26 pages. "This final rule amends PBGC's regulations on benefit payments, allocation of assets, and termination liability to increase transparency of PBGC benefits administration, clarify and simplify language, increase flexibility, codify practices, and harmonize regulatory provisions with statutory provisions."  MORE >>

"[N]ext steps for employers ... who are interested in adding a student loan payment matching contribution to their plan: [1] Evaluate potential participation in program ... [2] Model the potential cost ... [3] Review nondiscrimination testing effect ... [4] Assess impact on current programs ... [5] Assess need for system/procedure changes ... [6] Consider privacy protection ... [7] Amend plan document ... [8] Determine communication strategy."  MORE >>

"Designed to help Americans save for the future, the SECURE 2.0 Act made many changes to employer-sponsored retirement programs. [This] research guides plan sponsors through these provisions, so they can help secure their employees' retirement."  MORE >>

"Section 305 of SECURE 2.0 continued a trend already evident in the evolution of EPCRS. It makes the correction program easier to use by expanding the kinds of failures available for self-correction and eliminating the deadline for correction of significant errors and the requirement to have a favorable IRS determination letter."  MORE >>

"Actual and potential victims have included state and federal government agencies as well as companies across a variety of industries (and their benefit plans) who were using MOVEit or [Retirement Clearinghouse (RCH)], or who engaged with service providers who used these tools.... [P]lan fiduciaries should attempt to understand what happened, whether or not the incident impacted plan participants, and what information was compromised.... The plan's responsibilities and potential avenues for relief depend on a number of factors."  MORE >>

"The recent decisions on the DOL's interpretation of fiduciary status are significant but limited in scope. Fiduciary status for plan-to-IRA rollover recommendations, standing alone, has been vacated. But other important transactions, such as IRA transfers, have not. Also, where an advisor is a fiduciary to a plan or participant, and then recommends a rollover, the DOL will likely take the position that the rollover recommendation is a fiduciary act, necessitating the use of PTE 2020-02. In addition, the SEC's guidance on rollover recommendations by investment advisers and broker-dealers is closely aligned with the DOL's, particularly on the best interest process, and the relevant plan information, needed to engage in a best interest process."  MORE >>

"Gen Xers entered the workforce as pensions were fading and 401(k) plans were 'primitive.' Now they are closest to retirement but feel least ready for it.... [O]nly 17% of Gen Xers feel very confident they will be able to retire with a comfortable lifestyle ... 27% of Millennials feel very confident in their retirement future, as do 23% of Gen Zers and 21% of Baby Boomers."  MORE >>

"Pension discount rates decreased slightly in June, resulting in small liability increases. Equity market returns were strong during the month, with multiple U.S. equities sectors returning double digits. For plans with asset allocations to equities, funded status most likely improved during the month. For most plans, 2023 is shaping up to be a positive year for pension plan funded status."  MORE >>

"Everyone with a workplace plan presumably wants the investment managers overseeing their hard-earned retirement savings to make the best possible decisions, taking all relevant factors into account. A regulation recently issued by the [DOL] under [ERISA] ensures they can, in line with decades of bipartisan practice. Attacks on this common-sense rule are based on a misunderstanding of what it actually does."  MORE >>

"When considering the causes of the system's funded status deterioration over time, there is no better resource than Table 1 of Actuarial Note 2023.8 and not some broad impression.... If we didn't have the significant actuarial losses from the valuation date creep and from economic data and assumptions over the past 40 years, the system would now be in good financial shape and no one would be talking about demographics at this time.... One need look no further than the CPP in Canada for an example of a country with similar demographics but a much healthier funded status."  MORE >>

30 pages; rev. July 2023. "This publication: [1] Provides general information needed to avoid penalties ... for information return documents that are filed or furnished with missing or incorrect taxpayer identification numbers (TINs). [2] Describes the actions that must be taken, or should have been taken, to solicit (request) a TIN. [3] Explains the requirements for establishing reasonable cause."  MORE >>