"Although the majority of non-governmental plans already permit Roth contributions, there is no precedent for this new requirement and a great deal of confusion about plan sponsor options for compliance. Some plan sponsors, in fact, are considering whether to eliminate catch-up contributions in order to avoid the new complexity, though that may not be popular with participants. Who exactly is covered, and will special elections be required? How will this new requirement interact with existing rules?"  MORE >>

"Notice 2023-43 provides initial guidance, in question and answer format, regarding what qualification failures can be self-corrected now.... The IRS requests comments on the Notice, particularly those related to: [1] additional correction methods required to be used to correct these failures and general principles of correction if no correction method is specified; and [2] common IRA failures, suggested correction methods, and the expansion of EPCRS to IRA custodians and owners."  MORE >>

"Once a failure is identified by the IRS, the plan sponsor may not self-correct unless it can show there was a pre-examination commitment to self-correct the failure. Insignificant failures, however, may be self-corrected regardless of whether the plan sponsor is under examination or the failure is discovered during the examination.... Notice 2023-43 provides that a reasonable period generally means by the last day of the 18th month after the failure is identified by the plan sponsor."  MORE >>

"The withdrawal of the appeal suggests that the DOL has conceded that its fiduciary interpretation about fiduciary status resulting from the connection of plans and IRAs will likely not withstand scrutiny from the courts. As a result, some advisors may decide to make rollover recommendations without complying with the conditions in the PTE. However, the considerations are complex."  MORE >>

"An employee salary deferral becomes a catch-up contribution when it exceeds the lowest of a legal limit, a plan-imposed limit or the ADP limit."  MORE >>

33 presentation slides. "The State of the Workplace Financial Benefits Study explores the role and value of workplace benefits, including equity compensation, financial wellness, and retirement preparation. This report assesses how both HR leaders and employees view their organization's financial benefits."  MORE >>

"[T]here is a wide disparity in both the type of fee and the fee levels charged by different PEP providers. ... [It] is essential to understand all fees and reasons for any disparities to be able to accurately compare providers.... [F]actors include but are not limited to, the level of services offered, the size of the plan, the investment options offered, the level of fiduciary responsibility assumed, and the regulatory environment."  MORE >>

"[The authors] propose a target-date version of the recently developed Registered Index-Linked Annuities [and] suggest that these 'TD-RILAs' provide a more cost-effective and more transparent way to attain a diversified equity exposure, the level of which decreases over time.... [They] conclude that TD-RILAs would be a suitable addition to QRPs and may even rival target-date funds as Qualified Default Investment Alternatives."  MORE >>

"The Advisor Group, a network of independent wealth management firms, sent out notice of a 2021 data breach that occurred at vendor R.R. Donnelley & Sons Co., putting users' personal information, including Social Security numbers, at risk. The organization alerted individuals of the security incident in a letter, dated May 8, on behalf of member organizations FSC Securities, Royal Alliance, SagePoint Financial and Woodbury Financial."  MORE >>

"[This study] focused on the levels of benefits provided by four-year institutions to faculty.... Separate analyses were conducted for retirement benefits, health benefits, and total benefits ... Overall, the study documents how faculty benefits have changed over time, and whether benefits in dollar and percentage terms were related to selected characteristics of the faculty and the institutions where they work."  MORE >>