Rev. Aug. 30, 2024. "A provider or mass submitter of a pre-approved defined benefit plan may file a Form 4461-A.... As of September 3, 2024, Form 4461-A applications must be submitted electronically through Pay.gov."  MORE >>

"In late June, the staff of the [SEC's] Division of Corporation Finance released five new compliance and disclosure interpretations regarding the disclosure of material cybersecurity incidents ... The staff makes one underlying theme clear throughout this guidance: No single factor is determinative of whether a cybersecurity incident is material. Once a cybersecurity incident is determined to be material, however, it must be reported within four business days after the company determines that it has experienced a material cybersecurity incident."  MORE >>

"[A] new SECURE 2.0 provision allows Plan Sponsors to permit participants who are 100% vested in their employer contributions to elect to have these contributions also treated as Roth.... There may be special considerations for these types of Roth amounts, however, not the least of which is the fact that tax withholding does not apply to the reclassified employer contributions.... [It] may take some time for service providers to upgrade their systems to enable Plan Sponsors and participants to take advantage of Roth employer contributions."  MORE >>

"This webpage provides a definitive guide to the Saver's Match program, which will replace the Saver's Credit effective for tax years following December 31, 2026. For qualified retirement savers, the Saver's Match will provide a federal matching contribution up to 50% of the first $2,000 of annual workplace retirement plan or IRA contributions per individual, for a maximum matching contribution of $1,000 per tax year."  MORE >>

"The fact sheet notes that provisions potentially affecting Forms W-2 include ... [1] De minimis financial incentives ... [2] Roth Savings Incentive Match Plan for Employees (SIMPLE) and Roth Simplified Employee Pension (SEP) Individual Retirement Arrangements (IRAs) ... [3] Optional treatment of employer nonelective or matching contributions as Roth contributions."  MORE >>

"[1] What are the fiduciary responsibilities in picking the investment options offered within a SDBA? ... [2] Should plan fiduciaries request performance and investment data about the participants' SDBAs? Could a plan fiduciary's review of performance data subject them to litigation if the SDBA investments selected by the participant perform poorly? ... [3] Does providing access to investment advisers to assist with the participant's investments in a SDBA expose plan fiduciaries to additional liability? ... [4] Are fiduciaries required to educate participants before offering SDBAs to participants? ... [5] Can a sponsor reduce its liability by discussing the risks of SDBAs with participants?"  MORE >>

"[T]he brokerage services provider selected to provide the brokerage window is considered a service provider to the plan.... [P]lan fiduciaries making the selection must act prudently and solely in the interest of the plan participants and beneficiaries, both in making the selection and in continuing such selection. Plan fiduciary considerations include selecting the brokerage provider, assessing the fees and compensation, and deciding whether to implement a plan-specific setup or investment parameters."  MORE >>

"Understanding the role of a retirement plan consultant ... Why you need a retirement plan consultant ... Key qualifications to look for in a consultant ... Researching potential consultants ... Evaluating the consultant's experience and expertise ... Assessing compatibility and communications ... Understanding fees and costs ... Checking compliance and regulatory history ... Making the final decision ... Establishing a working relationship."  MORE >>

"Bringing more annuities squarely under the purview of ERISA, which imposes a high legal standard of fiduciary duty on plan sponsors, has been an uneven process to address concerns about the viability and reliability of the insurance products.... [T]he SECURE Act in 2019 updated safe harbor requirements for defined contribution plans to offer annuity options, allowing them to rely on written compliance representations from insurers. But the law didn't limit those options ... After SECURE and SECURE 2.0 there may still be opportunities to renovate the retirement standard to accommodate workers' calls for more annuity options."  MORE >>

"The Saver's Match Estimator is designed to give an individual retirement savers an approximation of the size of a federal matching contribution they could receive under the new Saver's Match program, set to go live in 2027. Eligible savers can qualify for a federal matching contribution based on their Adjusted Gross Income (AGI), tax filing status and tax year contributions to a retirement savings account."  MORE >>

"Though it is important for retirement industry professionals to confront the possibility that their clients could run short of money during life after work, it's equally important for them to assuage overblown fears that can lead to unneeded sacrifices in one's standard of living."  MORE >>

"[T]he Fifth Circuit ignored the DOL's accurate and logical arguments and analysis, choosing to protect the annuity industry over protecting plans and plan participants by issuing a stay of the DOL Rule based upon the Court's opinion that the industry is virtually certain to succeed on the merits. [It] could legitimately be argued that Judge Lynn's opinion more accurately reflects the current situations and concerns that caused the DOL to create the Retirement Security Rule in the first place.."  MORE >>

"The IRS has just released a private letter ruling (PLR 202434006) ... that allows eligible employees to make an annual election before the start of each year to direct [the employer contribution] to be ... [1] Contributed to the employee's defined contribution plan account as an employer contribution; [2] Contributed to the employee's [HSA], subject to the regular HSA statutory limits; [3] Used for the employee's student loan reimbursements through an educational assistance plan ... [4] Contributed to a retiree [HRA]. Employees would not have the right to receive the employer funds in cash or as any other taxable benefit."  MORE >>