"This exemption allows the UBS QPAMs, CS Affiliated QPAMs, and the CS Related QPAMs to continue to rely on PTE 84-14 as of the closing date of the Merger, if certain conditions are met. This 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 solely due to the impending merger of UBS and Credit Suisse ... This exemption will be effective for one year beginning on the closing date of the Merger."  MORE >>

Rev. May 2023. "The form and the instructions have been updated to include 403(b) plans."  MORE >>

Rev. May 2023. "The form and the instructions have been updated to include individually designed 403(b) plans."  MORE >>

Rev. May 2023. "The form and instructions have been updated so that Form 5316 can be completed on Pay.gov as of June 1, 2023."  MORE >>

"[Notice 2023-43] authorizes the use of the Section 305 changes immediately.... Further, the Notice authorizes the more lenient correction process to be used for failures that occurred before SECURE 2.0 was enacted.... [T]he Notice provides guidance on self-correcting loan failures that is more expansive than what was available under EPCRS, and authorizes self-correction of failures, such as coverage failures, that previously could not be self-corrected."  MORE >>

"This [article] explores opportunities to increase retirement savings through new 'matching' contribution features, including optional matching contributions for student loan payments, contributions to an in-plan emergency savings account, as well as a 'saver's' matching contribution."  MORE >>

"A critical goal for DOL has been to extend ERISA fiduciary rules to advice with respect to IRA rollovers. They have been frustrated in this project by the courts.... In the preamble to PTE 2020-02, DOL had sought to consider post-rollover IRA advice in applying the 'regular basis' element of the five-part test ... The court found ... that this interpretation conflicted with the regulation's requirement that the advice be 'to the plan' (and not to an IRA-holder)."  MORE >>

"Instead of what it described as an 'extra-textual' limitation on class certification, the D.C. Circuit held that the existing requirements of Rule 23 (and a district court's discretion to alter proposed class definitions) should be used to prevent certification of fail-safe classes.... [T]he D.C. Circuit was faced with an ERISA class action, in which the plaintiff sought to certify a proposed class of current or former employees of the defendant (or their beneficiaries) who had 'been denied vested rights' to retirement benefits." [In re White, No. 22-8001 (D.C. Cir. Apr. 4, 2023)]  MORE >>

"Traditional Safe Harbor contributions must vest immediately, but QACA allows you to vest up to two years. Pairing the right Safe Harbor design to your goals can significantly lower costs and improve results. Secure Act tax credits may cover up to 100% of employer costs and greatly subsidize Safe Harbor contributions"  MORE >>

An unofficial monthly report of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

"[M]ost defined contribution plan sponsors will use forfeitures to pay for administrative expenses or offset employer contributions. But if the forfeitures in any year are more than is required for administrative expenses or existing required employer contributions, the proposal is effectively requiring additional benefits. While that may be a noble public policy goal, and many employers will be comfortable providing additional benefits, there is nothing in the Code that imposes such a requirement. "  MORE >>

"Stock options, restricted stock units, and employee stock purchase plans come with a confusing jumble of acronyms, initialisms, and jargon. Learning these abbreviations is a good way to become familiar with some of the key features and details of stock compensation -- and given how long and cumbersome some of the underlying terms are, you'll soon learn to appreciate their brevity."  MORE >>