were deemed conclusory claims that fees were excessive relative only to plans alleged to be comparable based solely on size (participants and/or assets). What seems to have made the difference [in this case] was the (not terribly more substantive claim) that the services provided for those fees were identical, a fungible commodity." [Mazza v. Pactiv Evergreen Services Inc., No. 22-05052 (N.D. Ill. May 18, 2023)]  MORE >>

"The answer is generally yes, but different conditions must be satisfied depending on whether the intern job classification results in an indirect service requirement."  MORE >>

"LIMRA analysts found that single premium buy-out assets reached $239.5 billion in this year's first quarter, up from 25% from the prior year. In addition, despite the lack of new sales, single premium buy-in assets were $5.9 billion, down 8% from Q1 2022."  MORE >>

"Only 30% of Gen Z investors learned about investing from a financial professional, falling behind information gleaned from social media (48%), internet search (47%) and family (45%) ... [W]hen asked to identify their most trusted sources for financial information, Gen Z investors placed financial professionals second at 24%. Parents and family were considered most trusted, at 27% of participants."  MORE >>

"The source of funds in a clawback for current employees is straightforward: Future pay provides a ready source.... For former officers who have left the company, ... most companies should consider whether a mandatory deferral program makes sense.... Despite the challenges, a program of mandatory deferrals may eliminate the need for a hierarchy of clawback sources within a company's clawback policy."  MORE >>