"[Notice 2024-02] was issued just days before some of the provisions were first effective and includes guidance on a wide range of matters.... This [article] focuses on the changes most relevant to large plan sponsors with more than 100 participants -- i.e., automatic enrollment changes, de minimis financial incentives, an exception to the 10% tax for terminally ill participant withdrawals, an automatic enrollment error correction, the Rothification of employer contributions, and amendment deadlines extensions."  MORE >>

"[T]he court held that the amended complaint sufficiently alleged a breach of duty of prudence based on the allegation that, along with general reporting on the underperformance of ESG funds, the defendants should have considered various circumstances in which fund managers have cast proxy votes connected to ESG strategies that led to the decline in value of various stocks." [Spence v. American Airlines, Inc., No. 23-0552 (N.D. Tex. February 21, 2024) ]  MORE >>

"A hearing that was billed as 'taking a serious look at the retirement crisis in America' with a focus on improving the defined benefit system ended with witnesses agreeing that some reforms are needed, but calling for drastically different measures."  MORE >>

"Plan sponsors must distribute retirement benefits, per the plan document's lost-participant and distribution language, regardless of whether the terminated participant has completed and returned the associated forms.... [The authors] recommend tackling missing participants proactively -- per the plan document and in compliance with IRS and DOL requirements -- and implementing best practice activities[.]"  MORE >>

"As a fiduciary, plan sponsors are required to ensure the plan is working and meets the needs of its participants. Does your plan? It may meet certain benchmarks, but what is the basis for these benchmarks? In other words, the benchmarks may be measurable, but are they meaningful for you and the participants in the plan?"  MORE >>

"New Hampshire is the 43rd state to adopt the 'best interest of consumer enhancements' in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. These new laws and regulations also harmonize with the SEC's Regulation Best Interest. Nearly 80% of Americans now live in a state with a best interest standard for annuity sales."  MORE >>

"As retirees transition from the accumulation phase of saving to the distribution phase of spending, they often encounter emotional challenges and uncertainties.... [O]ne of those challenges occurs when individuals develop a scarcity mindset -- not enough money, not enough opportunities, and not enough resources. [This FAQ addresses] common concerns and provide[s] practical strategies for navigating this significant life transition."  MORE >>

"In mid-2023, more than four in 10 US households owned IRAs.... [M]ore than seven in 10 US households had retirement plans through work or IRAs ... [while] more than eight in 10 near-retiree households did.... 62 percent of traditional IRA-owning households indicated that their IRAs contained rollovers from employer-sponsored retirement plans.... The three most common primary reasons for rolling over were not wanting to leave assets behind at the former employer, wanting to consolidate assets, and wanting more investment options."  MORE >>

"[The authors] propose a series of policy reforms that maintain the best aspects of our current system while improving its most egregious shortcomings. Collectively, [the] proposals form a 'new paradigm' for retirement: a system that will ensure a comfortable retirement for all Americans, built by enhancing the most popular and successful aspects of today's retirement framework rather than pushing for politically infeasible alternatives. These seven guideposts define this new paradigm."  MORE >>

"[S]ignificant opportunities exist for retirement systems to use AI to increase investment returns, improve member engagement, and produce better outcomes.  ... [the retirement] industry may be on the cusp of radical change, the likes of which we have not seen since stock trading went from paper to digital. Yet despite nearly limitless opportunities, using AI in retirement plans presents very real risks as well."  MORE >>

"[I]ndividuals and businesses in parts of Washington state affected by wildfires that began on Aug. 18, 2023 ... now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Spokane County qualify for tax relief[.]"  MORE >>

"[T]he determination of whether compensation is subject to clawback under the Final Rules can be complex, depending on items such as: [1] the date that a restatement of issuer financials is determined to be required, [2] the accounting periods that are restated, and [3] the date that compensation was received."  MORE >>