"[PBGC] invites interested parties to submit nominations by February 16, 2024, for a spot on the agency's Advisory Committee representing the interests of the general public.... This position will be appointed by the president of the United States for a three-year term. Nominees must have experience with defined benefit plans, the administration or advising of pension plans, or in related fields."  MORE >>

"A Wells Fargo advisor's error in entering an IRA trust beneficiary's birthdate caused a significant shortfall in required minimum distributions over several years, leaving the trust with over $130,000 in [IRS] penalties, according to a recent lawsuit[.]" [Lowe v. Wells Fargo & Co., No. 23-07380 (D. La. complaint filed Dec. 21, 2023)]  MORE >>

"Plan sponsors should focus on the following items when reviewing a 401(k) plan's elective deferral provisions and procedures: [1] How are elective deferrals determined? ... [2] How are off-cycle payments treated? ... [3] How are bonus payments treated? ... [4] How is compensation determined for purposes of calculating elective deferrals? ... [5] Are automatic enrollment and escalation provisions being properly administered?"  MORE >>

"Managed accounts [are] highly customizable and can be used to offer anything from financial wellness programs to supporting dynamic QDIA programs. Because of this level of personalization, plan sponsors may have difficulty with benchmarking if comparable providers offer some, but not all, of the same solutions or capabilities."  MORE >>

"Why should you take money out of retirement accounts if you don't need it? ... [To] utilize lower tax brackets; for married couples, to take advantage of 'wider' tax brackets while both of you are alive; to provide a bigger cushion in your 'post-tax' accounts should you ever have a large cash flow need; and with the new 10-year withdrawal rule, to reduce the income tax your heirs may have to pay on your retirement accounts."  MORE >>

"The aggregate pension funded status of these plans at the end of 2023 is estimated to be 100%, two percentage points higher than 98% at the end of 2022. The analysis found the funding deficit has closed, improved from the $25 billion deficit at the end of 2022. Pension obligations declined slightly (3%) from $1.23 trillion at the end of 2022 to an estimated $1.19 trillion at the end of 2023."  MORE >>

An unofficial monthly report of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

16 pages. "Employers report that the combination of the breadth of the redefinition of fiduciary advice and the challenging nature of the exemptions as proposed will force employers to remove tools that provide important benefits to plan participants. The new rules will make many plan operations more difficult and more expensive ... at a time when plan sponsors are trying to efficiently utilize internal and outside resources so they can continue to provide meaningful employee benefits for their employees."  MORE >>

46 pages. "As a fundamental matter, the Chamber believes an entity or person giving investment advice for a fee should do so under a heightened standard of care. However, the regulation of investment advice must be with the appropriate regulator overseeing such advice and each regulator applying the law as directed by Congress. [The Chamber believes that] some aspects of the Proposed Regulation and the Amended PTEs are not within DOL's powers."  MORE >>

118 pages. "If the Proposal is adopted without significant revisions, retirement savers and plan sponsors will have access to less investment information at many critical points ... [ICI] recommend[s] a series of modifications to the Proposal that are essential to avoid a dramatically detrimental impact on retirement savers. Even with these modifications, however, [ICI does not] believe that the Proposal is justified[.]"  MORE >>

"When ERISA was enacted and the 1975 Rule was promulgated, defined benefit pension plans of large companies dominated the market. The 401(k) plan did not even exist.... The ARA supports this expanded, transactional definition and believes it better aligns with the statutory language and intent of ERISA to protect all retirement investors. However, [ARA recommends] certain revisions to avoid unintended effects on certain parties and particular circumstances."  MORE >>

"[It] is crucial for companies to conduct frequent benchmarking and measure their benefits offerings against their industry peers. However, offering a competitive suite of benefits is often a juggling act for plan sponsors, as budgeting concerns come into play, and placing too much of a cost burden on the employee or the employer can be detrimental to the organization as a whole[.]"  MORE >>