"The final regulations provide rules regarding the use of mortality experience data for the COVID-19 pandemic period that supplement the methodology for developing substitute mortality tables Treas. Reg. Section 1.430(h)(3)-2 provides. These final rules have the same structure as those included in the proposed regulations, but eliminate the adjustment for 2023 and provide for a different adjustment for 2022."  MORE >>

"Stricter requirements for RIAs include mandatory DOL notification, higher asset thresholds, expanded ineligibility, and independent decision-making. RIAs must meet increased AUM and equity thresholds by 2024, with deadlines for DOL notification and cure periods. RIAs must maintain accessible compliance records for six years to meet the enhanced record-keeping obligations under the QPAM Exemption."  MORE >>

"These proposed regulations aim to clarify and expand upon several provisions that were purposely left open in the concurrently issued final RMD regulations in order to provide stakeholders a notice and comment period on these proposed rules.... [1] DC and DB plans: Applicable age for RMDs for individuals born in 1959  ... [2] DC plans: Aggregation option for annuity contracts  ... [3] DC plans: RMDs from designated Roth accounts  ... [4] DC and DB plans: Corrective distributions and excise tax reduction ... [5] DC and DB plans: Surviving spouse elections for RMDs."  MORE >>

"This bulletin summarizes the key RMD provisions of the final regulations for employer-sponsored retirement plans, including qualified defined benefit (DB) plans and defined contribution (DC) plans, 403(b) plans, and 457(b) plans.... These regulations finalize the proposed RMD regulations published on February 24, 2022 (as corrected on March 21, 2022, and May 20, 2022), and generally follow those earlier proposed regulations without substantial change."  MORE >>

"Under the SECURE Act, a minor child of the account owner is considered an eligible designated beneficiary and can stretch distributions from an inherited IRA over their life expectancy until reaching age 21. Once this age is reached, the 10-year rule applies. However, the final RMD relations retain a surprising twist introduced by proposed regulations back in 2022. The rule requiring annual RMDs to continue also applies during the 10-year period, regardless of whether the parent died before or after the required beginning date for the parent's own RMDs."  MORE >>

"[IRS Notice 2024-55 provides] guidance on the implementation of two new exceptions to the 10% early withdrawal penalties under IRC Section 72. Sections 115 and 314 of the SECURE 2.0 Act of 2022 created emergency personal expense distributions and domestic abuse victim distributions, respectively. These provisions are optional for plan sponsors to adopt and are effective for distributions after Dec. 31, 2023."  MORE >>

"The fiduciary rule, which would expand strict conduct standards to include more retirement advice providers, seems less likely to become effective as scheduled beginning Sept. 23 after the temporary stay granted July 25 in the US District Court for the Eastern District of Texas and another the following day in a separate Northern District of Texas challenge." [FACC. v. DOL, No. 24-0163 (E.D. Tex. Jul. 25, 2024); ACLI v. DOL, No. 24-0482 (N.D. Tex. Jul. 26, 2024)]  MORE >>

"The fiduciary rule amendments were scheduled to become effective on September 23, 2024 (with a one-year phase-in period for certain amendments to PTEs 84-24 and 2020-02). However, the courts in FACC and ACLI provided that the rulings apply nationwide and are not limited to the parties in the cases. Following the rulings, the DOL's 2024 fiduciary rulemaking is now on hold pending additional notice from the courts. The five-part test in the 1975 rule continues to be in effect." [FACC. v. DOL, No. 24-0163 (E.D. Tex. Jul. 25, 2024); ACLI v. DOL, No. 24-0482 (N.D. Tex. Jul. 26, 2024)]  MORE >>

"These courts have held that the decision of how to allocate forfeited contributions is a fiduciary decision. Plan sponsors should keep this in mind when deciding who determines how such funds are allocated and be cognizant that the decision of how such funds are allocated may be scrutinized later. In both cases, the HP and Qualcomm defendants correctly followed the terms of the plans. If forfeited contributions are used in a manner inconsistent with the terms of the plan, this may expose fiduciaries to additional avenues of liability." [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 >>

23 pages. "This report ... analyzes the likelihood that today's US workers will have adequate financial resources in retirement. Finding One: Assuming status quo for Social Security, Baby Boomers and Gen Xers are more likely to experience retirement shortfalls than other generations of today's workers. Finding Two: There will likely be a retirement crisis ... for those who do not or are unable to participate in a defined contribution plan. Finding Three: There is expected to be considerable dispersion in retirement outcomes with lower income workers much more likely to experience shortfalls. Finding Four: Hispanic and Black Americans are much more likely to run short of money in retirement than Americans of other race and ethnic backgrounds. Finding Five: About 45% of current US workers will experience retirement funding shortfalls, with females who are single at retirement age more at risk than single males and couples. Finding Six: Retirement funding ratios vary substantially by industry, with public sector workers most prepared for retirement. Finding Seven: Only about 28% of us households would experience shortfalls if retiring at 70, compared to 45% if retiring at 65."  [Also available: Technical appendix]  MORE >>

"[I]ndividuals and businesses in Kentucky that were affected by severe storms, straight-line winds, tornadoes, landslides, and mudslides that began on May 21, 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 Adair, Allen, Ballard, Barren, Breckinridge, Butler, Caldwell, Calloway, Carlisle, Christian, Clay, Clinton, Crittenden, Cumberland, Edmonson, Estill, Fulton, Garrard, Graves, Grayson, Green, Greenup, Hart, Hickman, Hopkins, Jackson, Knox, Larue, Laurel, Lee, Leslie, Livingston, Logan, Lyon, Marshall, McCracken, McCreary, McLean, Meade, Menifee, Metcalfe, Monroe, Muhlenberg, Ohio, Owsley, Pulaski, Rockcastle, Russell, Simpson, Todd, Trigg, Warren, Washington, Wayne, Whitley, and Woodford counties qualify for tax relief."  MORE >>

"To the extent DOL conceived in its Fiduciary Rule 4.0 that it was appointed by Congress in ERISA to be a universal financial services regulator ... for example, or the Federal Trade Commission conceived in its non-compete rule that Congress had authorized it to displace state law on that issue, the early returns from the courts hearing challenges to those regulations are pointing in the direction of a greater check on agency power." [Loper Bright Enterprises, Inc. v. Raimondo, Sec. of Comm., No. 22-451 (S. Ct. Jun. 28, 2024)]  MORE >>

"these rulings could affect how stakeholders view the significant rulemaking activities undertaken affecting coverage, including the annual notice of benefit and payment parameters ... The recent Supreme Court decisions are also expected to significantly impact retirement plan operations and administration, particularly in terms of compliance, investment strategies, and participant outcomes." [SEC v. Jarkesy, No. 22-859 (S. Ct. Jun. 27, 2024); Loper Bright Enterprises, Inc. v. Raimondo, Sec. of Comm., No. 22-451 (S. Ct. Jun. 28, 2024); Corner Post v. Bd. of Gov. of the Federal Reserve System, No. 22-1008 (S. Ct. Jul. 1, 2024)]  MORE >>