"[Notice 2023-54] provides for two areas of relief: ... [1] [T]he RMD regulations, when finalized, will not be effective before January 1, 2024.... [2] For those who already took what they thought was an RMD in 2023 (when they didn't need to due to their age under the SECURE 2.0 law), the Notice says that those individuals can indeed rollover that distribution to another plan or an IRA by September 30, 2023."  MORE >>

"The [PBGC] clarified ... what investments qualify as 'return seeking assets' and 'investment grade fixed income' for pension funds investing money received from the Special Financial Assistance fund.... The PBGC also offered several examples of investments that are not permissible as return-seeking assets, including stocks traded over the counter, stocks traded on foreign exchanges, funds invested in foreign markets, high-yield bonds and alternative investments[.]"  MORE >>

"Many of the key changes for defined contribution plans ... will require advanced planning in light of the time needed to communicate with participants regarding election changes and for recordkeepers to implement changes to the plan's operation or documentation. Plan sponsors should take action now to determine which of [these] January 1, 2024 changes may be applicable to their plans."  MORE >>

"the opinion is noteworthy for delegated fiduciaries -- and the plan sponsors and fiduciaries that engage them -- because the Fourth Circuit declined to hold that a plan service provider that is a fiduciary retains that fiduciary status when cross-selling a new product or service to the plan. Other circuits had held that initial contract negotiation and sales efforts were not fiduciary conduct, but applying those conclusions to an existing fiduciary relationship is novel." [Reetz v. Aon Hewitt Investment Consulting Inc., No. 21-2267 (4th Cir., July 17, 2023)]  MORE >>

"GAO was asked to review [1] the extent of federal agencies' 403(b) plan oversight, [2] actions by selected states that could improve 403(b) participant outcomes, and [3] options stakeholders and experts have identified that could improve outcomes for 403(b) participants.... The analysis of state actions and survey results offer a range of perspectives on improving participant outcomes but are not generalizable.... GAO recommends that DOL update educational materials to contain information relevant to 403(b) plans, including information that could help participants understand plan fees." [GAO-23-105620; pub. Jun. 21, 2023, released Jul. 24, 2023]  MORE >>

22 pages. "401(k) plan participants investing in mutual funds tend to hold lower-cost funds.... The mutual fund expense ratios that 401(k) plan participants incur have declined substantially since 2000, and the downward trend continued for equity, hybrid, and bond mutual funds in 2022 ... Employers and employees generally share the costs of operating 401(k) plans. "  MORE >>

"Managed payout funds are diversified funds that come with a drawdown strategy, giving participants regular payments in retirement. Some funds offer a targeted payout range, while others offer payouts that change over time. The funds also differ in how they treat the principal amount, with some designed to spend down the initial investment to zero and others looking to keep the principal intact, paying out just the investment gains. They typically have time horizons of 25 or 30 years."  MORE >>

"Workplace savers who feel off-track to retire have more than doubled since 2021, reaching a survey record. As volatility increases, 90% of workers demand retirement income Most Gen Z respondents (71%) want help managing their 401(k), and seek advice from employers more than any other generation Baby Boomers are most likely to delay retirement (36%)"  MORE >>

"The lack of pensions and decreasing buying power of Social Security are forcing Gen Xers to cover more of their retirement costs on their own. The right retirement income strategies can help Gen X workers retire comfortably."  MORE >>

"Over the last fifteen or so years, [the Pension Rights Center has] been contacted by thousands of workers, retirees, and beneficiaries who have been concerned by these benefit transfers from ERISA-regulated defined benefit plans to state-law-governed insurance companies. Their concerns cross many issues, from risk of benefit non-payment to the reliability and business practices of unfamiliar new providers, from the nature of state insurance regulation to the loss of ERISA rights. Our own analysis has indicated that these concerns are justified and that the issues they raise require far more independent study and evaluation than they have received to date." [Also available: transcript of oral testimony]  MORE >>