"[Notice 2023-62] provides that until taxable years beginning after December 31, 2025, catch-up contributions will be treated as satisfying the requirements of the Code (as amended by SECURE 2.0), even if the catch-up contributions are not designated as Roth contributions. Likewise, a plan will not violate the Code or the provisions of SECURE 2.0 if it provides for catch-up contributions but does not permit any contributions to be designated as Roth contributions. In other words, plans may continue to administer catch-up contributions as they were prior to SECURE 2.0 and without regard to the new Roth requirement until 2026."  MORE >>

"The proposed rule provides a more timely process to keep up with changes in interest rates, modernize the mortality basis and simplify expense assumptions. Because these assumptions are incorporated by reference in other PBGC regulations, the changes also affect certain multiemployer withdrawal liability calculations, calculations under the PBGC missing participant program and annual financial and actuarial information reporting requirements for single-employer plan sponsors under ERISA Section 4010."  MORE >>

"Although it is unclear what prompted [IR-2023-144], the IRS's intent is clear -- it has a new enforcement focus on ESOP-related tax avoidance, particularly with respect to S corporation ESOPs."  MORE >>

"[P]lan design changes that could ... make the tracking process run smoother ... include: [1] Changing eligibility to defer into the plan so that all part-time employees are eligible and are not LTPT employees.... [2] Allowing all employees to make elective deferrals but limiting employer contributions to at least 1,000 hours.... The inclusion of LTPT employees may result in plan sponsors needing to file the large employer Form 5500 in 2024 or later. Therefore, an independent audit may also be needed."  MORE >>

"The new market regime presents a unique opportunity to take a fresh look at plan design, embracing greater nimbleness and evolving investment strategies to meet the changing needs of DC participants.... [1] Seek consistent alpha ... [2] Explore guaranteed income ... [3] Prepare for emergencies."  MORE >>

"The General Counsel of a longshoremen's benefit fund in Texas [said] that in the last six months alone the retirement plan has received 14 QDROs for 14 different members, all following the same structure, drafted by the same attorney, and signed by the same judge.... This situation creates a huge loophole for married participants in community property states to access retirement funds prematurely, thereby putting at risk a dignified and secure retirement."  MORE >>

"The [DOL] stayed silent Wednesday on a new fiduciary rule rewrite it promised to unveil by the end of August. Now termed 'Conflict of Interest in Investment Advice,' the much-delayed rule proposal remained docked in the 'Proposed Rule Stage.' Anticipation remains sky high for financial professionals, not all of whom are opposed to tighter regulations."  MORE >>

"Over the last two years, the Department has espoused at least three separate positions on what it means to be an investment advice fiduciary. By failing to articulate itself consistently, the Department has created unnecessary instability for retirement plans, retirees, and savers ... As Biden's DOL continues to change its stance in this area, we remind the Department of its attempt to promulgate a definition of fiduciary under ERISA section 3(21) in 2016. This ill-conceived and overreaching rule was decisively vacated by the U.S. Court of Appeals for the Fifth Circuit, and it should serve as a cautionary example."  MORE >>