"Treasury is interested in gathering information from a broad set of stakeholders in the financial services ecosystem, including those providing, facilitating, and receiving financial products and services, as well as consumer and small business advocates, academics, nonprofits, and others.... Through this RFI, Treasury seeks to increase its understanding of how AI is being used within the financial services sector and the opportunities and risks presented by developments and applications of AI within the sector ... Treasury is interested in gaining insights into the uses of AI by financial institutions, including but not limited to ... [1] Provision of products and services ... [2] Risk management ... [3] Capital markets ... [4] Internal operations ... [5] Customer service ... [6] Regulatory compliance ... [7] Marketing."  MORE >>

"[AT&T] stated in the motion ... that [ERISA] protects the ability of defined benefit pension plan sponsors ... to annuitize pension risk. In addition, the firm argued that the decision to purchase an annuity is a 'settlor decision' that is 'unassailable under ERISA's fiduciary requirements.' ... SSGA -- an independent, financial institution with expertise in PRTs -- was specifically hired for the purpose of selecting an annuity provider, and AT&T argued that it is not subject to fiduciary liability for a decision it did not make." [Piercy v. AT&T Inc., No. 24-10608 (D. Mass. motion to dismiss filed Jun. 5, 2024)]  MORE >>

"The [DOL] said in its supplemental brief that the Sixth Circuit panel should join the Second, Third, Tenth and Seventh circuits in denying the motion to compel individual arbitration of a proposed ERISA class action -- and in its supplemental briefing took pains to point out what it saw as shortcomings in the arguments of the dissenting opinion in that case that supported arbitration." [Parker v. Tenneco Inc., No. 23-10816 (E.D. Mich. Aug. 21, 2023; on appeal to 6th Cir. No. 23-1857)]  MORE >>

"[The judge] said TIAA could be held liable as a knowing participant in the fiduciary breaches of its clients that sponsor the plans for their employees, even though the employers themselves aren't defendants in the suit.... TIAA's cross-selling -- a common industry practice -- would likely qualify as rollover advice subject to fiduciary restrictions[.]" [Carfora v. TIAA, No. 21-8384 (S.D.N.Y. May 31, 2024)]  MORE >>

"[1] Conduct regular death audits ... [2] Make sure your data is clean and ready ... [3] Considering pension risk transfer ... [4] Reduce liability with a lump-sum window ... [5] Modernize your plan design ... [6] Streamline plan administration with technology ... [7] Make sure participants understand the plan and love it."  MORE >>

"[T]he ERISA Bond protects plan participants while fiduciary insurance protects plan fiduciaries.... [E]every person who 'handles funds or other property' of an employee benefit plan is required to be bonded unless covered by an ERISA exemption.... A person is deemed to be 'handling' funds or other property of a plan whenever his or her duties or activities could cause a loss of plan funds or property due to fraud or dishonesty[.]"  MORE >>

"If you live in California, chances are you're going to need much more than $1 million -- and possibly even more than $1.9 million -- to retire comfortably.... High overall cost of living ... Years in retirement ... Higher taxes ... Long-term care costs ... Lifestyle choices ... Inflation."  MORE >>

"The number of younger workers age 16 to 24 has been declining for more than 10 years ... while the number of people 55 and older retiring has risen from about 80 million a year in 2011 to nearly 100 million in 2021, as baby boomers shuffle off in record numbers.... Fewer people means fewer new workers to replace those who retire[.]"  MORE >>

"[I]ndividuals and businesses in West Virginia that were affected by severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides that began on April 2, 2024 ... now have until Nov. 1, 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 Boone, Brooke, Cabell, Fayette, Hancock, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Preston, Putnam, Tyler, Wayne and Wetzel counties qualify for tax relief."  MORE >>

"[I]ndividuals and businesses in Kentucky that were affected by severe storms, straight-line winds, tornadoes, landslides, and mudslides that began on April 2, 2024 ... now have until Nov. 1, 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 Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union, and Whitley counties qualify for tax relief."  MORE >>

"[The Court held] that life insurance proceeds a corporation received to fund a share redemption agreement increased the corporation's estate tax value, and the corporation's obligation to redeem the shares was not a liability that decreased the corporation's value ... Thus, after the death of a shareholder, the value of that person's shares must reflect the corporation's fair market value, including insurance proceeds meant to fund a share redemption[.]" [Connelly v. IRS, No. 23-146 (S. Ct. Jun. 6, 2024)]  MORE >>

"[The Court] noted that the parties could have avoided this increase to the fair market value of the company via a so-called cross-purchase buy-sell. In this structure, it is the shareholders who have the obligation to purchase the shares of the deceased and each shareholder must obtain a policy on the other shareholder(s) to fund that purchase." [Connelly v. IRS, No. 23-146 (S. Ct. Jun. 6, 2024)]  MORE >>