"[Notice 2023-54] granted a transitional relief for RMDS for those participants born in 1951 and that have already received an RMD: The IRS is allowing the 60-day rollover rule for RMDs processed from January 1, 2023 to July 31, 2023 for participants born in 1951. Those affected participants (including a participant's surviving spouse) will have until September 30, 2023 to rollover their 'mischaracterized RMDs'. This also allows the participant to rollover the distributed funds back into the plan. Plans will not be penalized for failing to treat the distributions as eligible for rollover."  MORE >>

"What can you do if your company finds itself stuck with the seller's retirement plan after an acquisition or merger? It's often wiser to require the seller to terminate their plan before the closing to avoid this situation, but if that does not work out, what then? Fortunately, a nice feature of the Code called the '410(b) Transition Period' can ease the compliance burden following a transaction."  MORE >>

"Section 331 [of SECURE 2.0] makes the following changes: [1] Exempts up to $22,000 per disaster from the federal 10% early withdrawal penalty. [2] Spreads the tax liability for the withdrawal over the course of three years, and [3] Gives the participant the opportunity to repay the money to the plan to offset the tax liability. This relief applies to qualified plans with respect to any federally declared disaster occurring on or after January 26, 2021."  MORE >>

"The RFI includes 31 questions about nine different provisions of SECURE 2.0.... [1] Paper statements.... [2] Fee disclosure.... [3] Consolidated notices.... [4] Unenrolled participants.... [5] Pooled Employer Plans (PEPs).... [6] Pension-Linked Emergency Savings Accounts (PLESAs).... [7] Asset allocation fund benchmarks.... [8] Lump sum disclosures.... [9] Funding notices."  MORE >>

"This legislative package amends [ERISA] to ensure financial institutions are focused on maximizing returns in retirement plans rather than on woke environmental, social, and corporate governance (ESG) factors." [HR 5339, the Roll back ESG To Increase Retirement Earnings (RETIRE) Act; HR 5337, the Retirement Proxy Protection Act; HR 5338, the No Discrimination In My Benefits Act; and HR 5340, the Providing Complete Information To Retirement Investors Act]  MORE >>

"The aggregate funded ratio for U.S. corporate pension plans decreased by an estimated 0.1 percentage points in August, ending the month at 105.0% ... This month's change in funded ratio can be attributed to a 2.3% decrease in asset value, mostly offset by a 2.2% decrease in liability value. Over the year-to-date and trailing twelve-month periods, the aggregate funded ratio is estimated to have increased by 6.3% and 9.2%, respectively."  MORE >>

"The baby boomers born in the early 1960s, at the tail end of the demographic wave, had about $280,000 in retirement wealth when they reached their early 50s. That's significantly less -- about $50,000 less -- than the late-1950s boomers had at the same age.... [W]hile Social Security and traditional pensions are smaller, the decline in late boomers' wealth overall was not preordained. They were the first generation to have access to a 401(k)-style retirement plan for their entire careers, and they could've accumulated enough money in savings to make up for the other losses. But they didn't."  MORE >>

"Beginning January 1, 2024, users of the DOL's EFAST filing system will be required to access EFAST using login.gov.... [E]xisting users will need to create an account on login.gov that can be linked to an existing EFAST account.... This year, the PBGC is expected to adopt the login.gov sign-on system for its e-Filing Portal. The PBGC will contact users who have existing e-Filing accounts about the change."  MORE >>

"Issuers listed on the Nasdaq or NYSE exchanges that already have an existing clawback policy now face the decision of whether to replace the current policy with the new required policy or to implement multiple policies.... Listed companies are advised to review their indemnification arrangements to ensure that covered officers are not indemnified against the loss of incentive compensation that is recouped under the required clawback policy."  MORE >>