"[PBGC] intends to request that [OMB] extend approval under the Paperwork Reduction Act of a collection of information contained in PBGC's regulation on special financial assistance. The purpose of the information collection is to gather information necessary for PBGC to operate this special financial assistance program. This notice informs the public of PBGC's intent and solicits public comment on the collection of information."  MORE >>

"For the second year in a row, the IRS Required Amendments (RA) List (Notice 2023-79) identifies no statutory or regulatory changes for individually designed qualified and Section 403(b) retirement plans.... Several pieces of legislation since 2019 include a host of required and discretionary changes for retirement plans. Although the amendment deadlines for these changes originally differed, the SECURE 2.0 Act of 2022 harmonized the deadlines to the same date: the end of the first plan year beginning on or after Jan. 1, 2025"  MORE >>

"[If] total distributions to a participant in a tax year are less than $200, such distributions are not subject to the 20% mandatory withholding. Also, the plan is not required to allow participants to make a direct rollover of such amounts (though the participant may complete an indirect rollover), and no withholding notice and election is required either."  MORE >>

"The [DOL amicus brief] argues that the [jury] instruction should have been that the defendants could escape liability for their fiduciary breach associated with the Plan's recordkeeping expenses if they proved that a fiduciary following a prudent process 'could have' made the same decisions, rather than requiring Defendants to establish that a prudent fiduciary 'would have' done so." [Vellali v. Yale Univ., No. 16-1345 (D. Conn. Jun. 28, 2023; on appeal to 2d Cir. No. 23-1082)]  MORE >>

"In the event your 401k plan is selected for a [DOL] examination, detailed meeting minutes will show the DOL examiners that you are performing your plan oversight duties required by DOL regulations. If your company or the 401k plan is sued by participants, detailed meeting minutes will support your defense ... Here are a few simple tips for keeping detailed and effective 401k committee meeting minutes."  MORE >>

"Financial advisers, not just retirement specialists, are expected to pursue the 401(k) plan business at greater rates in 2024 and beyond ... 'There are several reasons advisers should consider adding 401(k) capabilities, but chief among them is organic growth -- the ability to offer high-quality advice to plan participants expands the potential to capture traditional wealth accounts,' [Envestnet's Chris Shutler] says."  MORE >>

"The U.S. House Committee on the Judiciary ... issued subpoenas to BlackRock and State Street Global Advisors ... [requiring] both asset managers to turn over all documents and communications related to decarbonization goals, related investment decisions and agreements with other organizations related to decarbonization and environmental, social and governance investing."  MORE >>

"Specialists or RPAs are racing to provide wealth services while 'dabblers', who realize the value in DC plans, need help sourcing clients and outsourcing fiduciary and administrative services as the coming tsunami of new 401(k) plans activate them, which could mean a surge in PEP formation and growth. Institutional plans will lead the way on retirement income and retail plans will wait and hopefully follow learning what works best providing a clear roadmap."  MORE >>

"The Pension Rights Center has a great interest in analyzing these new types of hybrids, which take the best features of defined benefit plans and some aspects of 401(k)s -- as well as looking at different forms of simplified defined benefit plans. We are hopeful that all the recent media attention signals good news for the retirement income prospects of future generations of workers."  MORE >>

"The IRS issued final regulations ... that provide a de minimis safe harbor from the penalties for failure to file correct information returns under Sec. 6721 and failure to furnish correct payee statements under Sec. 6722[.]"  MORE >>

"[K]ey items to consider at this time: [1] Health Plans: Gag-clause attestation due December 31, 2023 ... [2] Retirement Plans: Increased cash-out limit option January 1.... [3] Health Plans: Mental health parity comparative analysis required now.... [4] Retirement Plans: Student loan matching contributions allowed January 1.... [5] Health Plans: PBM legislation increasing costs on employers and employees.... [6] Health Plans: Prescription drug reporting due June 1.... [7] Health Plans: Online shopping tool required for all covered items and services effective January 1.... [8] Health Plans: Prescription drug machine-readable files."  MORE >>