"[Notice 2024-35] adds another year of relief by waiving 2024 annual RMDs for beneficiaries of IRA owners who died in 2020, 2021 or 2022 after the RBD. It also excuses 2024 RMDs within the 10-year period for beneficiaries of owners who died in 2023 after the RBD."  MORE >>

"DOL has issued a proposed procedure to collect data directly from plan administrators on a voluntary basis via a new filing made along with, but not as part of, the Form 5500.... IRS's determination that the agency cannot share [Form 9855-SSA] data with DOL complicates the project and may lead to further regulatory action.... Administrators will need to weigh the benefits of participating against any costs and risks.... Comments are due on June 17, 2024."  MORE >>

"The [DOL] is asking plans to provide the following for vested separated participants: names and Social Security numbers, contact information, mailing address, and whether they have received an involuntary distribution already. The DOL also asked plans to indicate if a participant has been unresponsive to contact and to provide information on their designated beneficiaries, as well as the nature and amount of the benefit to which they are entitled. Administrators would provide this information to the DOL as an attachment to their Form 5500 filings."  MORE >>

"The final amendment comes two years after the proposed amendment brought pushback from investment managers. Eligibility requirements have tightened, and QPAMs will have to be more vigilant to maintain the exemption.... While there are no immediate steps plan sponsors need to take in reaction to the final amendment, plan sponsors engaging QPAMs should be aware that QPAMs will have increased compliance requirements, which may lead to additional costs."  MORE >>

"While not specifically stated in the final amendment notice, managers that currently rely on the exemption may wish to provide the Section I(k) notice by the June 17, 2024 effective date of the changes to avoid any question of the exemption's continued availability. ... Firms will want to carefully consider the potential impact of entering into an NPA or DPA, or court-approved settlements raising the types of issues described in the final amendment, on the availability of the exemption on a case-by-case basis."  MORE >>

"The Final Amendment significantly impacts investment managers managing Plan Asset Entities (including eliminating the ability of certain managers to qualify as a QPAM), employers/plan sponsors of Plans, IRA owners and other fiduciaries responsible for engaging or monitoring investment managers, as well as counterparties to Plan Asset Entities seeking to rely on the QPAM Exemption."  MORE >>

"Four Alcoa retirees have sued the company and its pension plan fiduciaries saying the defendants violated ERISA by transferring $2.8 billion in defined benefit assets to an insurance company they contend represents a riskier investment than a traditional pension fund....The Alcoa lawsuit is the third recent legal action criticizing defined benefit plan sponsors' transfer of retirement assets to Athene." [Camire v. Alcoa U.S.A. Corp., No. 24-1062 (D.D.C. complaint filed Apr. 12, 2024)]  MORE >>

"This decision affirms the statutory rule that pension obligations must be in writing and rejects an attempt to expand an employer's obligation through conduct. Employers can sigh in relief that their agreements won't be altered by conduct but should ensure all terms are clearly spelled out." [Bulk Transp. Corp. v. Teamsters Union No. 142 Pension Fund, No. 23-1563 (7th Cir. Mar. 22, 2024)]  MORE >>

"While their statutory frameworks, eligibility requirements, and features differ, state auto-IRA programs and DC plans reflect the industry's move to innovate for the benefit of participants through adoption of auto-features, use of target retirement date funds, cost-effectiveness, and fee transparency."  MORE >>

Video of Apr. 16 hearing, with testimony by: [1] Jason Fichtner, Ph.D., Bipartisan Policy Center; [2] Rachel Greszler, Economic Policy Innovation Center; [3] Nancy Altman, Social Security Works; [4] Charles Blahous, Ph.D., Mercatus Center at George Mason University.   MORE >>

"The recent death of Nobel laureate Daniel Kahneman ... marks a great loss for psychology and economics. His groundbreaking work on cognitive biases and decision-making offered invaluable wisdom for retirees navigating the investment landscape while preserving wealth and generating income.... Here are four key lessons to consider from Kahneman's research, along with actionable tips designed to help retirees invest more confidently and resiliently.... [1] Beware of overconfidence ... [2] Combat loss aversion ... [3] Recognize the availability bias ... [4] Embrace slow thinking."  MORE >>