"[R]etirement plan sponsors may rely on the interim guidance in [Notice 2023-43] to self-correct eligible inadvertent failures until EPCRS is updated pursuant to [SECURE 2.0].... [T]he Notice states that IRA custodians may not correct any eligible inadvertent failures under EPCRS before it is updated.... [T]he Notice confirms Section 305's elimination of the EPCRS rule that prohibited self-correction of 'significant' optional failures that first occurred more than three years before the year of correction."  MORE >>

"Notice 2023-43 provides clarification that certain Eligible Inadvertent Failures remain ineligible for self-correction under the interim guidance of Notice 2023-43, including but not limited to: [1] A failure to initially adopt a written plan; [2] A significant failure in a terminated plan; and [3] An operational failure that is corrected by a plan amendment that conforms the terms of the plan to the plan's prior operations in a manner that is less favorable for a participant or beneficiary than the original terms of the plan."  MORE >>

"This article summarizes state and city retirement initiatives for private-sector workers ... The latest update includes information about a recently enacted auto-enrollment program in Minnesota and a bill passed by Vermont's legislature to replace a never-implemented voluntary multiple-employer plan with a payroll-deduction program."  MORE >>

"The bill would create a Board of Trustees of the Nevada Employee Savings Trust and prescribe its membership, powers, duties, and limitations of the board. It also would create the Nevada Employee Savings Trust Administrative Fund and says that the money in the Fund would solely be used to pay the administrative costs and expenses of the board and the program."  MORE >>

"This requirement of annual RMDs when an account owner dies on or after the RBD stems from a rule sometimes called the 'at least as rapidly' (ALAR) rule. While the ALAR rule does not require the same amount that was taken by the IRA owner to also be taken by the beneficiary, it does require that the process of taking RMDs continue. This is a key point. ALAR is not a function of amount, it is a function of frequency."  MORE >>

"Starting in June 2022, the plan rolled out several new features ... However, within the first month of implementation, participants voiced complaints about the updates, stating there were problems logging into accounts and making transactions, as well as long waits for customer service." [Bridges v. Accenture Federal Services, No. 23-1568 (D.D.C. complaint filed Jun. 1, 2023)]  MORE >>

"The need for plans to address these fiduciary prudence and cost-inefficiency issues has become even more important in light of a recent amicus brief filed by the DOL addressing the issue of which party has the burden of proof with regard to the issue of causation of damages in 401(k)/403(b) litigation. While there is a split within the federal courts on this issue, the DOL's brief provides a persuasive argument that the burden of proof belongs to plan sponsors, not plan participants." [Pizarro v. Home Depot, Inc., No. 22-13643 (11th cir. amicus brief filed Feb. 10, 2023]  MORE >>

"Higher interest rates gave pension finances a boost in May. Both model plans ... gained ground last month: our traditional Plan A gained 2% last month and is now up 4% for the year, while the more conservative Plan B edged up fractionally during May and is up almost 1% through the first five months of 2023."  MORE >>

37 pages. "This case concerns the scope of ERISA's prohibition on transactions between the plan and a 'party in interest,' which the statute defines to include service providers. The interpretation advanced by Appellants, joined by the Secretary, would treat common and necessary arms'-length transactions between the plan and service providers who lack any preexisting relationship to the plan as prima facie unlawful. This interpretation would make non-fiduciary service providers sitting ducks for ERISA class actions[.]" [Markham v. VALIC, No. 22-20540 (5th Cir, amicus brief filed Apr. 26, 2023)]  MORE >>

"[T]he 216th open meeting of the [ERISA Advisory Council] will be held on July 17-19, 2023 ... [in] Washington, DC ... The meeting will also be accessible via teleconference and some participants, as well as members of the public, may elect to attend virtually.... On July 17 and July 19, the purpose of the open meeting is for Advisory Council members to hear testimony from invited witnesses on ... [1] Long-Term Disability Benefits and Mental Health Disparity, and [2] Recordkeeping in the Electronic Age.... On July 18, the purpose of the open meeting is for the [DOL] to consult with the Advisory Council on section 2509.95-1 of title 29, Code of Federal Regulations (relating to the fiduciary standards under [ERISA] when selecting an annuity provider for a defined benefit pension plan), as required by Section 321 of the SECURE 2.0 Act[.]"  MORE >>