"This article discusses the treatment of employer retirement plan contributions conditioned on student loan repayments prior to SECURE 2.0 and how SECURE 2.0 changes that treatment, and gives plan sponsors some practical considerations in how to navigate these changes while they await guidance from the [IRS]."  MORE >>

" 'In situations like the latest MOVEit hack, [EBSA] often would look at the service provider and understand what they were doing,' said Ali Khawar, EBSA's principal deputy assistant secretary ... However, plan sponsors would not be entirely off the hook. 'There may be plan-level investigations that flow from that,' Mr. Khawar said, referring to potential vendor audits. 'There may be individual plans where we're kind of looking at it to better understand what's happening to all of the plan clients.' "  MORE >>

"Recordkeepers often take months to process and implement changes and may limit the number of changes they will permit employers to make each year. Additionally, the new Roth contribution rules may result in a deluge of employers seeking changes to their plans, which could result in further delays. Employers also must update their payroll systems to accommodate the additional deductions. Finally, they must inform their employees of the new options and ensure they can take advantage of any new options during open enrollment or other applicable periods."  MORE >>

"Your annual ESOP statement gives you a terrific opportunity to make the most of employee ownership. Seize it by implementing these seven practical suggestions to increase understanding of your ESOP, strengthen your company's culture, and promote employee ownership as a powerful tool for improved performance and employee retention."  MORE >>

"[T]he Auto Reenroll Act of 2023 (HR 4924, S 2517), would encourage -- but not require -- employers sponsoring defined contribution plans to automatically reenroll noncontributing employees at least once every three years. The proposed changes would apply for plan years beginning after the bill becomes law. Plans with existing reenrollment features would have relief from the new requirements for plan years starting before the bill's enactment."  MORE >>

"The typical American worker could increase their retirement income by about 22% and reduce the risk of running out of money by more than 20% if they used some of their savings to buy an annuity, adjusted their remaining asset allocation to be slightly more aggressive, and delayed claiming Social Security until full retirement age[.]"  MORE >>

"In late May 2023, the federal government, state governments, universities, health care organizations, and corporations in the United States and around the world were impacted by a cyberattack to MOVEit, a managed file transfer (MFT) software tool used by thousands of organizations globally to securely transfer data files between locations, servers, and organizations.... Zero-day attacks are by their nature attacks for which there is initially no defense until the vendor has become aware and provides patches or emergency recommendations."  MORE >>