8 pages; Oct. 20, 2023. "Form 8955-SSA ... is used to satisfy the reporting requirements of section 6057(a). Form 8955-SSA is a stand-alone reporting form filed with the IRS.... DO NOT file Form 8955-SSA with Form 5500 ... or Form 5500-SF ... Use Form 8955-SSA to report information relating to each participant who separated from service covered by the plan and is entitled to a deferred vested benefit under the plan but is not paid this retirement benefit." [Also available: Draft of 2023 Form 8955-SSA]  MORE >>

"Although the proxy voting requirement applies to investment managers of private investment funds that are subject to ERISA, rather than [to] retirement plan sponsors, investment managers that choose to adopt new investment policies in accordance with the DOL Rule must reach out to their plan clients to obtain their acceptance of such policies. If a plan fiduciary is contacted for this purpose, the fiduciary must assess whether the investment manager's investment policy statement and proxy voting policy are consistent with ERISA before deciding to retain the investment manager."  MORE >>

"Under the Final Regulations, all funding valuations on or after January 1, 2024, are required to use generational mortality tables as the standard, or default, mortality assumption. Small plans may use static combined mortality tables instead.... The Final Regulations provide welcome relief to small plans by allowing the use of static combined male and female mortality tables but eliminated past years' options of using annuitant and non-annuitant versions (each gender specific) of static mortality tables.... Plans using substitute mortality tables may continue to do so for funding valuations until the proposed regulations are finalized."  MORE >>

"[T]he Supreme Court declined to hear appeals of the Third and Tenth Circuit cases which had held arbitration provisions unenforceable, signaling that it would not clarify questions regarding the enforceability of class action waivers and mandatory arbitration agreements for fiduciary breach claims in ERISA plans any time soon." [Harrison v. Envision Mgmt. Holding, Inc. Bd. of Directors, No. 22-1098 (10th Cir. Feb. 9, 2023; Argent Trust Co. v. Harrison, No. 23-30, cert. denied Oct. 4, 2023); Henry v. Wilmington Trust NA, No. 21-2801 (3d Cir. Jun. 30, 2023; cert. pet. denied Oct. 16, 2023)]  MORE >>

"[B]est practices call for a well-structured, governed, and documented investment committee tasked with selecting and monitoring the plan's investments.... [W]hat more can you do to protect yourself from similar claims? A good place to gain insights are the lawsuits themselves and the handful of related published opinions."  MORE >>

"Litigation has led to changes in plan design such as encouraging open architecture, which features products from multiple providers rather than just those offered by a plan's record keeper ... Lawsuits also have prompted ... increased fiduciary attention to the offering of company stock in 401(k) plans, focusing on services and documenting activities due to ERISA's emphasis on process, ... Although DC industry members often speak harshly of ERISA lawsuits, some research shows sponsors are not only paying attention but also acting to reduce litigation risk."  MORE >>

"Fortunately for plan sponsors, the list is short for required amendments to adopt before the 2023 year-end.... The 2022 RA List does not list any required amendments for which December 31, 2024, would be the last day of the remedial amendment period. Some of the changes made by SECURE Act 2.0 to qualified plans and 403(b) plans will become effective in 2024, however."  MORE >>

"How can asset owners, plan sponsors and plan advisers scope out the bona fides of cybersecurity vendors, whose expertise is key to protecting networks and other digital assets from breaches?"  MORE >>

"The 2023 version of the bill [S 3102] is similar to the 2022 version. The contribution limits are the same as regular IRAs, and the contributions are post-tax. The program would be administered by the Department of the Treasury and would feature a 1% automatic match and up to a 4% tax credit match that would be phased out with income. The program would also automatically enroll participants at 3% of their income, with an option to opt out or increase their contributions."  MORE >>

15 pages. "[T]he Department's existing e-delivery framework has struck the right balance by fostering the use of e-delivery and all of its associated benefits, while also incorporating regulatory safeguards that ensure participants can access their documents, are given the right to request paper, and are given timely notices about how to exercise that right.... [T]he SPARK Institute strongly encourages the Department, in reviewing its e-delivery guidance, to only make those changes that are absolutely necessary to implement SECURE 2.0's directions."  MORE >>

"[T]he Proposal will negatively impact a variety of powerful tools and guidance that SPARK members make available to Americans saving in 401(k), 403(b) and 457(b) retirement plans ... [B]ecause of the expansive scope of the tools, programs, guidance, and even spreadsheets that the Proposal covers, SPARK members that provide recordkeeping and other services to defined contribution plans but also happen to be regulated (or have an affiliate that is regulated) as an investment adviser or broker-dealer, will be required to undertake a massive compliance effort simply to identify the tools and guidance that could be impacted."  MORE >>

"The California Franchise Tax Board (FTB) has also extended its deadline to conform to the IRS's extended deadline.... The IRS did not announce this latest deadline extension until the due date so many plan administrators may have already filed their Forms 5500. However, for those plan administrators who did not file their Forms 5500 by October 16, 2023, this short extension will come as a welcome relief."  MORE >>