"The [DOL] may consider amending its nearly three-decade-old guidance for defined benefit pension plans seeking to offload their payment obligations to insurance companies, although it considers this guidance to still be relevant, according to a new report to Congress.... Some advocates have recommended that plan fiduciaries be required to focus on the ownership structure of annuity providers and the extent to which the annuity provider relies on nontraditional and potentially riskier investments."  MORE >>

42 pages. "[T]his guide provides a high-level summary of SECURE 2.0 provisions grouped topically, including separate treatment of provisions specific to DC and DB plans. The six tables in this guide describe statutory changes and their effective dates, identify whether the changes are mandatory or optional for employers, and provide observations, including implementation challenges."  MORE >>

"[T]he retirees' benefits are ultimately backstopped by city taxpayers in the event the investments fall short. Therefore, the plaintiffs' pension benefits will by definition not be affected by the fossil fuel divestment decision or the outcome of the litigation, so the plaintiffs could show no alleged injury as is required to have standing to assert claims." [Wong v. NYCERS, TRS and BERS, No. 652297/2023 (NY Cty. Sup. Ct. Jul. 3, 2024)]  MORE >>

"79% of employees surveyed want more savings opportunities, and 70% prioritize 'rainy day funds.' ... The personal savings rate declined to 3.6% in April 2024 (compared to 8.1% in August 2019) and accumulated savings have dwindled, especially among lower-income Americans.... [E]mployees have started to expect more support from their employers."  MORE >>

"[1] The zone-status breakdown of plans in [the Segal] Survey of Plans' Zone Status for 2021 to 2024.... [2] PBGC death audits of plans that received Special Financial Assistance (SFA).... [3] The resurgence of interest in defined benefit (DB) plans.... [4] A lawsuit on actuarial equivalence.... [5] Pension plan de-risking and potential impact of prior elections.... [6] Elevated valuations and earnings growth."  MORE >>

"The funded status of the 100 largest U.S. corporate defined benefit pension plans maintained its $46 billion surplus in June while the funded ratio rose from 103.6% at the end of May to 103.7% as of June 30 ... The mid-year funded ratio is ahead of the 99.5% funded ratio seen at the start of 2024."  MORE >>

"Established by the New Jersey Secure Choice Savings Program Act, RetireReady NJ is a State-administered retirement savings program that aims to reach workers who do not have access to private employer retirement plans. New Jersey businesses with 25 or more employees that have been in business for two years or more and do not currently offer a qualified retirement plan will be required to register with the program."  MORE >>

"Americans with an advisor expect to retire at age 64, which is a full two years sooner than Americans who don't work with an advisor. They also have saved twice as much money for retirement than those who do not have an advisor: $132,000 vs. just $62,000."  MORE >>

"[S]lightly more than a third (34%) of employee advisors and roughly 4 in 10 (41%) independent advisors who are more than two years from retirement say they may not stay with their current firm in the next one to two years.... 28% of employee advisors and 52% of independent advisors have worked for three or more firms during their career[.]"  MORE >>

"Auto-enrollment in a target date fund puts the individual in a default investment that is likely best for them. Then, of course, the participant can choose another menu item if it's a better fit. So why don't employers auto-enroll people into target date funds that provide lifetime income? They fail to do so because they fear there are trade-offs that might not be appropriate for everyone. And indeed, this would be the right decision if those trade-offs were in fact necessary."  MORE >>

"The terms of five Council members expire at the end of this year. The groups or fields they represent are as follows: [1] Employee organizations; [2] employers; [3] the general public; [4] actuarial counseling; and [5] investment counseling.... Nominations must be received on or before [45 days after date of publication in the Federal Register, which is currently scheduled for July 11, 2024]."  MORE >>

"[I]ndividuals and businesses in West Virginia that were affected by severe storms, flooding, landslides, and mudslides that began on April 11, 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, Doddridge, Gilmer, Hancock, Kanawha, Lincoln, Marshall, Ohio, Roane, Tyler, Wetzel and Wood counties qualify for tax relief."  MORE >>

"The courts may now examine regulations in more detail, depending on the authority given to the regulators by the applicable statute.... [We] may see even fewer regulations and more reliance on subregulatory guidance.... The result ... may be more uncertainty for a longer time and likely contrary decisions in the different courts of appeal." [Loper Bright Enterprises, Inc. v. Raimondo, Sec. of Comm., No. 22-451 (S. Ct. Jun. 28, 2024)]  MORE >>

"Given the narrow scope of the Court's injunction, businesses will still have to take a wait-and-see approach until July 23, 2024, or August 30, 2024, and keep in mind that issuing written notices to workers that their non-competes will be unenforceable may constitute a waiver of the right to enforce them if the Rule does not become effective September 4, 2024. In the event of an adverse final determination, the FTC is likely to appeal the order to the Fifth Circuit, and the issue may appear before the Supreme Court as early as next year." [Ryan LLC v. Federal Trade Commission (no. 24-0986 (N.D. Tex. Jul. 3, 2024)]  MORE >>

"While it may be likely that the FTC ultimately will not be permitted to enforce the ban against any employer, the uncertainty of when such an order will be entered leaves employers who use non-competes with tough choices in the coming weeks." [Ryan LLC v. Federal Trade Commission (no. 24-0986 (N.D. Tex. Jul. 3, 2024)]  MORE >>