"This direct final rule removes the Thrift Savings Plan (TSP)'s restriction on a participant's ability to request more than one withdrawal within a thirty-calendar-day period."  MORE >>

"Defendants' motion comes just days after the court had handed down a decision denying defendants' motion to dismiss.... [This article reviews] defendants' arguments in this case, mainly because they usefully raise the issues of proof and causation that vex challenges to the prudence (and loyalty) of certain proxy voting positions." [Spence v. American Airlines, Inc., No. 23-0552 (N.D. Tex. February 21, 2024; motion for summary judgment filed Feb. 26, 2024)]  MORE >>

"After conducting an $8.05 billion pension risk transfer in May 2023 and offloading 96,000 of its plan participants and beneficiaries, AT&T Inc. was sued by four former participants ... The former participants ... claimed that AT&T's decision to conduct the PRT with Athene Annuity and Life Company placed its retirees in danger and that AT&T and its independent fiduciary, State Street Global Advisors Trust Co., stood to gain from the transfer. " [Piercy v. AT&T Inc., No. 24-10608 (D. Mass. complaint filed Mar. 11, 2024)]  MORE >>

"Retirement plan participants whose personal identifiable information was exposed in a 2021 data breach have asked a Georgia federal judge to approve an $8.733 million agreement to resolve allegations, which claimed national consultant Horizon Actuarial Services LLC failed to safeguard their sensitive data." [Sherwood v. Horizon Actuarial Services LLC, No. 22-1495 (N.D. Ga. proposed settlement agreement filed Mar. 11, 2024)]  MORE >>

"Addressing improper withholding of tax refunds, says [Kelsey Mayo, the American Retirement Association's Director of Regulatory Policy], 'has, so far, been a manual process of corresponding with the IRS to have the penalty abated and the refund paid on an employer-by-employer basis.' However, Mayo reports that the IRS expects to implement a systematic fix for the impending corporate tax return deadline."  MORE >>

"[P]lan fiduciaries may want to revisit the plan's processes for identifying deceased participants (terminated vested and retirees) to ensure that these processes reflect a proactive, rather than reactive, posture. [This article describes] several practices plans may wish to consider."  MORE >>

"Lawmakers and the retirement industry have tried for years to close the access gap. This year could see growth in workplace plans. The growing number of state initiatives and new tax incentives introduced by recent legislation, including SECURE 2.0, could move the dial on business startup plans."  MORE >>

"The definition of retirement may be shifting to mean more than simply an end to working. A majority of pre-retirees view retirement as either shifting focus to 'a new type of work or fulfilling purpose' or 'working less.'... On average, 63 is the ideal age for retirement according to both retirees and pre-retirees. While current retirees are hitting close to that mark with an average actual retirement age of 62, there are signs that future retirees could have more difficulty retiring at their ideal age.... Many retirees retired earlier than planned. Few say they retired later than planned."  MORE >>

"Following a banner year in the stock market, investors subject to required minimum distributions could be in for a nasty tax surprise[.]"  MORE >>

"The new proposed regulations would apply to CPE credits earned for programs held during the period from Jan. 1, 2023, through the date that is 30 days after the publication of the Treasury decision finalizing these proposed regulations. The extended -- a.k.a. permanent -- waiver of the 'physical presence' requirement would apply to active enrolled actuaries."  MORE >>