"[EBSA] has published an agenda for its upcoming online hearing on the Notice of Proposed Rulemaking, 'Retirement Security Rule: Definition of an Investment Advice Fiduciary,' and related proposed prohibited transaction exemption amendments. The online hearing will be held Dec. 12 and Dec. 13 ... To view the online hearing, registration is required.... Register now for the Dec. 12 hearing and the Dec. 13 hearing."  MORE >>

"Complete this part only if one or more of the following apply. [1] You made nondeductible contributions to a traditional IRA for 2023. [2] You took distributions from a traditional, traditional SEP, or traditional SIMPLE IRA in 2023 and you made nondeductible contributions to a traditional IRA in 2023 or an earlier year.... [3] You converted part, but not all, of your traditional, traditional SEP, and traditional SIMPLE IRAs to Roth, Roth SEP, or Roth SIMPLE IRAs in 2023 and you made nondeductible contributions to a traditional IRA in 2023 or an earlier year."  MORE >>

"Part A. Changes in requirements that generally would require an amendment to most plans or to most plans of the type affected by the change. None.

"Part B. Other changes in requirements that may require an amendment. None."  MORE >>

"This post first briefly describes what a forfeiture is, what the 2023 Proposed Regulations provide, and what the pending lawsuits allege, then explores why the DOL's position on the use of forfeitures might differ from the IRS's. With the applicability date for the 2023 Proposed Regulations approaching, this post is also a reminder for plan sponsors to confirm that their retirement plans, in operation, comply with the regulations and that the plan documents reflect how the plans are operated."  MORE >>

"[T]he proposed regulations, which would apply for plan years starting on or after January 1, 2024, do not seem to permit good-faith reliance on the statute instead of the proposed rules.... The proposed rules include a significant level of detail and illustrate many of the operational challenges associated with administering the long-term part-time employee rules. Some plan sponsors may want to explore plan design changes that would ... avoid some of the tricky service crediting and vesting requirements[.]"  MORE >>

"[T]he proposed regulations: [1] Define the term 'LTPT employee.' [2] Clarify when LTPT employees must be permitted to make salary deferrals to a 401(k) plan ... [3] Provide special vesting rules for employer contributions made on behalf of LTPT employees. [4] Describe special rules for 'former LTPT employees.' [5] Specify the available nondiscrimination testing and coverage elections."  MORE >>

"[The proposed bill] corrects the most egregious error of SECURE 2.0: accidentally removing catch-up contributions, starting in 2024.... The corrections bill would also explicitly tie the maximum contribution amount for Starter 401(k) plans to the annual maximum for individual retirement accounts.... [T]he provision in SECURE 2.0 changing required mandatory distributions would also be corrected to reflect the intent of the drafters, which was to increase the age to 73 starting on January 1, 2023, and age 75 starting on January 1, 2033."  MORE >>

"The Office of Management and Budget has received a proposed rule from the [DOL] titled 'Exemption for Certain Automatic Portability Transactions' [1210-AC21].... SECURE 2.0 adds a statutory exemption under section 4975 of the Internal Revenue Code for the receipt of fees and compensation by the automatic portability provider ... [and directs] DOL to issue regulations necessary to implement this feature."  MORE >>

45 pages. "Retirement plan savings remain steady, but few Americans feel they are saving enough.... Workplace savers using managed accounts are saving 27% more and are more engaged with their retirement plans than target date fund users.... Loan and hardship withdrawals are on the rise.... Gen Zers entering the workforce during a particularly challenging economic environment may need more targeted support with their finances and retirement planning."  MORE >>

"[T]he emerging ability to capture and integrate recordkeeper data at the individual participant level will power further improvements in portfolio personalization, both for managed accounts and TDFs alike.... [T]his will ... further improve the argument for the use of managed accounts as a QDIA in that investment portfolios would be modified as needed based on differences not just in age but also individual retirement readiness relative to their age cohort when defaulted without any participant engagement."  MORE >>

"The report's modeling showed that the effects of a universal Auto IRA with emergency savings on household savings are substantial. Employees who saved in such an account across all working ages experienced a significant improvement in net wealth as well as in liquid funds available for financial emergencies."  MORE >>

"The Railroad Retirement Board [RRB] handles retirement and other benefits for railroad workers and their families. But the Board's programs are at risk for fraud and abuse and the agency faces a looming wave of retirements and aging IT systems.... This report examines the extent to which RRB has addressed its key operational challenges[.]" [GAO-24-105545]  MORE >>

16 pages. Articles include: [1] No-gag clause rule update; [2] DOL And IRS finalize changes to Form 5500; [3] Tightening the screws on mental health parity enforcement; [4] Increase in actuarial equivalence lawsuits; [5] U.S. Supreme Court declines to resolve split regarding enforceability of ERISA plan arbitration provisions [6] Is your health plan secure? [7] The aftermath of Hughes V. Northwestern University; and [8] Will AI replace ERISA counsel?  MORE >>