18 pages. "This practice note describes the requirements for implementing pre-approved plans and advantages, disadvantages, and best practices concerning the implementation and legal review of pre-approved plans."  MORE >>

"[FEMA] issued a disaster declaration on December 23, 2023, for Utah flooding, for the incident period of May 1-May 27, 2023.... [1] Hardship distributions from employer plans ... [2] Qualified disaster recovery distributions ... [3] Recontribution of qualified home purchase distribution ... [4] Employer plan loan relief ... Additional IRS deadline relief may be provided later."  MORE >>

"This decision reiterates the Eleventh Circuit's views on the role of the administrative process in weeding out frivolous claims and ensuring that a developed record can assist the court in subsequent litigation ... It also serves as a reminder that although ERISA is intended to create uniform rules governing employee benefits, there remain regional differences in how claims are litigated -- differences that could very well influence a plaintiff's selection of a forum when commencing a lawsuit." [Bolton v. Inland Fresh Seafood Employee Stock Ownership Plan, No. 22-4602 (N.D. Ga. Dec. 5, 2023)]  MORE >>

"Federal regulators are releasing a steady trickle of the more than 14,000 public comments on the [DOL's] contentious fiduciary rule proposal. One week remains until the Jan. 2 deadline to comment on the rule ... DOL officials steadfastly refused to extend the comment period or defer the public hearing until comments were made public."  MORE >>

"Six more states will implement programs within the next two years.... 22 state legislatures and D.C. introduced bills to establish or amend programs or form study groups to evaluate retirement options during the 2023 legislative session.... [A]uto-IRA compliance deadlines are driving many employers to start offering a 401(k) plan."  MORE >>

"Over the past 13 years, there has been a steady shift from equities to fixed-income investments ... A strong correlation exists between a pension plan's design status and its asset allocation ... Adjusting for plan status, as plans' funded status nears 100%, sponsors tend to increase allocations to debt.... Between 2021 and 2022, aggregate pension asset holdings to alternative investments from 15.9% of assets to 19.6%."  MORE >>

"During the audit EY became aware of deficiencies in internal control, other than a material weakness or significant deficiency, and other matters that are opportunities to strengthen PBGC's operations. This management letter summarizes these deficiencies and recommendations. The issues noted in this report are not significant ... The purpose of this letter is solely to describe the scope of [EY's] testing of internal control over financial reporting and compliance, and the result of that testing."  MORE >>

"The AARP Retirement Calculator can provide you with a personalized snapshot of what your financial future might look like. Simply answer a few questions about your household status, salary and retirement savings, such as an IRA or 401(k).... The tool will help you determine the amount of money you'll need to retire when -- and how -- you want."  MORE >>

"[T]his post [discusses single premium immediate annuities (SPIAs)] that provide lifetime payments with annual fixed rate 'cost of living adjustment' (or COLA) increases, and why you might want to consider this type of annuity rather than a fixed dollar SPIA to strengthen your Floor Portfolio."  MORE >>

"Policymakers have failed if a traditional pension is brought up to a satisfactory funding level but still does not benefit most participants. This failure may not be immediately observable, but over time, it will become clear that a great deal of money and effort was spent to have a solvent pension plan that still does not meet the retirement security needs of many public workers, the plan's most important objective."  MORE >>

20 pages. "This practice note sets out important legal and tax considerations when developing executive compensation arrangements for tax-exempt organizations, including new excise tax rules enacted under 2017 tax reform legislation. It provides guidance on practical steps for attorneys advising their tax-exempt clients on various aspects of executive total compensation packages, including deferred compensation, incentive compensation, severance, vacation, and fringe benefits."  MORE >>

11 pages. "This practice note discusses the concept of substantial risk of forfeiture (SRF) under sections 83, 409A, 457(f), 457A, 3121(v)(2), and 4960 of the Internal Revenue Code and the different consequences of the failure to achieve a SRF under each such section. SRF is the standard that the [Code] and Treasury Regulations apply to determine when an employee's or an independent contractor's deferred compensation vests, and therefore may be includable in income for the individual (or deductible for the employer or other controlled group member granting the compensation)."  MORE >>