These updates include changes to the application instructions requiring the submission of census data to enable PBGC to perform an independent death audit to identify deceased pension plan participants and the submission of an assumptions summary. In addition, PBGC has provided a process for plans to request expedited processing of revised applications and a process for plans to submit revised lock-in applications in limited circumstances. These application requirements and other updates, including a new Template 10, are reflected in the General SFA Application Filing Instructions, SFA Application Amendment Cover Letter, and Lock-in Application.  MORE >>

"Applying the two different rules -- SECURE Act in 2024 and SECURE 2.0 in 2025 -- will likely cause some administrative headaches for plan sponsors and service providers.... Plan sponsors should begin evaluating whether any changes will be needed to their plan documents or administration ... Some plans may end up in the large employer Form 5500 reporting category in 2024 or later due to participation by LTPT employees, and thus may need an independent plan audit for the first time."  MORE >>

"The DOL's recent changes to Form 5500 redefine large plans by the number of participants with account balances on the first day of the plan year.... This provision will significantly change the threshold for the status of large versus small plans. The DOL estimates 19,500 large plans will no longer be subject to the annual audit requirement relating to this participant-count methodology change."  MORE >>

"Plan Sponsors will need to make decisions on how to implement the Roth catch-up contributions in the plan document.... If the plan does not allow for Roth contributions, highly compensated participants cannot make catch-up contributions.... Plan Sponsors will be required to operationally comply with the Roth catch-up provisions beginning January 1, 2024."  MORE >>

"While some plan sponsors are worried about political changes that could affect the eligibility of sustainable funds in 401(k)s, some cited perceptions about performance issues, although the preponderance of that concern varied, cited by 75% of aggregators and 41% of consultants. Conversely, the biggest factors behind interest in ESG in 401(k)s are alignment with organizational culture (88% of aggregators, 78% of consultants) and demand from plan participants (88% of aggregators, 67% of consultants)."  MORE >>

"Current market conditions -- rising interest rates, spikes in market volatility, and continuing aftershocks from COVID supply chain disruptions and the war in Ukraine -- have made fixed annuities especially attractive to investors. Insurers offered competitive rates with the guarantee of a safe harbor for investors' savings."  MORE >>

"GAO reviewed how five states, including California, Connecticut, Delaware, Kansas, and Texas, have worked to improve outcomes with 403(b) plans, assessed SEC and IRS information, and spoke with federal and state agency experts.... Stakeholders and experts surveyed suggested ideas that could improve 403(b) participant outcomes, including establishing fiduciary duties for non-ERISA plans in states that are not subject to protections, and promote transparency by requiring distribution of standardized information on investment options' returns and fees for non-ERISA plan participants."  MORE >>

35 Pages, Rev .Jul. 10, 2023. Syllabus for November 2023 Pension EA-2 (Segment F) Examination; May 2024 Basic (EA-1) Examination; and May 2024 Pension EA-2 (Segment L) Examination.

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"Most companies understand that equity incentive arrangements like options and RSUs are within the scope of a clawback policy.... [T]he rule may apply to bonus programs like LTIPs, or employment agreement incentive payments that condition payment on achievement of some financial reporting measure. Those programs should be identified and either brought within the rule's scope, or perhaps amended to take them out of scope."  MORE >>