61 pages, Mar. 4, 2024. "What's New for 2023: [1] IRA contribution limit increased.... [2] Increase in required minimum distribution age.... [3] Modified AGI limit for traditional IRA contributions ... [4] Modified AGI limit for Roth IRA contributions ... What's New for 2024: [1] IRA contribution limit increased for 2024.... [2] Modified AGI limit for traditional IRA contributions increased.... [3] Modified AGI limit for certain married individuals increased.... [4] Modified AGI limit for Roth IRA contributions increased."  MORE >>

4 pages; rev. Feb. 2024. "Form 15315 ... is used to report the actuarial certification of a multiemployer plan's status. The plan actuary must file this form annually with the IRS to satisfy the reporting requirements of IRC Section 432(b)(3)."  MORE >>

"In the case of dual qualified 401(k) plans, Hacienda's limits only apply to those participants who.... are residents of Puerto Rico. Basically, this means participants whose wages are reported using a local Form W-2 ... U.S. participants, on the other hand, remain subject to the regular annual limits set forth by the IRS in Notice 2023-75."  MORE >>

"When a wholesaler becomes a fiduciary to a plan or an IRA, and the recommendation is made by the advisor or agent to and accepted by the IRA investor or plan fiduciary, there will likely be a prohibited transaction due to the wholesaler's firm making money on the investment or insurance product. Where a wholesaler prohibited transaction occurs, an exemption (PTE) will be needed, most likely PTE 2020-02."  MORE >>

"In 2023, the [Social Security Death Master File] only provided 16% of death records.... Death audits now require the aggregation of thousands of data sources, primarily obituaries.... This makes utilizing multiple pieces of personal identifiable information (PII) to identify participants necessary -- such as first/middle/last name, SSN, date of birth, city and state."  MORE >>

"Public companies will have to disclose the climate risks material to their business; the companies' strategies for reducing those risks and related costs; the processes the companies use for managing and identifying climate risks; any losses from severe weather events; and scope 1 and 2 emissions."  MORE >>

"Plan sponsor Verizon Communications Inc. this month completed a $5.9 billion pension risk transfer by purchasing single-premium group annuity contracts with two insurers covering 56,000 retirees ... The group annuities, from Prudential Insurance Co. of America and RGA Reinsurance Co., will provide benefits to retirees that began receiving payments from the Verizon pension plans before January 1, 2023[.]"  MORE >>

"DB programs (such as cash balance plans) are designed to offer efficient and pure risk pooling in retirement. The uncertainty of individual lifespans is handled efficiently by grouping many retirees in a single pension plan backed by a collective pool of assets. All members benefit from a more straightforward and cost-effective conversion of accumulated savings into lifetime income."  MORE >>

"Now that they are mandatory, it may be tempting to assume that identifying which parts of your executive compensation plan are vulnerable to clawbacks will be a straightforward endeavor. However, you may be surprised by the places where executive pay elements are hidden among other plan documents and written communications. [This article provides a] list of places where clawback triggers may be hiding to avoid being caught off-guard in the event of a restatement."  MORE >>

"[1] Make key process decisions up front ... [2] Perform the calculations ... [3] Determine the source of clawback funds ... [4] Document calculations and processes."  MORE >>

"Determining the source of funds to execute a clawback for current employees is straightforward: A ready source of funds exists based on future pay. The [SEC] has said that, after a restatement, companies must act 'reasonably promptly' to recoup funds, and that directors and officers who are charged with safeguarding the company's assets will pursue the most appropriate balance of cost and speed when deciding the right way to recover funds."  MORE >>