"An employee's maximum QSLP for a year depends on the type of retirement plan that is involved.... A plan may not include provisions that limit QSLP matches to only certain qualified education loans, such as qualified education loans for an employee's own education, for a particular degree program, or for attendance at a particular school ... A plan with a QSLP match feature may not include provisions that exclude employees from receiving QSLP matches even though those employees are eligible to receive elective deferral matches."  MORE >>

"[Notice 2024-63] uses a question and answer format to illustrate the rules for employers with 401(k), 403(b) and governmental 457(b) plans to provide matching contributions based on qualified student loan payments [QSLP] ... The notice also separately outlines QSLP rules for SIMPLE IRA plans. The IRS is taking public comments on the notice, which applies to plan years beginning after Dec. 31, 2024."  MORE >>

"The IRS has issued new regulations ... for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. The finalized regulations, effective from 2025, mandate that many beneficiaries must take annual RMDs within the 10 years following the original account holder's death."  MORE >>

"The DOL and SEC have come into alignment on their views about the factors to be considered in best interest 'account type' recommendations. While this article is based primarily on a Bulletin by the SEC Staff, the Bulletin is, by and large, an extension of SEC guidance, and particularly of Reg BI. As a result, much of the work done to comply with the DOL's stayed fiduciary regulation and exemptions [is] consistent with the requirements and risk management in SEC guidance."  MORE >>

"[T]he fund alleged that the company effectuated withdrawal in 2005. The fund did not make a withdrawal liability demand until 2017 -- a full 12 years later.... As the Third Circuit held, if the fund fails to meet the 'as soon as practicable' requirement, the assessment is not valid. In this holding the Third Circuit rejected the application of the common law laches doctrine entirely, finding that 'the Fund cannot recover the withdrawal-liability amount' where such an independent statutory requirement was not met, regardless of whether such failure prejudices the employer." [Allied Painting & Decorating, Inc. v. Int'l Painters & Allied Trades Indus. Pension Fund, 107, No. 23-1537 (3d Cir. Jul. 11, 2024)]  MORE >>

"Numerous courts have recognized that ERISA imposes fiduciary obligations not only on named fiduciaries, but on functional fiduciaries as well, who assume fiduciary status by taking on the function of 'rendering investment advice for a fee or other compensation.' Thus, Chamber of Commerce's pronouncement that ERISA does not define fiduciary in functional terms is plainly wrong. Nor does the distinction between rendering investment advice and selling a product stand up to scrutiny. There is no meaningful difference between a fee-for-service investment adviser recommending the purchase of an annuity to their client and a life insurance salesperson making the same recommendation."  MORE >>

"[B]oth common assumptions popularized by defined benefit plan sponsors -- that such pension plans are inherently better for most public employees and that their members will come to appreciate them under proper financial education -- are false. While members who work for an entire career in a DB plan will earn a good retirement benefit ... most public employees do not remain in their positions long enough to vest full retirement benefits."  MORE >>

"Despite gradual assumption changes made to reduce the risk of future underfunding, the plan is still $27.7 billion short on the assets needed to pay for retirement promises made to teachers. This debt has caused the cost of TRS to balloon ... In 2010, the annual cost of funding TRS was 10.41% of compensation. By 2025, the cost of providing the same benefit will be nearly 22%."  MORE >>

"Plan sponsors are recognizing that saving for retirement requires more than it has in the past, both in real dollar terms and in benefits offered to plan participants.... [M]ore plan sponsors are opting to increase the eligibility for their existing NQDC plans or may consider offering them for the first time.... More employers are beginning to offer matching contributions[.]"  MORE >>