"[B]eneficiaries subject to the ten-year rule have another year of further relief for owners who died in 2020, 2021, 2022 or 2023 or after the owner's RBD.... Notice 2024-35 extends prior relief in Notices 2023-54 and Notice 2022-53 for another year."  MORE >>

"[Notice 2024-35 provides] exemption from the excess accumulation penalty for [1] beneficiaries who are subject to the 10-Year Rule in scenarios where an IRA owner and plan participant dies on/after their required beginning date in 2020, 2021, 2022 and 2023, and [2] successor beneficiaries who are required to take annual distributions in addition to depleting the account with 10 years following the death of the Eligible Designated Beneficiary. The relief is applicable to beneficiary RMDs for calendar years 2021, 2022, 2023 and 2024."  MORE >>

"The final amendment continues to restrict the planning, negotiation and initiation of transactions by parties-in-interest, which may create practical questions and challenges in certain contexts.... There is a new requirement to maintain certain records, and to disclose information upon an investor's request.... There is a new requirement to provide email notifications to the DOL where the QPAM will be relied upon by firms."  MORE >>

"Though the Committee offered one plausible explanation for United's decision to include retail shares, the court found that another plausible explanation is that the Committee included retail shares in the Plan due to mismanagement. The court concluded that Defendants failed to refute Plaintiffs' allegations about the more expensive retail shares and that Plaintiffs sufficiently allege a plausible breach of the duty of prudence." [Perkins v. United Surgical Partners International, Inc., No. 23-10375 (5th Cir. Apr. 11, 2024; unpub.)]  MORE >>

"[T]he court concluded that the allegations either failed to compare the funds' performance and fees to 'meaningful benchmarks,' failed to otherwise support an inference of fiduciary breach, or were conclusory.... Lastly, the court rejected plaintiff's imprudence claims based on the plan's recordkeeping fees as lacking allegations that the fees were excessive relative to the services provided to the plan." [Lalonde v. Massachusetts Mutual Ins. Co., No. 22-30147 (D. Mass. Mar. 29, 2024)]  MORE >>

"While AI excels at analyzing historical data and identifying patterns, it may struggle to adapt to sudden changes or “black swan” events, leaving fiduciaries vulnerable to unexpected losses. ... When data is limited, outdated, or biased, or where AI systems inadvertently perpetuate or amplify existing biases present in the data used for training, AI systems may produce unreliable or biased outcomes, skewed investment recommendations, and unequal treatment of plan participants, leading to suboptimal investment decisions. Fiduciaries must exercise caution when relying on AI-generated recommendations and ensure that algorithms are trained on comprehensive and accurate data."  MORE >>

"U.S. adults correctly answered only 48% of the 28 index questions in 2024, on average. This figure has hovered around the 50% mark since the inaugural 2017 survey.... Twenty-six percent of those who correctly answered 4 or 5 questions are very confident they will have enough money to live comfortably throughout retirement; 7% are not at all confident. These figures are essentially flipped among those who did not correctly answer any of the questions -- 10% are very confident and 29% are not at all confident."  MORE >>

"The average household's financial resilience remained quite stable during the pandemic. More financially resilient households were less likely to be financially fragile. Resilient households were more likely to take their pension account payouts as retirement annuities, instead of lump sums. Greater financial literacy was associated with better information about one's pension plan and pension plan payout choices."  MORE >>

68 pages. "In 2020, more than four-fifths of large ERISA 403(b) plans covering more than three-quarters of large ERISA 403(b) plan participants had employer contributions.... Among large ERISA 403(b) plans with employer contributions in 2020, 35 percent had automatic employer contributions, 58 percent had simple matches, and 14 percent had both of these features.... 64 percent of large ERISA 403(b) plans had participant loans outstanding, ... Mutual funds were the most common investment vehicle ... with 66 percent of large ERISA 403(b) plan assets in 2020. Fixed annuities held 16 percent of assets, and variable annuities held 18 percent"  MORE >>

"The DOL requested a $13.9 billion total budget for 2025, an increase from $13.6 billion in 2024. [EBSA] would receive $205.7 million under the proposed budget for the fiscal year that begins on October 1, an increase from $191.1 million, with $4.7 million set aside for implementing provisions from the SECURE 2.0 Act of 2022. The [PBGC] would receive $514.1 million in general administrative funding, up from $512.9 million."  MORE >>

"Vermont officials say they expect that the partnership with Colorado will result in greater total assets under management, which in tun would lead to economies of scale and reduced costs -- and therefore higher returns."  MORE >>