"The LTPT rules will only affect 401(k) plans whose eligibility requirements require employees to complete at least 500 hours of service in a 12-month period to participate. 401(k) plans that require fewer hours -- or none at all -- will never produce a LTPT employee ... Given the complexity of the LTPT rules, employers with part-time employees should consider liberalizing their plan's eligibility requirements if they might produce an LTPT employee in 2024 or beyond."  MORE >>

"The proposed regulations provide that an LTPTE is eligible to make catch-up contributions for a taxable year, so long as the employee attains 50 before the end of the employer's taxable year. The proposed regulations also clarify that a plan may permit LTPTEs to make designated Roth contributions."  MORE >>

"The DOL's expansive interpretation of covered recommendations includes any asset with investment value, any strategies for investing, and any recommendations about how to invest rollovers, transfers or withdrawals from private sector retirement plans, participant accounts and IRAs."  MORE >>

"[It] is imperative for firms to strike a delicate balance between breaking down complex information without overwhelming participants.... Plan sponsors need to ensure that participants feel engaged and motivated to actively save for retirement.... From expanding Education Hubs, to modernized help centers and exciting site features -- like guided tours and AI chat support -- firms can continue to boost participant support by making their sites user-friendly for retirement savers of all knowledge levels."  MORE >>

"[1] Provide immediate eligibility and vesting.... Start, increase, or stretch an employer match ... [3] Implement automated plan design features (automatic: enrollment, escalation).... [4] Provide more education around other retirement savings options ... [5] Offer more investment options ... [6] Establish financial wellness programs ... [7] Provide access to a financial professional and online financial resources[.]"  MORE >>

"A recent change in actuarial reporting standards may make this an opportune moment for public pension plan sponsors to take a fresh look at their fixed income allocations.... The actuarial reporting change ... creates a secondary implied funded status that could experience greater volatility ... Mitigating some of that volatility could be worthwhile to plans, especially if achievable within the confines of the existing investment philosophy."  MORE >>

"[1] Policyholder losses incurred due to insurer failure are expected to be very low, even before allowing for the presence of state guaranty systems.... [2] The credit risk priced into bonds issued by insurers is not equivalent to expected policyholder losses.... [3] NISA's approach does not allow for the substantial additional protection provided by separate accounts and by the State Guaranty Association system.... [4] Plan sponsor failure is generally much more likely than that of a well rated insurance company.... [5] Credit spreads on Funding Agreement Backed Notes have limited reliability as a metric."  MORE >>

176 pages. "The OIG remains concerned about [EBSA's] ability to protect the integrity of pension, health, and other benefit plans of about 153 million workers, retirees, and their families under [ERISA]. In particular, the OIG is concerned about the statutory limitations on EBSA's oversight authority and inadequate resources to conduct compliance and enforcement.... EBSA has limited legal authority to compel the Federal Retirement Thrift Investment Board to implement its recommendations, which includes enforcing its recommendations to improve the Thrift Savings Plan's cybersecurity posture."  MORE >>