"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"  MORE >>

"Notice 2023-54 ... announced that the Department of the Treasury and the IRS intend to issue final regulations related to RMDs under section 401(a)(9) which will apply no earlier than the 2024 distribution calendar year. The notice also provides guidance related to certain provisions of 401(a)(9) that apply for 2021, 2022 and 2023 as well as rollover relief for plan and IRA distributions made in the first half of 2023, that would have been RMDs, if not for changes made in SECURE 2.0."  MORE >>

"[Notice 2023-54] is silent on whether plans need to inform affected participants about the extended rollover deadline for mischaracterized distributions. However, affected participants might not have any other way to find out about this opportunity."  MORE >>

"All plans must operate in compliance with the mandatory changes from the date they become effective. Therefore, employers should work closely with recordkeepers, consultants, and legal counsel to ensure timely operational compliance with the SECURE 2.0 changes and to fully inform plan participants regarding such changes."  MORE >>

"Under the expanded program, 403(b) plan sponsors can file for a determination letter on initial qualification and plan termination. Since 403(b) plans were previously ineligible to file for determination letters, all existing 403(b) plans will now be eligible to file for a determination letter on initial qualification. To accommodate the expanded determination letter program and unique characteristics of 403(b) plans, the IRS recently issued updated determination letter application Forms 5300 and 5310."  MORE >>

"It's important to understand exactly what type of IRA you own, as different types of IRAs have different rules. ... If you inherited a traditional IRA this year and the account owner was older than 72, it's likely they were obliged to take annual ... required minimum distributions (RMDs).... If the RMD was not taken during the year, the beneficiary is required to satisfy that distribution.... You may be subject to different payout requirements depending on your relationship with the original account owner.... it's crucial to name your own beneficiary on the account."  MORE >>

19 pages. "Congressional pensions, like those of other federal employees, are financed through a combination of employee and employer contributions.... Members of Congress are eligible for a pension at the age of 62 if they have completed at least 5 years of service. Members are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on length of service (as measured in months) and the average of the highest three years of salary." [RL30631 updated Jul. 25, 2023]  MORE >>

"On average, public retirement plans whose members are ineligible for Social Security offer higher COLAs (2.5%) than plans that allow members to participate in Social Security (1.8%).... As inflation increases, members not participating in Social Security who receive a typical COLA or no COLA will lose net purchasing power and likely fall behind public sector employees who participate in Social Security. These plans may find retirees struggling to keep up with rising costs, especially during years of high inflation[.]"  MORE >>

"As a starting point, Table 1 shows what the COLA for 2024 would be if the CPI-W remained at its June level for the next three months -- a very unlikely event. More reasonable options have the CPI-W increasing by an average of 0.2 percentage points, 0.4 percentage points, and 0.6 percentage points, respectively, in July, August, and September. This exercise suggests a 2024 COLA between 3.0 percent and 3.8 percent."  MORE >>

"Tech-focused insurance brokerage and retirement advisory firm Newfront held ... a hackathon to incorporate artificial intelligence into client-facing products and services ... The results contributed to an AI-driven workplace benefits chatbot ... [R]etirement plan services and inquiries are part of the offering and are on track for further development.... In late June, a firm representative [showed] the Congressional AI Caucus in Washington ... how the firm's benefits bot answers questions about areas such as health savings account plans and flexible spending accounts[.]"  MORE >>

"In the second quarter of 2023, parental entitlements were again a hot issue, with new legislation coming out of Portugal, Switzerland, and the UK. Retirement and pension reforms broke borders with changes launching in Europe, South America, Africa, and Asia. Meanwhile, Monaco launched its own retirement fund, moving away from participating in France’s pension program."  MORE >>