"Before these regulatory updates, Chapter 7 bankruptcy trustees were ineligible to use the Abandoned Plan Program, despite being responsible for administering retirement plan functions on behalf of bankrupt entities ... Using the program's streamlined process, these trustees can now reduce the time and resources needed to wind up a bankrupt company's retirement plan, the department added."  MORE >>

"The DOL proposes to improve the Abandoned Plans Program by expanding coverage to ERISA plans affected by Chapter 7 bankruptcy  ... The rule also makes other changes, including modifying the Special Terminal Report for Abandoned Plans (STRAP) that qualified termination administrators (QTAs) file with the DOL, and will make an optional online method available for filing the STRAP and other notices."  MORE >>

"DOL has expressed concern that the 'regular basis' and 'mutual agreement' prongs of the prior Five-Part Test 'worked to defeat legitimate retirement investor expectation of impartial advice' and attempted to close these perceived loopholes in the Retirement Security Rule.  ... On May 2, 2024 (or 9 days after the Final Rule was adopted), the FACC filed its complaint in the United States District Court for the Eastern District of Texas." [Federation of Americans for Consumer Choice Inc. v. DOL, No. 24-0163 (E.D. Tex. complaint filed May 2, 2024)]   MORE >>

"[B]eneficiaries who would otherwise be required to take a 'specified RMD' in 2024 ... will not be subject to the excise tax for failure to take such RMD.... [A] plan will not be treated as having failed to satisfy the RMD requirements because it did not make a specified RMD. The definition of a specified RMD is aligned with the IRS's definition of a specified RMD in the 2022 Notice and 2023 Notice, except that it is extended to RMDs for 2024 relating to deaths that occurred in 2020, 2021, 2022, or 2023."  MORE >>

"[A] federal judge certified a class of more than 1,700 participants and beneficiaries in two of CITGO Petroleum Corporation's pension plans.... The lawsuit against CITGO alleges that the Houston-based gas and energy giant violated [ERISA] by failing to properly calculate joint and survivor annuity ('JSA') benefits for retired employees and imposing a 'marriage penalty' that reduced their monthly pension payments." [Urlaub v. Citgo Petroleum Corp., No. 21-4133 (N.D. Ill. May 16, 2024)]  MORE >>

"[1] Requirement to timely file an Annual Report with the [DOL] ... [2] Use of forfeitures in 401(k) plans ... [3] Expected pension de-risking report ... [4] Adequate consideration rule ... [5] Locating lost participants."  MORE >>

12 pages. "Commonwealth conducted focus groups with 20 workers earning [low and moderate incomes] ... Respondents reacted positively to both the $1,000 withdrawal option and the $2,500 [PLESA], but expressed a preference for the $2,500 option when asked to choose.... Employers and retirement plan providers who choose to use automatic enrollment within the PLESA must be clear and thoughtful about how they communicate it to employees to minimize concerns.... While participants don't expect to withdraw frequently from the account, they still prefer minimal restrictions on withdrawals and quick access to funds through direct deposit."  MORE >>

"In some cases, you could buy life insurance instead and get a better deal in protecting your spouse. There are some things to keep in mind, though."  MORE >>

"Alaska lawmakers are considering Senate Bill 88 legislation to reinstate pensions for the state’s public workers.... [T]he bill’s 30-year cost could exceed $9 billion, but there is little evidence to conclude that it would counteract national and state-level trends in increased employee turnover."  MORE >>

"[I]ndividuals and businesses in Ohio that were affected by tornadoes that began on March 14, 2024 ... now have until Sept. 3, 2024, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland and Union counties qualify for tax relief."  MORE >>

"[I]ndividuals and businesses in Nebraska that were affected by severe storms, straight-line winds, and tornadoes that began on April 25, 2024 ... now have until September 3, 2024, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Douglas and Washington counties qualify for tax relief."  MORE >>

"[1] How the FTC defines noncompetes.... [2] Exceptions to the noncompete ban.... [3] Your state laws may still apply.... [4] Nondisclosure agreements may be restricted too.... [5] Lawsuits enforcing prior noncompetes do not go away.... [6] What your company must tell you.... [7] Legal challenges will severely test the noncompete ban."  MORE >>

"Congress never explicitly delegated such broad rulemaking authority to the Commission. Further, the FTC has failed to demonstrate that all noncompetes do more harm than good.... The FTC Rule will cause irreparable harm.... The public interest supports preliminary relief." [Chamber of Commerce of the United States of America v. Federal Trade Commission, No. 24-00148 (E.D. Tex. complaint filed Apr 23, 2024; order staying case May 3, 2024)]  MORE >>

"The FTC defines 'senior executive' based on both an earnings test and a job duties test -- and the job duties test is quite restrictive.... You likely cannot enforce a non-compete against a Sales Manager who makes $250,000 annually, a Department Head with policy-making authority over only his segment of the business, a mid-level manager who owns a small share of stock in the Company, or a highly-compensated Chief People Officer who only has advisory authority but cannot make final policy decisions."  MORE >>