"[T]he DOL plans to give additional consideration to  ... [1] Private equity firms' increased participation in the life insurance industry. [2] The adequacy of disclosures for participants concerning partial buy-outs.... [3] The ownership structures of life insurance companies ... [4] The use of higher risk investment strategies, such as asset-backed securities. [5] The increase in 'non-traditional liabilities' ... [6] The increasing use of off-shore reinsurance."  MORE >>

"Washington state recently passed legislation requiring employers to offer a retirement plan or enroll in the Washington Saves program. Washington Saves is an auto-IRA program that ... is mandatory for employers in Washington who have been operating for at least two years and do not offer a retirement plan."  MORE >>

"[The judge said] that the expert witness ... used by the workers to discuss 401(k) recordkeeping fees did not use 'reliable methodology' in concluding that the plan fees were unreasonable." [McCauley v. The PNC Financial Serv. Group, Inc., No. 20-1493 (W.D. Penn. Jun. 21, 2024)]  MORE >>

"In the wake of [this decision], plan administrators may need to take additional precautions when deciding whether or not to included arbitration and exhaustion clauses.... The Second Circuit ... concluded that the Plan's arbitration provision constituted an unenforceable prospective waiver of Plaintiff's statutory rights and remedies under ERISA Section 502(a)(2)." [Cedeno v. Sasson, No. 21-2891 (2d Cir. May 1, 2024)]  MORE >>

"Using various marketing efforts, FIP solicited pensioners by offering them a lump sum in exchange for a portion of their future pension payments.... In time, another layer was added to the scam, prosecutors said. Investors were urged to fund IUL policies with their FIP payment, ostensibly to replace the pension as a retirement plan. However, prosecutors said the new layer just created another opportunity for rogue agents and FIP reps to further gouge investors through hidden and high fees."  MORE >>

"Given the well-understood and (by volume) extensive presence of annuity transactions in the defined benefit plan landscape in 1974, if Congress had intended insurance agents generally to be covered by the fiduciary definition, particularly in a 'comprehensive and reticulated statute' like ERISA that in other respects takes specific account of insured plans, it is more than reasonable to think that Congress would have said so affirmatively, rather than inartfully and inarticulately lumping them into the 'renders investment advice for a fee' rubric."  MORE >>

31 pages. "Plan sponsor demand is the primary driver of retirement income solution adoption.... Technology integration will be a linchpin in enabling new solutions with scalability ... The participant experience is an implicit undercurrent in driving income solution development."  MORE >>

"Top-ranked optional provisions ... [include] the increased catch-up contribution limit for participants ages 60 to 63, as well as the new in-service distribution options made available under SECURE 2.0... Among plan sponsors of smaller plans, withdrawals for emergency expenses ranked second and employer contributions as Roth also placed in their top five ... For larger plans, withdrawals for emergency expenses was replaced by auto-portability by corporate plan sponsors and hardship withdrawal rules by Tax-Exempt."  MORE >>

22 pages. "68% of workers and 74% of retirees are confident they will have enough money to live comfortably throughout retirement. However, this is not a significant increase from last year.... [I]nflation remains a top reason for Americans' lack of confidence. Among those who do not feel confident, 31% of workers and 40% of retirees cite inflation as the reason why. "  MORE >>

"Americans who currently participate in a workplace retirement plan believe they will need [$1.2 million] saved to retire comfortably yet 46% expect to have less than $500,000 in savings at retirement including 23% who say they will have less than $250,000.... Less than half of plan participants work with a financial advisor, and 59% wish they received more guidance from their employer on how to invest plan assets."  MORE >>

"PBGC's single-employer program has seen a deficit of more than $29 billion at the end of fiscal year 2012 swing to a surplus of almost $45 billion in 2023.... Reducing PBGC premiums for a system that is notably in surplus may make it easier for sponsors to consider retaining some pension liabilities, rather than transferring them to an insurer ... Lowering the costs around maintaining a DB plan ... might also spur some organizations to consider offering this benefit again."  MORE >>

"[I]ndividuals and businesses in Florida that were affected by severe storms, straight-line winds, and tornadoes that began on May 10, 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: Baker, Gadsden, Hamilton, Lafayette, Leon, Liberty, Madison, Suwannee, Taylor, and Wakulla counties qualify for tax relief."  MORE >>

"[I]ndividuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on May 19, 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: Blaine, Caddo, Cluster, Delaware, Jackson, Mayes, Muskogee, and Rogers counties qualify for tax relief."  MORE >>