"Effective for plan years beginning on or after January 1, 2023, 403(b) plans (other than church plans) may now participate in multiple employer plans (MEP) and pooled employer plans (PEP).... [E]ffective for plan years beginning on or after January 1, 2024 ... plan sponsors will be able to amend their 403(b) plans to allow hardship withdrawals to be made from non-elective and matching contribution sources ... in addition to elective deferral amounts[.]"  MORE >>

"The [IRS] has begun accepting determination letter applications for individually designed 403(b) plans.... The IRS will accept determination letter applications for initial review in three waves.... The IRS determination letter program currently permits sponsors of individually designed qualified retirement plans ... to submit a determination letter application following certain plan mergers related to corporate transactions. The IRS has not extended the same opportunity to 403(b) plans."  MORE >>

"For plan sponsors offering a matching contribution in their plans today, the administration of the provision is pretty straightforward (notwithstanding certain guidance the industry has requested from the IRS). For public school districts that consider adopting a student loan payment match, things can be a bit tricky."  MORE >>

"The Ninth Circuit held that the amendment of AT&T's contract with the recordkeeper was a prohibited transaction for 'furnishing of services' between the plan and a party-in-interest, and therefore could be permitted only if it satisfied the requirements for ERISA's 'reasonable contract' exemption (section 408(b)(2)).... In so ruling, the Court rejected the reasoning of other circuit court decisions ... which more narrowly construed the prohibition against 'furnishing of services' based in part on concerns that a broad, per se construction of the statute would hinder fiduciaries' ability to contract with third parties for essential services." [Bugielski v. AT&T Servs., Inc., No. 21-56196 (9th Cir. Aug. 4, 2023; pet. for rehearing filed Sep. 1, 2023)]  MORE >>

"Prior legal precedent cited by [Judge Matthew J. Kacsmaryk ] states that in order to avoid violating the Administrative Procedures Act, all that is necessary is a minimal level of analysis from which the agency's reasoning can be discerned. The [DOL] provided that in this case, Kacsmaryk said." [Utah v. Walsh, No. 23-0016 (N.D. Tex. Sep. 21, 23)]  MORE >>

"District courts around the country -- seven of them in total -- have granted motions to dismiss claims by 401(k) plan participants because their copy-cat allegations of underperformance were insufficient to raise a plausible inference of imprudence.... Last week, a federal district court judge in the Eastern District of Virginia became the first to conclude that the participants' allegations of imprudence related to the BlackRock Funds were plausible." [Trauernicht v. Genworth, No. 22-0532 (E.D. Va. Sep. 13, 2023)]  MORE >>

"Plan Sponsors want to know how their menu looks compared to peers. There are two primary reasons for this. First, a retirement plan is used as a retention tool and sponsors want to make sure they are competitive with their offering. Second, sponsors have a fiduciary responsibility and want to be in-line with industry standards. [This article highlights] a few aspects of the menu that ... are not only interesting but important considerations for a fiduciary.... It's important to remember that there is not a one-size-fits-all investment lineup."  MORE >>

"[PBGC] has approved the application submitted to the Special Financial Assistance Program by the Paper Handlers-Publishers Pension Plan. The plan, based in New York City, New York, covers 244 participants in the printing industry [and] will receive approximately $20.6 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2024."  MORE >>

"Retirement benefits were available to 94 percent of private industry union workers and 68 percent of private industry nonunion workers in March 2023 ... Among private industry workers, paid sick leave was available to 86 percent of union workers and 77 percent of nonunion workers while paid family leave was available to 23 percent of union workers and 27 percent of nonunion workers.... Ninety-six percent of private industry union workers and 69 percent of private industry nonunion workers had access to medical care benefits."  MORE >>