Rev. June 2023. "What's New: The form and instructions have been updated to be completed on Pay.gov as of July 1, 2023.... The form and the instructions have undergone major revisions in the format and information required."  MORE >>

"[Notice 2023-43], which is in the form of questions and answers, covers: [1] Conditions for self-correction; [2] Eligible inadvertent failures that may not be self-corrected at this time; [3] Conditions that will not apply under the interim guidance ... Plan sponsors may rely on this guidance in determining whether self-correction is allowed until IRS updates [Rev. Proc. 2021-30]."  MORE >>

"[One] provision the senators highlight as a priority for the [DOL] is allowing employers to offer pension-linked emergency savings accounts to non-highly compensated employees.... The senators also asked the DOL to focus on requiring defined benefit plans to include more information on plan assets, liabilities and funding status in their annual funding notices.... The lawmakers also directed the DOL and Treasury Department to amend regulations so that defined contribution plans can consolidate certain required notices."  MORE >>

"Total savings rate for the first quarter -- which reflects a combination of employer and employee 401(k) contributions -- improved to 14% (compared to 13.7% in Q4 2022 and 13.8% in Q3 2022... [T]he average 401(k) employer contribution, which includes profit sharing and matching contributions, reached a record 4.8% in Q1[.]"  MORE >>

"The aggregate funded ratio for U.S. corporate pension plans increased by an estimated 0.8 percentage points in May and ended the month at 99.8% ... The monthly change in funded ratio resulted from a 2.9% decrease in liability value partially offset by a 2.0% decrease in asset value. The aggregate funded ratio is estimated to have increased by 2.3% and 2.4% year-to-date and over the trailing twelve months, respectively."  MORE >>

"Encouraging executive officers to reduce errors requiring restatements, the new rule targets compensation awarded to executive officers as a result of erroneously reported financial information that is received in the three-year period preceding the date when an issuer is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under securities laws."  MORE >>

"While the SEC may further postpone this deadline, listed issuers would be advised to prepare their boards now to approve compliant clawback policies by August 8, 2023, ... assuming that the SEC approves the listing standards by June 9, 2023[.]"  MORE >>