"While the rules expanding participation to long-term part-time employees do not affect participation until 2024, they do require current action. Because the requirement looks at service completed in prior years, employers should already be tracking employee hours in accordance with both acts.... An illustration of these tracking requirements is [in this article], ordered by the year an employee started working."  MORE >>

"For plan years beginning on or after January 1, 2023, (Form 5500 generally due in 2024), the determination of participant count will be based only on those participants with account balances at the beginning of the year. You will no longer need to include eligible individuals who aren't participating or receiving contributions."  MORE >>

"[A] plan sponsor reserves the right to change or terminate the plan, and discontinue contributions, but if this happens within a few years after plan establishment, the plan sponsor must document as evidence a valid business reason for terminating the plan. Without documentation of the business necessity, upon examination the IRS will presume the plan was not intended to be a permanent program from its inception."  MORE >>

"The ruling Tuesday by U.S. District Judge J. Paul Oetken reversed his November 2020 decision that allowed the broad class-action complaint, which would have covered nearly 1 million loan transactions, according to court records.... The judge rejected the plaintiff's request to file class-action applications affecting certain subgroups among the 8,000 plans, noting that she had five years to do so." [Haley v. TIAA, No. 17-0855 (S.D.N.Y. Jun. 27, 2023)]  MORE >>

"Although the letter [from Congressional leaders to the Treasury Secretary] indicates that Congress intends to correct these technical errors and ambiguities in the legislation ... [it] does not address the timetable for doing so. In addition, the letter does not address potential extended deadlines for complying with certain changes or clarify other issues that are the focus of many employer questions."  MORE >>

"Even though self-certification will not require employers to undertake the burden of financially investigating the request, it does leave several questions and concerns.... [For example, if] the employer knows (or reasonably should know) that an employee is being less than completely honest about his or her financial situation, the sponsor cannot rely on the self-certification. An example of this might be a request to cover medical expenses that the employer knows are covered by the company-provided medical plan. There is no guidance to tell us what an auditor (governmental or CPA) will require or accept in these circumstances."  MORE >>

32 pages. "Adding guaranteed lifetime income combined with a more aggressive asset allocation generates 29% more annual spending ability from one's retirement savings (excluding Social Security) and reduces downside risk by 33% when compared to a standard retirement portfolio of 60% fixed income and 40% equities.... Incorporating Social Security benefits into [the] model ... underscores the power of delaying retirement and the claiming of Social Security benefits."  MORE >>

"Plan sponsors are increasingly integrating environmental, social, and governance (ESG) frameworks as practitioners identify better ways to generate high-quality quantitative and qualitative ESG information. [This article provides] insights on the diverse datasets and research that can support ESG integration into investment decision making and support investment product assessment via an ESG lens."  MORE >>

"A spot ETF has been a feature some Bitcoiners have longed for as it will be easier for players that have been reluctant to participate in the Bitcoin market to join such as corporations and retirement plans. While ETFs are regulated and are better than investing in paper bitcoin from an unregulated exchange, holding bitcoin through an ETF leaves its participants exposed to all the risks associated with third parties."  MORE >>

"[PBGC] has approved the application submitted to the [SFA] Program by the National Integrated Group Pension Plan. The plan, based in Scranton, Pennsylvania, covers 48,254 participants in the manufacturing industry. The National Integrated Group Plan will receive approximately $887.1 million in special financial assistance ... The plan was projected to run out of money in 2034."  MORE >>

"Private equity has recently started employing ESOPs in their leveraged buyout transactions. It looks like strange bedfellows since they serve opposing interests. It’s touted by private equity and is being hailed by some in the ESOP arena as a great potential expansion of true employee ownership. But is it really?"  MORE >>