13 pages. "This document sets forth final regulations that update the requirements that a plan sponsor of a single-employer defined benefit plan must meet to obtain IRS approval to use mortality tables specific to the plan in calculating present value for minimum funding purposes (as a substitute for the generally applicable mortality tables)."  MORE >>

"Further regulatory guidance regarding the following topics will assist plan sponsors in implementing student loan matching contribution programs: [1] Annual certification ... [2] Payment of loans on behalf of an individual other than the participant ... [3] Limitations on higher education ... [4] Nondiscrimination testing ... [5] Forfeitures."  MORE >>

18 pages. This article summarizes state and local retirement initiatives for private-sector workers. The latest updates include information about a new auto-enrollment individual retirement account (IRA) program in Rhode Island and the recent launches of programs in Delaware and New Jersey.  MORE >>

" 'Under the Rule, the DOL expands [ERISA's] fiduciary standard in a way not limited to "those already recognized as fiduciary under the common law" and instead grants DOL discretion to recognize a fiduciary relationship where the common law would not,' [Judge Reed O'Connor] writes. 'At one point, the DOL even goes so far as to assert the common law is the "wrong reference point," ' the judge added. 'The Fifth Circuit already rejected those claims, and DOL's efforts to revisit them are without merit.' "
[ACLI v. DOL, No. 24-0482 (N.D. Tex. Jul. 26, 2024)]  MORE >>

"The evolving landscape demands a collective effort to navigate challenges, seize opportunities, and shape the future of Retirement TPAs for the benefit of plan sponsors, their employees, and the experts that make a retirement plan work.... In a world dominated by technology, and notwithstanding the thinking of some in the industry, the human touch remains indispensable in both the services we provide to clients and the development of the next generation of workers."  MORE >>

"[It] is important for plan sponsors to look at the average age of their population, as managed accounts tend to benefit those with higher balances and a short-term horizon to retirement ... [If] a plan has a host of participants in their twenties and thirties that are fully invested in cash or the stable value investment option, ... this could be a reason to use a managed account as the QDIA to get those participants engaged in investing."  MORE >>

11 pages. "This report provides data on retirement account ownership among U.S. households in 2022 ... to provide a snapshot of households' retirement savings based on different socioeconomic and demographic characteristics. As Congress considers various retirement- related bills, a greater understanding of how households save for retirement ... could help inform discussions. Data in this report are from the 2022 Survey of Consumer Finances (SCF)."
[R48143 Jul. 29, 2024]  MORE >>

"According to Vanguard's annual data report, the average 401(k) account balance in 2024 was $134,128, an increase from 2023's average balance of $112,572.... [T]he median account balance is much less at $35,286 ... [A table shows] the average amount people have saved for retirement by age group."  MORE >>

"While the Bureau of Labor Statistics has studied employee benefits, including retirement plans, for at least 100 of its 140-year history, more detailed information has been available during the last half century, coincident with the passage of [ERISA]. This article follows the many changes to Bureau of Labor Statistics retirement income studies and shows the challenges of providing statistics on such a varied and frequently evolving topic."  MORE >>

"[I]ndividuals and businesses in Missouri that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on May 19, 2024 ... now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Barry, Bollinger, Butler, Carter, Howell, Madison, McDonald, New Madrid, Oregon, Reynolds, Ripley, Scott, Shannon, Stoddard, and Texas counties qualify for tax relief."  MORE >>

"[If] a plan sponsor cannot find a copy of the letter, should they file another letter with the DOL? Perhaps, but not before they check the DOL search engine (Search Top Hat Plan Statements) ... to rule out the letter was filed with the DOL, rather than simply misplaced. If all attempts to locate the one-time exemption letter fail, it is possible to correct the error through the DOL's Delinquent Filer Voluntary Compliance Program (DFVCP)."  MORE >>