29 pages. "These updates include changes to the application instructions requiring the submission of census data in all participant categories ... PBGC has clarified the information that must be provided with the plan's certification of the amount of the fair market value of assets, ... updated the model plan amendment regarding compliance ... and clarified an example on the change of assumptions regarding CBUs.... [O]ther updates are reflected in the ... SFA Assumptions Guidance and Model Amendment Under 4262.6(e)(1) Regarding Compliance."  MORE >>

"Use Form 8880 to figure the amount, if any, of your retirement savings contributions credit (also known as the saver's credit). The maximum amount of the credit is $1,000 ($2,000 if married filing jointly)."  MORE >>

"[A] table provides a list of the content and deadlines for the most common notices that plan sponsors may need to distribute."  MORE >>

"[M]any of the concepts embedded in the Release's proposed new definition, as well as changes to several existing PTCEs may seem eerily reminiscent of the 2016 Fiduciary Rule.... [This article offers] initial reactions -- subject to revision and clarification -- as to what [the authors] believe would be the principal commercial impacts of the Release."  MORE >>

"As proposed, the new rule is designed to encompass recommendations that federal securities laws do not currently cover such as recommendations to purchase non-securities such as real estate, certain kinds of annuities, or commodities like gold. In addition, those rules also do not cover advice as to which investments should be included in a 401(k) menu. The Department's proposal is designed to cover these recommendations as well. Both the Department and the White House appear to be specifically focused on 'fixed index annuities' as an area of particular concern."  MORE >>

"The biggest changes are to the definition of nondiscretionary fiduciary advice (the 5-part test) and to independent insurance agents and the insurance companies they work with. However, all broker-dealers, investment advisers, and banks and trust companies will need to make at least some changes if these proposals become final rules."  MORE >>

"401(k) math [for employees earning over $160,000] differs because Social Security payments [will replace less] of their salaries than they do for median-income employees.... The good news for higher-income employees is that if they start their 401(k) accounts early and receive moderate or better investment performance, they should be able to reach the 80% retirement income standard.... The bad news for higher-income employees is that the projections give them little wiggle room."  MORE >>

14 pages. "Employees expect their defined contribution (DC) plan to be a key vehicle for funding their retirement: 70% plan to use these savings to fund their retirement expenses.... 45% of respondents believe they need over $1M to retire, and 10% believe they need more than $2M.... [W]hen faced with the option of receiving a $500 pay increase or a $500 increase in contributions made by the company, 53% preferred the raise."  MORE >>

16 pages. "[OIG] found 3,479 deceased participants in Central States' (Plan) SFA application because the [PBGC] did not ensure deceased participants were removed from the Plan's application.... Based on [OIG's] identification of deceased participants, Central States calculated the value attributed to deceased participants in the SFA application at approximately $127 million."  MORE >>

13 pages. "Social Security COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), updated monthly ... The COLA becomes effective in December of the current year and is payable in January of the following year." [Report 94-803 updated Nov. 2, 2023]  MORE >>

"The letter, which follows a September 19 request for materials, highlights EBSA's expensive and overreaching investigations of retirement plan sponsors -- often described as endless and aimless -- that are ultimately punishing employers and discouraging them from sponsoring retirement benefit plans."  MORE >>

"November and December are when [most NQDC participants] choose how much of next year's salary to defer beyond the 401(k) limits. Factors in that decision about nonqualified plans include the newly released IRS limits that apply to qualified retirement plans.... The IRS changes in limits for 2024 are much smaller than the increases for 2023[.]"  MORE >>