"[K]ey points of the new program ... [1] timing of plan amendments/remedial amendment period; [2] provider's IRS application process for an IRS opinion letter providing that the plan document as to its terms complies with the Section 401(a) or 403(b) qualification requirements of the Internal Revenue Code; and [3] the employer's application process on Form 5307 for a determination letter for the pre-approved plan."  MORE >>

"[T]his article [looks] at guidance by the SEC and the SEC's staff on rollover recommendations, which parallel the DOL's but which only require a single recommendation. While the SEC's Regulation Best Interest (Reg BI) and its Commission Interpretation Regarding Standard of Conduct for Investment Advisers (RIA Interpretation) both discuss rollover recommendations, the most detailed discussion is in a Staff Bulletin, Standards of Conduct for Broker-Dealers and Investment Advisers Account Recommendations for Retail Investors."  MORE >>

"In 2023 and 2024, the U.S. Government pursued many U.S. taxpayers who they believed misinterpreted the US/Malta tax treaty -- and in some cases even went so far as initiating both civil and criminal tax investigations. As with most things involving the [IRS] and international tax, Malta pension plan participants may want to consider getting into offshore tax compliance on their own -- before they are investigated by the IRS."  MORE >>

"The final regulations do not allow a defined benefit plan to provide a single uniform required beginning date of April 1, following the calendar year of attainment of age 70 ½. That means that a plan amendment would be required to change the required beginning date for those born on or after July 1, 1949.... [T]he rule facilitates in-service annuity distributions to participants, and does not require a plan to change distributions in pay status merely because the participant has attained an applicable age."  MORE >>

"[This article presents] key considerations for selecting an IRA vendor for automatic rollovers.... [P]lan administrators should be aware that the selection of a rollover IRA vendor is a fiduciary decision that requires appropriate deliberation."  MORE >>

"A global stock market sell-off on [August 5] saw the U.S.'s major market indexes fall by more than 2.5%. While markets may have been busy, top retirement plan advisers say the response was muted from most clients and participants -- in part due to the many months and days of educational work and messaging concerning potential market downturns."  MORE >>

"The funded status of the 100 largest corporate defined benefit pension plans stayed at its $44 billion surplus level, and the funded ratio held steady at 103.5% from the end of June to the end of July ... The funded ratio at the end of July is ahead of the 99.5% funded ratio seen at the start of 2024."  MORE >>

"Pension sponsors suffered their first monthly setback this year in July, as lower interest rates pushed up liabilities.... Plan A lost almost 1% but remains up 8% this year through July, while Plan B lost a fraction of 1% last month but remains up almost 2% through the first seven months of 2024."  MORE >>

"[T]he 223rd open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be held on September 10-12, 2024.... The meeting will take place at the [DOL offices in Washington, DC] ... [and] will also be accessible via teleconference ... The purpose of the open meeting is for Advisory Council members to hear testimony from invited witnesses and to receive an update from [EBSA]. The Advisory Council is studying the following topics: [1] Making Welfare Plan Claims and Appeals Procedures More Accessible to Participants, and [2] Lifetime Income and Qualified Defined Investment Alternatives (QDIAs)."  MORE >>

"This detailed set of Frequently Asked Questions ... addresses the workplace-related issues facing employers in the wake of hurricane-related disasters. In addition to legal obligations ... [it] also addresses the practical questions that most often arise both while preparing [for] and in the aftermath of storms. The information contained here ... may be helpful following any natural catastrophe."  MORE >>

"The hot mess known as the FTC Rule to Ban Non-Competes continues to get hotter and messier as two Federal District Courts issue conflicting opinions. This conflict between the Federal Courts will not be resolved before the Rule's [effective] date of Sept. 4, 2024. Given the uncertainty over the Rule, [this] short Q&A ... provides the latest updates on the Rule and the options companies have regarding compliance."  MORE >>

"[1] Establish a benefits philosophy.... [2] Compare coverage with your peers.... [3] Listen to and learn from employees.... [4] Calculate the true benefit costs.... [5] Balance cost with long-term benefits for employees, the business, and you.... [6] Prioritize extended or enhanced benefits.... [7] Continuously adapt your benefits."  MORE >>