Topics: [1] File 2023 Form 5500-EZ electronically using EFAST2; [2] Plans retroactively adopted after the end of the plan year; and [3] Forms 4461 and 4461-B electronic submission.  MORE >>

"The Chapter 7 bankruptcy trustee's duties are generally the same as the [Qualified Termination Administrator (QTA)], but [there] are a few differences.... There are options for the distribution of benefits from an abandoned plan, but a determination needs to be made as to whether the plan's sponsor is in Chapter 7 bankruptcy and subject to the new special rules or whether the general abandoned plan rules apply."  MORE >>

31 pages. "On April 25, 2024, the [DOL] adopted a final rule (2024 final rule) that updates the definition of investment advice within employer-sponsored private sector pension plans and [IRAs].... [U]pdating the definition of investment advice to include recommendations that are not currently considered investment advice might increase the number of individuals held to this higher standard." [R48108 Jun. 18, 2024]  MORE >>

"When the requirement to conduct an annual retrospective review and to document it in a written report is effective on September 23, 2025, what period must be reviewed: all of 2024; all of 2025; both 2024 and 2025; September 23, 2024 to September 22, 2025; or September 23, 2025 and forward?"  MORE >>

14 pages. Topics include: [1] SECURE 2.0 Cash Balance Guidance (Notice 2024-2, Section H); [2] Related cash balance topics; [3] Funding method changes; [4] 415 limits; [5] Late retirement actuarial equivalence; [6] Closed Plan guidance; [7] Long-term part-time employees; [8] Signature Protocols; [9] IRS Guidance Protocols/Administrative Procedures Act; [10] 417(e) mortality assumption; [11] IRC section 431(b)(7)(G) and an amendment to reinstate suspended benefits for a plan that received special financial assistance.  MORE >>

7 pages. Topics include: [1] ERISA Section 4044 Assumptions; [2] Special Financial Assistance (SFA) Topics: Death audits and potential repayment of assistance for plans that already received SFA, PBGC capacity to review SFA applications for all eligible plans, and calculation of withdrawal liability following a merger.  MORE >>

"The Schedule H has always required reporting of administrative expenses; however, the reporting was limited ... Beginning with the filing for the 2023 plan year, the category of 'professional fees' has been eliminated, but reporting on ... additional categories is required ... The DOL routinely uses information from Forms 5500 to identify potential violations. The DOL is currently focused on the reporting of late contributions.... [P]lan fiduciaries should not rely solely on outside parties to complete Forms 5500 on their own."  MORE >>

"In most cases, the entity desiring to leave [a Corporate or Trade Association MEP] will need to both cease participation in the existing MEP and establish a new plan so that there is not an overlap in coverage between the two plans.... The mechanics of leaving a PEO MEP or a PEP are about the same ... but there are some additional considerations ... Exiting a PEO MEP (or a PEP) subject to ADP/ACP testing ... Deferral and investment elections and beneficiary designations."  MORE >>

"[M]arket return cash balance plans ... create guaranteed lifetime income for employees while maintaining a stable and cost-efficient path for employers to invest in employee retirement.... At the core of a market return cash balance plan are the four pillars of modern retirement program design: increased efficiency, better employee appreciation, improved workforce management and financial risk management."  MORE >>

"During May, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased slightly, from 100.9% of a plan's accounting liabilities (accumulated benefit obligation, or ABO) to 100.7% of those liabilities.... During the same time period, the average annuity purchase cost across all insurers ... also decreased, from 103.3% to 103.2%."  MORE >>

"Form 5498 provides the basis for auditing such IRA activities and helps you to identify and fix related errors before the IRS flags them.... [1] Do you have the right type of IRA? ... [2] Is your Roth IRA conversion total correct? ... [3] Is your 'rollover contributions' total correct? ... [4] Are your traditional and Roth IRA contributions applied to the right year? ... [5] Are your 2023 regular IRA contributions within the statutory limit?"  MORE >>

"The Proposed ICR requests significantly more information about participants and their beneficiaries beyond the data elements listed in the statute. Further, the Proposed ICR requests data dating back to the date a plan became covered by ERISA, while the statute specifically authorizes collection of information with respect to plan years beginning in 2024. This drastically expanded scope of information ... far exceeds the reporting contemplated by the statute and therefore does not seem to comport with Congressional intent."  MORE >>

"This article addresses the various types of equity-based compensation awards and assists employers with a common question: What type of equity compensation award is best for our company and our employees? ... [This article offers] an overview of the various equity-based compensation awards as a guide to the types of awards, tax treatment, and the advantages and disadvantages of certain awards."  MORE >>