"Form 10 is required to be filed electronically ... and is due within 30 days of one of the reportable events. A sample Form 10 is available for reference and includes a checklist for each reportable event, listing the required information for each."  MORE >>

"MEPs and PEPs enable many employers to participate in one plan, which not only creates economies of scale that permit even small employers to avail of lower fees, but which also shifts certain fiduciary duties from the participating employer to the plan provider.... Originally viewed with suspicion by regulators, who were concerned about potential abuses in the structure, MEPs have finally become fully instituted as viable plan products."

[BenefitsLink note: This article was published in yesterday's edition with an incorrect author name.]  MORE >>

"The schism between [two recent] decisions underscores broader uncertainty that has prompted similar suits against large employers like Wells Fargo & Co., Tetra Tech Inc., and Honeywell International Inc. in recent months over their use of forfeited plan assets." [Perez-Cruet v. Qualcomm Inc., No. 23-1890 (S.D. Calif. May 24, 2024); Hutchins v. HP Inc., No. 23-5875 (N.D. Calif. Jun. 17, 2024)]   MORE >>

"[T]he [DOL] asserts that, 'Because the Department's amended test reasonably addresses the totality of the circumstances, Plaintiffs have failed to muster convincing arguments that the Retirement Security Rule is unlawful.' ... The [DOL] further argued that the plaintiffs were unlikely to succeed on the merits of the case, and this was no exercise of a 'newfound power' by the agency[.]" [Federation of Americans for Consumer Choice Inc. v. DOL, No. 24-0163 (E.D. Tex. motion for stay filed May 21, 2024; DOL opposition to motion for injunction filed Jun. 14, 2024)]  MORE >>

"Plaintiffs say that the department's ESG rule undermines key protections for retirement savings and oversteps the department's statutory authority under [ERISA] ... In its reply filed in March, the DOL denied that it is sanctioning the selection of poorer-performing investments in the name of ESG. In fact, doing so would expressly violate a bulletin the department sent to fiduciaries." [Utah v. Su, No. 23-0016 (N.D. Tex. Sep. 21, 2023; on appeal to 5th Cir. No. 23-11097)]  MORE >>

"In 2022, 63.9 percent of all families who had an active participant in an employment-based retirement plan from a current employer had a [DC] plan only. This was up from 37.5 percent in 1992. Among these families with an active participant.... [t]he percentage having a [DB] plan ... decreased from 40.0 percent in 1992 to 15.6 percent in 2022.... The average account balance of those families owning [individual account] plans increased from $91,881 in 1992 and from $299,598 in 2019 to $334,097 in 2022."  MORE >>

"Effective management of Other Investments within an ESOP is important for protecting participants' financial futures and fulfilling fiduciary duties. Recent litigation further highlights the risks of an overly conservative investment approach and the importance of aligning investment strategies with the best interests of participants."  MORE >>

"The bill would amend the law that allows municipal and county governments -- as well as authorities created by one or more counties or municipalities -- to establish  ... Employees' Deferred Salary Accounts.... The bill would require that state government offices put automatic enrollment in place; however, it would make it optional for county or municipal governments. "  MORE >>

"One million workers and retirees' earned pension benefits protected as Administration and Senator Casey announce assistance for over 100,000 union workers and retirees covered by the Bakery and Confectionery Union and Industry International Pension Fund ... This is the second largest award to date through the American Rescue Plan's Butch Lewis Act. This announcement brings the total number of pensions protected by the American Rescue Plan to over 1 million[.]"  MORE >>

"[T]he United Food and Commercial Workers Unions and Employers Midwest Pension Plan ... based in Rosemont, Illinois, covers 35,223 participants in the service industry ... [and] will receive approximately $1.2 billion in special financial assistance ... The plan was projected to become insolvent and run out of money in 2029."  MORE >>

"[T]he GCIU-Employer Retirement Benefit Plan ... based in Seattle, Washington, covers 40,373 participants in the printing industry ... [and] will receive approximately $913.5 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2033."  MORE >>

"[T]he Retail, Wholesale and Department Store International Union and Industry Pension Plan ... based in Birmingham, Alabama, covers 21,079 participants nationwide in the food processing, retail, and manufacturing industries ... [and] will receive approximately $261 million in special financial assistance[.]"  MORE >>

"[T]he Pacific Coast Shipyards Pension Plan ... based in Pleasanton, California, covers 507 participants in the maritime construction industry ... [and] will receive approximately $18.9 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2032."  MORE >>

"ARA recommends that the DOL limit its information collection, particularly information that could become publicly available through the Retirement Savings Lost and Found, to only the information designated by the statute.... The proposal suggests that the information will be collected using the efast2 system and will be due at the same time as the Form 5500 for the plan. ARA is concerned that this multi-use system will result in the inadvertent public disclosure of participants' sensitive, personal information."  MORE >>