"This direct final rule makes technical conforming revisions necessary to implement statutory amendments made by the SECURE 2.0 Act of 2022. Specifically, it eliminates the requirement to take mandatory Roth distributions.... This rule is effective on January 1, 2024, unless significant adverse comment is received by December 15, 2023."  MORE >>

"The regulation reflects the first update to the base mortality rates since 2018 and has a surprise adjustment to the mortality projection scale to reflect the impact of COVID-19 for 2020 through 2023. The final rule lets most sponsors using plan-specific mortality tables continue relying on them for 2024, but another IRS proposal addresses substitute mortality tables for 2025 and later valuation years."  MORE >>

"[F]iduciaries of ERISA plans that are invested in a Pooled Plan Asset Vehicle should confirm that, to the extent the ERISA plan was required to expressly or effectively agree to be subject to the Pooled Plan Asset Vehicle's IPS (and, accordingly, that the ERISA plan's IPS will not apply), a determination was made that the Pooled Plan Asset Vehicle's IPS is consistent with applicable ERISA requirements and otherwise complies with the ERISA plan's governing documents."  MORE >>

"[FEMA has] issued a disaster declaration ... for severe storms, straight-line winds, tornadoes, and flooding in Kansas, [which occurred July 14-21, 2023] ... Employers with qualified retirement plans may allow participants to take hardship distributions if they have incurred expenses and losses because of a FEMA-declared disaster, and their principal residence or place of employment at the time of the disaster is located in an area designated by FEMA as eligible for individual disaster assistance."  MORE >>

"After months of anticipation, the [DOL] will release a new version of its proposed fiduciary rule for public comment on Oct. 31.... Referred to as the retirement security rule by the DOL, rather than the fiduciary rule (as most industry insiders call it) or conflict of interest rule (as the [DOL] referred to it), it would redefine fiduciary investment advice under [ERISA]."  MORE >>

"At least four class action lawsuits have now been filed alleging that the plan fiduciaries engaged in self-dealing when they exercised their fiduciary discretion to allocate forfeitures to offset employer plan contributions instead of to offset plan expenses ... It is imperative that you closely examine [your plan document] concerning the treatment of forfeitures.... A closer look at your forfeiture account can help you ascertain whether forfeitures are being utilized correctly."  MORE >>

"[T]he Thrift Savings Plan will use the entirety of a recently announced two-year 'transition period' to prepare to implement new rules governing how older federal employees can make catch-up contributions as they approach retirement."  MORE >>

"[M]ore than half of smaller employers surveyed by LIMRA that are considering a defined contribution plan are interested in learning more about PEPs, regardless of whether they have a retirement plan currently in place. With that in mind, there are multiple strategies you can consider -- not only to target employers who haven't yet adopted a retirement plan, but also to transition existing retirement plan clients into a PEP. Or even to convert existing MEPs to PEPs."  MORE >>

"The plan, based in New York City, New York, covers 3,887 participants in the transportation industry ... [and] will receive approximately $49.3 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2026."  MORE >>

"The SECURE Act provides a potential safe harbor against fiduciary liability for plan sponsors offering annuities within their plans in the event that the annuity issuer is subsequently unable to honor its legal obligations to plan participants.... [T]here are other significant potential liability issues with annuities that investment fiduciaries should be aware of, issues that, left unaddressed, effectively make most annuities potential fiduciary liability traps for plan sponsors and other investment fiduciaries."  MORE >>

"Traditional questionnaire-based evaluations and SOC 2 reports are insufficient for giving current information about a vendor's security posture. Plan fiduciaries must adopt a more intelligent and scientific approach ... to protect sensitive data, stay ahead of new threats, and ensure their providers are committed to upholding a solid security posture. Plan fiduciaries can improve their cybersecurity defenses and reduce the risks related to vendor relationships by employing continuous monitoring, quantifiable metrics, and rigorous testing."  MORE >>

"Evaluating and designing a benefits package that packs a punch is a big lift that requires the involvement of an organization's top decision makers and leaders. Too often, however, companies relegate all benefit-related tasks to just the human resources department ... The C-suite possesses the data and information necessary to make key benefits strategy decisions, such as growth and profit projections, anticipated personnel needs, merger and acquisition possibilities, financial analyses, and product-development goals."  MORE >>