Fillable PDF. Also available: Draft Instructions for 2023 Form 8955-SSA (Jan. 12, 2024).  MORE >>

"These regulations provide guidance on changes made by the Pension Protection Act of 2006 to the prescribed interest rate and mortality table and other guidance, including rules regarding the treatment of preretirement mortality discounts and Social Security level income options."  MORE >>

"State employees can purchase pension credits in the NVPERS-operated system once they pass their five-year employment anniversary.... The federal complaint alleges NVPERS violated [USERRA] by charging reemployed servicemembers based on when they were re-employed, rather than when they passed their fifth anniversary." [U.S. v. Nevada, No. 24-0026 (D. Nev. complaint filed Jan. 17, 2024)]  MORE >>

"Almost 1 in 4 (23%) plan to allow participants to take a $1,000 distribution directly from their retirement accounts once every three years without being subject to a distribution tax, as permitted under the SECURE 2.0 Act of 2022. Another 22% expect to add separate in-plan emergency savings accounts from which participants will be able to withdraw up to $2,500."  MORE >>

"To get your 401(k) plan advisement off to a good start in 2024, here are a few simple tips to either use with or provide to your clients on how to keep detailed and effective 401(k) committee meeting minutes.... Minutes should document key discussion topics, actions taken and decisions made."  MORE >>

"Many of the big institutional investment firms that frequently see their products offered in 401(k) plans, like Fidelity and Blackrock, have created bitcoin ETFs, which will make it easier for investment fiduciaries to add these ETFs as an option in workplace retirement plans.... Plan sponsors should fully understand the fiduciary risk before allowing any plan assets (including through a brokerage window) to be invested in crypto -- including the new ETFs -- and expect to be questioned by the DOL about the prudence of the decision"  MORE >>

"Despite the hype, benefits experts say the move says less about the merits of a pension and more about single-employer pension plan market funding. Corporate pensions closed 2023 at more than 102% funding, a two-year long surplus, according to a Milliman Inc. analysis. A decade ago, funding percentages averaged around 80%."  MORE >>

"MEPs reduce the administrative burden and fiduciary responsibilities of a stand-alone plan, and -- in theory -- could be cheaper. But it's not clear that they do cost less, and any such assessment should consider employee -- as well as employer -- fees. Overall, while MEPs could be attractive, adoption may be slow due to unfamiliarity with the product and uncertainty over any cost advantage."  MORE >>

"Higher inflation, lower projected market returns and longer life spans mean the rule is no longer reliable. Retirement researchers have made major strides in recent years on outlining new, flexible spending strategies."  MORE >>

"The Supreme Court appears poised to strip away at least some of the discretion federal agencies enjoy in interpreting and implementing federal law after hearing challenges to a decades-old doctrine that the judicial branch should defer to the executive when provisions of law are unclear.... Chevron has long been considered one of the most significant precedents in administrative law and its reversal, even if only partial, could cause major disruptions in how agencies operate." [Loper Bright Enterprises, Inc. v. Raimondo, Sec. of Comm., No. 22-451 (S.Ct. transcript of oral argument Jan. 17, 2024); Relentless, Inc. v. Dept. of Commerce, No. 22-1219 (S. Ct. transcript of oral argument Jan. 17, 2024)]  MORE >>

"[R]egulations that ... become effective for filings made in 2024 and beyond will require more businesses to e-file Copy A of their Forms 3921 and 3922 ... [If] the corporation does not outsource the filing of Forms 3921 and 3922, it will need to ensure that it has obtained a transmitter control code, or TCC, to enable it to make the electronic filings on the IRS's Filing Information Returns Electronically (FIRE) system. Obtaining a TCC can take at least 45 days."  MORE >>