"This proposed exemption would allow current and future asset managers under the UBS corporate umbrella to continue to rely on PTE 84-14 from June 12, 2024, to June 11, 2029 if certain conditions were met, notwithstanding the five judgments of conviction involving entities within the UBS and CSAG corporate umbrellas[.]"  MORE >>

"To help broker-dealers prepare for an examination and assist in their compliance efforts, the [SEC] issued a new Risk Alert ... [which] outlines the areas of focus the staff may consider for an examination of a BD, as well as the types of information, including documents, the staff may initially request."  MORE >>

34 pages. "This report provides an overview of DC plans, contributions to these plans, tax treatment of contributions, plan sponsor choices regarding contribution-related features, relevant IRC requirements, and related policy issues." [R48091 Jun. 11, 2024]  MORE >>

"A Texas federal judge has scheduled a trial date ... [in a] class action ... brought by a former pilot in June 2023. The plaintiff alleged the airline's 401(k) plan sacrificed performance for environmental, social and governance factors." [Spence v. American Airlines, Inc., No. 23-0552 (N.D. Tex. February 21, 2024; order setting trial date filed Jun. 5, 2024)]  MORE >>

"2024 is the 30^th anniversary of target-date funds (TDFs), with the first TDF created in 1994.... This post provides a primer on TDFs including their logistics, advantages and disadvantages, selection criteria, and expenses. It also describes TDFs available from [some highly-rated vendors] and concludes with a summary of research about TDFs, three 'need to know' facts, and six take-away action steps."  MORE >>

"[T]he Milliman 100 PFI funded ratio rose from 103.1% at the end of April to 103.4% as of May 31, driven by investment returns of 2.29%, the best-performing month of 2024. These gains lifted the net market value of PFI plan assets by $22 billion for the month, to $1.296 trillion. They helped offset the decline in discount rates, which fell in May by 15 basis points, to 5.53%, and caused plan liabilities to rise $18 billion to $1.253 trillion as of May 31."  MORE >>

"Alaska has experienced higher turnover and severe challenges to recruit and retain public sector workers since it closed the pension plan for new hires.... In Rhode Island, public sector worker turnover rose for almost every group after the hybrid plan was implemented, the 2024 NIRS experience study found."  MORE >>

"[A]pproximately 3,000 [Chicago police officers ] are required to cut a check to their pension fund, plus interest.... As part of the new contract for Chicago police officers approved by the City Council in late 2023, union members received a 2.5% base salary increase that applied retroactively to the start of 2022. 'The city did not withhold the correct 9% of members' salary and duty availability pay for the required payment,' according to a post on the fund's website.'  MORE >>

"[A recent brief by Center for Retirement Research Director Alicia H. Munnelll] pointed out some potential solutions that would head off 'draconian benefit cuts' in 2033.... [T]he option of investing the Social Security OASI trust fund reserves in equities ... seems to have considerable support. But the window of opportunity to make this work is closing fast.... [If] payroll taxes were raised immediately by 3.50 percentage points (1.75% each for the employee and employer) the government could pay scheduled benefits through 2098, with a one-year reserve at the end."  MORE >>

"It should come as no surprise that the match dollars in your average 401(k) plan are more likely to wind up in the accounts of those who contribute more. Nor should it be a surprise that those who have higher salaries tend to contribute more. But the research from Vanguard not only noted (and quantified) some of those disparities, it provided some interesting ideas around various concepts behind matching contribution strategies and consequences."  MORE >>

"Business owners with insurance funded buy-back agreements should immediately consult their tax advisors to reevaluate such arrangements. The ruling changes the way that life insurance proceeds earmarked for the redemption of a deceased owner's stock are counted toward the company's valuation for federal estate tax purposes." [Connelly v. IRS, No. 23-146 (S. Ct. Jun. 6, 2024)]  MORE >>