"Information is to be collected on the following individuals: [1] Separated vested participants; [2] Participants whose benefits were transferred to [IRAs] under the plan's mandatory cash-out provisions ... [3] Participants whose benefits have been transferred to an annuity provider. The DOL expects that much of this data would be readily available and does not impose any new or additional recordkeeping requirements." [Article includes chart identifying data to be collected for each group of participants.]  MORE >>

"The simple way to think about this proposal is as a new set of plan reporting obligations of data that will be used to populate the [Retirement Savings Lost and Found], described by DOL as an 'online searchable database to reunite workers with retirement benefits earned over their working lives' ... [R]eporting is theoretically 'voluntary' and is to be done via an attachment to the 2023 Form 5500 that, however, 'would not be considered part of the Form 5500.' "  MORE >>

"The DOL also indicated that it is considering creating a portal that would allow plan administrators to directly submit the requested information to the lost and found database, rather than including it in an attachment to the plan's Form 5500/5500-SF. Regarding data security, the DOL stated it would implement several measures designed to protect participant and beneficiary data in the retirement savings lost and found database[.]"  MORE >>

"While the Final Amendments address certain concerns that were raised by stakeholders during the notice-and-comment process, many questions and challenges still remain.... New ways to lose access to the exemption ... New questions about the role of the QPAM in overseeing the transaction ... Modifications to existing agreements on written indemnification; penalty-free withdrawal rights ... Registration with the DOL ... New recordkeeping requirements ... Updated asset management and equity thresholds."  MORE >>

"[SEC Director of Enforcement] Gurbir Grewal warns of the risks surrounding artificial intelligence (AI) related disclosures and puts investment advisers and public companies on notice that disclosures related to AI may be necessary and must not be materially false or misleading. Grewal advocates for 'proactive compliance,' which requires education, engagement and execution. The SEC is expected to increase its enforcement efforts and scrutiny of AI-related disclosures."  MORE >>

"The [DOL's] guidance to permit bankruptcy trustees to use its Abandoned Plans Program has moved off of the OMB dashboard and is back with the department, signaling the review is complete on the long-awaited release. A summary description of the proposal explains that the principal purpose is to permit bankruptcy trustees to use the Abandoned Plan Program to terminate and wind up the plans of sponsors in liquidation under Chapter 7 of the U.S. Bankruptcy Code."  MORE >>

"Under HB 481, the Georgia Public Retirement Systems Investment Authority Law would be amended so that it would state that when investing the assets of retirement plans that are funded in part or entirely through public funds, it is a fiduciary duty to do so solely in the financial interest of participants and their beneficiaries and not to pursue 'nonpecuniary' interests such as social, political, or ideological concerns."  MORE >>

"When the program goes live in 2027, it could allow millions of qualified individuals participating in a workplace retirement plan or contributing to an IRA to receive an annual 50% federal matching contribution up to a maximum of $1,000 ($2,000 if filing jointly), deposited directly into the taxpayer's retirement plan or IRA.... 73.5% of non-savers indicated that they would be very likely or somewhat likely to begin saving to receive a program matching contribution."  MORE >>

"Younger clients should start and contribute as much as possible to their 401(k) or other workplace retirement plans. After retirement, investors need to review and update their estate planning, especially if a spouse has died. At age 50, savers ideally would have accumulated an amount equal to 3 to 5.5 times their current salary.... Here is a look at financial planning priorities through the decades of your clients' lives, from their 20s to their 70s and beyond."  MORE >>

"In March 2023, 15 percent of private industry workers had access to a defined benefit plan. Defined benefit plans provide employees with guaranteed retirement benefits based on plan formulas.... Among private industries, financial activities stood out as 33 percent of workers had access to a defined benefit plan and 19 percent of workers chose to participate."  MORE >>

"[E]nhanced disclosure rules and increased scrutiny of company leaders and their actions have put executive perks under the microscope in recent years ... In 2023, 7% of companies in the S&P 500 disclosed an adjustment to their perks program. Among that group: 41% eliminated a benefit; 32% established a new perk; 27% updated an existing benefit."  MORE >>