"These rules will be of interest to plan sponsors and fiduciaries of defined benefit plans that include private fund investments as well as investment advisors and consultants and fiduciaries of defined contribution plans that are considering private fund investments (whether private equity, private real estate, or other structures).... Plan fiduciaries may benefit from revisiting their investment review framework and considering whether the Private Fund Rules shift priorities in future side letter negotiations."  MORE >>

"[In Notice 2023-62] the IRS signaled its intention to issue future guidance to clarify that certain individuals, including Social Security replacement plan participants, are not subject to the Roth catch-up requirement at all. If confirmed, this interpretation would have a significant impact on participants in Social Security replacement plans, as well as the public retirement systems and public employers that sponsor or participate in such plans."  MORE >>

"The notice asks whether IRS should issue permanent guidance allowing plans without Roth features to limit catch-up contributions to employees who aren't high earners. However, the notice doesn't ask whether IRS should give plans with Roth features similar flexibility to simplify administration by eliminating catch-ups for high earners or requiring all employees to make Roth catch-ups."  MORE >>

"While a federal judge found some merit in the arguments alleging that the [DOL's] compliance assistance release on cryptocurrency had an impact on a recordkeeper's business, it wasn't enough to warrant the relief requested." [ForUsAll Inc. v. DOL, No. 22-1551 (D.D.C. Aug. 29, 2023)]  MORE >>

29 pages. "[F]our main themes -- participant objectives and outcomes, ease of use, personalization, and cost -- guide both the optimal choice of a default today, and their future evolution. These themes represent an intersection of current and evolving participant needs, plan sponsor mindset changes ... and the developing ability to meet those needs through technological and regulatory change.... [This report examines] current defaults and emerging solutions in the context of the themes. [It provides], as a call to action, questions to reflect and act on for plan sponsors, service providers, and advisors in an Action Kit."  MORE >>

"[PBGC] has approved the application submitted ... by the New Bedford Fishermen's Pension Fund. The plan, based in New Bedford, Massachusetts, covers 445 participants in the fishing industry ... [and] will receive approximately $13.4 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2024."  MORE >>

"[PBGC] has approved the application submitted ... by the Pension Plan for Employees of United Furniture Workers of America and Related Organizations. The plan, based in Nashville, Tennessee, covers 95 participants in the manufacturing industry ... [and] will receive approximately $8.1 million in special financial assistance. The plan was projected to become insolvent and run out of money in 2023."  MORE >>

"[PBGC] has approved the application submitted ... by the Local 917 Pension Plan. The plan, based in Floral Park, New York, covers 1,653 participants in the transportation industry ... [and] will receive approximately $22.1 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2025."  MORE >>

"[PBGC] has approved the application submitted ... by the Southern California, Arizona, Colorado and Southern Nevada Glaziers, Architectural Metal and Glass Workers Pension Plan. The plan, based in Covina, California, covers 3,606 participants in the construction industry ... [and] became insolvent in January 2009[.]"  MORE >>

"How in the world could a normal person, unaffiliated with retirement accounts as a hobby or profession, figure this stuff out? The answer is, they cannot.... In this real-life scenario, items under consideration included the definition of an [eligible designated beneficiary (EDB)], the ages of the deceased and the beneficiary, the ability for an EDB to choose a payout structure, the 'springing' nature of the 10-year rule when an EDB minor turns 21, the 'at least as rapidly' rule, and the application of IRS Notice 2023-54."  MORE >>

"[V]ictims of flooding in parts of Alaska that began on May 12, 2023, now have until Oct. 31, 2023, to file various individual and business tax returns and make tax payments.... [I]ndividuals and households affected by flooding that reside or have a business in the regional educational attendance areas of Bering Strait, Copper River, Kuspuk, Lower Kuskokwim, Lower Yukon and Yukon Flats, in Alaska qualify for tax relief."  MORE >>