"Since the initial proposal, there have been repeated calls from policy groups and employee benefits practitioners for the IRS to revise its interpretation of the 10-year rule and remove the simultaneous application. A common complaint was that the interpretation was contrary to the congressional intent of the rule.  The IRS said it reviewed the comments expressing concerns about the 10-year rule but 'determined that the final regulations should retain the provision in the proposed regulations requiring such a beneficiary to continue receiving annual payments.' "  MORE >>

"The documents that now can be submitted electronically include ... [1] Notice of Plan Abandonment and Intent to Serve as Qualified Termination Administrator.... [2] Final Notice and Special Terminal Report for Abandoned Plans (STRAP).... [3] Bankruptcy Trustee Supplement."  MORE >>

"[Notice 2024-55] clarifies that whether the participant has an eligible emergency expense depends on all of the facts and circumstances.... [A] list of appropriate expenses [included in the Notice] overlaps significantly with the general hardship distribution rules. However, ... l two items demonstrate that emergency personal expense distributions can be broader than hardship withdrawals."  MORE >>

"Most older items didn't change significantly, but the agency moved several projects from the active agenda to its long-term agenda and vice versa. The [DOL] and Pension Benefit Guaranty Corp. (PBGC) also updated their agendas, but neither agency made significant changes to their current lists of retirement projects. While the active agenda often specifies anticipated completion dates within the next year, those dates are generally aspirational and routinely change as an agency's priorities shift."  MORE >>

"Benefits: [1] Security for participants ... [2] Simplified choices ... [3] Institutional pricing ... Challenges: ... [1] If a participant changes jobs or recordkeepers, the new recordkeeper may not be able to offer the same annuity plan or an annuity at all.... [2] Annuities have been unattractive due to high fees. Participant education is vital.... [3] Designed to operate within ERISA, they require proper planning and management."  MORE >>

"The key question in evaluating annuities, or any other investment, should always be 'at what cost?' ... While costs vary, a basic average annual cost for immediate annuities seems to be 0.7 percent. The average costs for various additional options with all annuities seems to be an additional 1.0 percent.... [A]nnuities are inappropriate for 401(k) and 403(b) plan sponsors ... and are potential fiduciary liability traps, as they are structured to best serve the annuity issuer's 'best interests,' not those of an annuity owner."  MORE >>

"25% of small businesses have added benefits, but only 8% of employees said their employers have increased benefits,.... [1] Create a master list of all your benefits.... [2] Put a dollar figure on each piece of your retirement and benefits plan.... [3] Share info about your retirement and benefits plan on Day 1.... [4] Consistently communicate what your benefits are (and how much they're worth).... [5] Spotlight the value of different benefits for different generations.... [6] Communicate in lots of different ways."  MORE >>

"Every corporation which in any calendar year transfers to any person a share of stock pursuant to that person's exercise of an incentive stock option described in section 422(b) must, for that calendar year, file Form 3921 for each transfer made during that year."  MORE >>

"[1] What industry-specific benefits work for your recruitment goals? ... [2] What performance-based incentives can you use? ... [3] How can you impact key employees' financial futures? ... [4] How can you diversify income for key employees to help them meet retirement goals?"  MORE >>