"Complete Form W-4R to have payers withhold the correct amount of federal income tax from your nonperiodic payment or eligible rollover distribution from an employer retirement plan, annuity (including a commercial annuity), or individual retirement arrangement (IRA)."  MORE >>

"In conjunction with the final regulations, the IRS released Revenue Procedure 2024-32, which updates the procedures for requesting approval to use plan-specific substitute mortality tables to reflect the final regulations' changes."  MORE >>

"The CTA's reporting obligations apply to 'reporting companies' ... Unless an exemption applies, this includes a corporation owned by an ESOP as well as subsidiary entities. There are 23 categories of exemptions from the CTA. Likely, among those most often applicable to ESOP companies will be the 'large operating company' exemption."  MORE >>

"That may very well be a 3-year or longer process before we know the ultimate outcome.... it leaves us uncertain about the application of the current fiduciary rule to some kinds of recommendations ... However, it leaves us certain about other things. For example, if an insurance-only agent recommends a rollover to a fixed annuity, that recommendation, standing alone, will not be fiduciary advice -- because it doesn't satisfy the 'regular basis' part of the 5-part test. As ... It also heightens the focus on guidance issued by the SEC and the SEC staff on rollovers and account types."  MORE >>

"[T]he court found the following: [1] Plaintiffs have standing, where they allege that their retirement accounts would have more money in them if Defendants had not made the challenged investments.... [2] Plaintiffs have sufficiently alleged that their injury is fairly traceable to Defendants' alleged misconduct.  ... [3] Plaintiffs have stated a claim under ERISA, where they allege that Defendants imprudently decided to invest about one fifth of the retirement plans' funds into risky investments contrary to the plan's conservative aims." [Johnson v. Carpenters of Western Washington Board of Trustees, No. 23-35370 (9th Cir. July 30, 2024; unpub.)]  MORE >>

"Because the hold on the Rule applies nationwide with immediate effect, plan sponsors and their advisors must look to the 1975 regulations ... Under those rules, individuals render investment advice where they make investment recommendations on a regular basis, pursuant to a mutual agreement, arrangement, or understanding that the services will be a primary basis for investment decisions, and that the advice will be individualized based on the recipient's particular needs." [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 >>

"Plan audits are an important way the [DOL] ensures compliance with ERISA standards. Sometimes DOL plan audits are random, but errors, including mistakes with the submission of Form 5500, can trigger audits too. Here's an overview of the DOL audit process for plans, and tips to help plan sponsors gear up."  MORE >>

14 pages. "[1] Nearly one-quarter of US households have Roth IRAs.... [2] More than one-third of Roth IRA investors are younger than 40.... [3] Roth IRAs are most commonly opened with contributions.... [4] Roth IRA investors display persistence in their contribution activity.... [5] Roth IRA rollover activity is rare.... [6] Most Roth IRA owners consult a financial professional when creating a retirement strategy.... [7] Few Roth IRA investors take withdrawals."  MORE >>

"Many of the options discussed in this report would improve Social Security's finances by reducing the costs associated with benefit payments ... or increasing program revenues ... [R]eform proposals may also include options that pursue goals unrelated to shoring up the program's finances, such as helping vulnerable beneficiaries (e.g., long-time, low-wage workers) by increasing the minimum benefit amount that the program pays." [GAO-24-107240]  MORE >>

"[S 4917] mirrors a version passed in the House on March [8] Currently, 403(b) plan participants do not have the same access to some investment options available to savers in other plans, including 401(k) plans, 457(b) plans, and the federal Thrift Savings Plan."  MORE >>

An unofficial monthly report of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

"17 states have ... [enacted] auto-IRA legislation that automatically enrolls employees lacking a workplace savings plan.... Critics of the auto-IRA worry that they will crowd out private-plan formation by making it easier for employers to avoid the complexities of sponsoring their own plans. But the opposite actually may be happening.... A more ambitious public option idea would be a national 401(k) plan, featuring a government-matching contribution."  MORE >>

57 pages. "Remote working poses challenges and considerations for employers when devising or adjusting their policies -- these include defining remote work and eligibility criteria, hybrid working arrangements, employee engagement, performance, cybersecurity, health and safety, the right to disconnect, employees who want to relocate to a different country or state, and returning remote workers to the workplace post-pandemic. Recently, several jurisdictions have introduced remote-working legislative measures for after the pandemic that clarify employer and employee requirements, and others are expected to follow suit."  MORE >>

"The IRS recently ... [issued] a new version of its stock compensation auditing guide, which had not been updated since 2015. Developed as an internal manual for IRS employees, it also offers businesses a helpful window into what IRS agents examine in audits related to all types of equity compensation."  MORE >>