"Plans subject to an alternative method election prior to 2019 can elect to switch back to the standard method for 2023. If a plan elected to use the alternative method in 2019 or later, the plan would not be able to switch back to the standard method. However, such a plan may still benefit from electing the full yield curve approach. ... [E]lections must be made by October 16, 2023 for calendar year plans."  MORE >>

"SECURE 2.0 adjusted the timing of the required beginning date, and it altered certain other RMD rules. This article describes many of these changes, and reviews some of the RMD basics[.]"  MORE >>

"[T]he DOL wishes to expand the definition of who is an advice fiduciary ... The regulation defines investment advice as 'advice to the plan as to the value of securities or other property, or … recommendation as to the advisability of investing in, purchasing, or selling securities or other property.' How, exactly, is this sort of advice distinct from (to use the Fourth Circuit's terminology) a mere 'sales pitch?' " [Reetz v. Aon Hewitt Investment Consulting Inc., No. 21-2267 (4th Cir., July 17, 2023)]  MORE >>

"88% considered 401(k) a must have benefit when looking for a new job -- second only to health insurance, at 90% -- and more than three-in-four 401(k) participants would refuse a new job if it did not offer one ... [M]ore workers are also saving for retirement than last year outside of their workplace retirement plan: 68% vs 61% in a savings account, 47% vs 33% in an IRA, and 38% vs 29% investing through a brokerage account."  MORE >>

"Paychex Inc., one of the country's largest providers of small 401(k) plans, has seen double-digit growth in its pooled employer plan in the last 12 months, as the majority of its startup plans are flowing into the PEP.... ADP Inc., the country's largest payroll provider, has also seen more new plans sign on in fiscal 2023, which ended June 30, as compared to its fiscal 2022 ... ADP's sign-ups have come through individual employer 401(k) plans and SIMPLE IRAs ... The firm does not offer a PEP option[.]"  MORE >>

"Wilshire estimates a two-percentage point increase in aggregate funded ratio for U.S. corporate pension plans in July.... The increase in funded ratio was driven by a 0.9% rise in asset value and a 1.2% decrease in liability value. The aggregate funded ratio is estimated to have increased by 6.7% and 10.2% year-to-date and over the trailing twelve months, respectively."  MORE >>

"PBGC's Multiemployer Program is likely to remain solvent for more than 40 years, similar to the projection in last year's Projections Report.... Projections of Multiemployer Program solvency are highly dependent on the solvency of plans that have or will receive Special Financial Assistance (SFA) .... Some of these plans have or will receive larger SFA amounts than previously expected due to 2022 asset losses but are also projected to have higher future rates of asset returns than projected in last year's model.... The Single-Employer Program is projected to remain in a positive net financial position over the next decade in nearly all the modeled scenarios."  MORE >>

"[PBGC] has approved the application submitted ... by the IUE-CWA Pension Plan. The plan, based in Pittsburgh, Pennsylvania, covers 13,760 participants in the manufacturing industry [and] will receive approximately $260 million in special financial assistance ... The plan was projected to become insolvent and to run out of money in 2029."  MORE >>

"[PBGC] has approved the application submitted ... by the the Newspaper Guild International Pension Plan. The plan, based in Washington, D.C., covers 5,824 participants in the printing industry [and] will receive approximately $62 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2034."  MORE >>

"[PBGC] has approved the application submitted ... by the UFCW Local One Pension Plan. The plan, based in Oriskany, New York, covers 19,177 participants in the service industry ... [and] will receive approximately $764 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2026."  MORE >>

"[1] You have no emergency fund ... [2] The fees are high ... [3] You're an educated investor who wants more control over your portfolio."  MORE >>

"Taxpayers will have the option to go paperless for IRS correspondence by 2024 filing season, IRS to achieve paperless processing for all tax returns by filing season 2025."  MORE >>

"[1] Use a multi-channel approach: digital and print benefits communications go hand-in-hand ... [2] Keep empathy at the core of your employee benefits communications ... [3] Use benefits communications [that] both 'push' and 'pull' employees ... [4] Create an easily accessible editorial calendar for year-round benefits communication plan ... [5] Think beyond medical, dental, and vision benefits ... [6] Broaden the conversation on employee wellbeing ... [7] Ask for and act on employee feedback."  MORE >>