"Managers currently relying on the QPAM Exemption (or expected to be relying on the QPAM Exemption) and wishing to continue to do so in respect of managing assets subject to the fiduciary responsibility provisions of [ERISA] or the prohibited transaction rules of Section 4975 of the Internal Revenue Code ... must provide notice to the DOL via email by September 14, 2024. The notice required is brief ... The notice must be provided on an entity-by-entity basis[.]"  MORE >>

"[W]hile the SECURE Act established the LTPT rules that became required for most plan sponsors on January 1, 2024 ... 'SECURE 2.0' modified and expanded the LTPT rules. This article discusses those changes to the LTPT rules as imposed by SECURE 2.0. Such changes generally are effective for most plan sponsors on January 1, 2025 so now is the time to take action in order to be prepared for the change."  MORE >>

"The final regulations' changes apply to RMDs for 2025 and later calendar years.... The 2024 proposed regulations would have the same applicability dates. The preamble to the final regulations explains that for years before the regulations apply, taxpayers must follow the earlier regulations, taking into account a reasonable, good-faith interpretation of SECURE 1.0's RMD changes. Compliance with the 2022 proposed regulations satisfies this requirement."  MORE >>

"Some provisions have already taken effect, while others are scheduled for implementation in 2025 and beyond. Plan sponsors should be aware of these upcoming provisions, as many will require them to decide whether to opt in or out. Here's a summary of the key changes that plan sponsors need to know."  MORE >>

"[A] recent Sixth Circuit Court of Appeals decision ... is a good reminder to plan sponsors to ensure that plan arbitration provisions are not too restrictive and do not otherwise impede or waive a participant's statutory rights and remedies under ERISA to avoid a court finding the arbitration provision unenforceable." [Parker v. Tenneco, Inc., No. 23-1857 (6th Cir. Aug. 20, 2024)]  MORE >>

"The Complaint alleges TIAA and Morningstar developed an investment advisory tool ... deliberately inducing participants to transfer account balances into TIAA's Traditional Annuity and/or Real Estate Account, TIAA's two most profitable investment products. Notably, no plan nor plan sponsor is named as a fiduciary nor a Defendant. TIAA and Morningstar are the sole Defendants." [Kelley v. TIAA, No. 24-5945 (S.D.N.Y. complaint filed Aug. 5, 2024)]  MORE >>

"The grounds for the suit are what other similar suits have argued; that the shifting of pension obligations to an entity deemed (by the plaintiffs) to be less than the safest possible annuity provider constitutes a fiduciary breach." [Doherty v. Bristol-Myers Squibb Co., No. 24-6628 (S.D.N.Y. complaint filed Sep. 3, 2024)]  MORE >>

"Choosing the right retirement plan is crucial for securing financial stability in your later years, especially for freelancers and solo entrepreneurs who don't have access to employer-sponsored plans.... Two popular choices for self-employed individuals are Solo 401(k) plans and SEP IRAs.... This guide will help you compare these plans to determine which one is the best fit for you."  MORE >>

"[N]early three-quarters of investor respondents (73%) believe that AI greatly increases the risk of financial exploitation, and 56% are 'very or somewhat concerned' that they or a loved one could fall victim to financial exploitation. Millennials (66%) and members of Gen X (63%) are more likely to be concerned about financial fraud than Baby Boomers (48%) or members of the Silent Generation (43%) -- perhaps because they are more aware of the risks, as compared to their older counterparts."  MORE >>

"Almost nine out of every 10 (89%) defined contribution plan holders interested in an individual retirement account are likely to roll over this year, up from 82% in 2023 ... IRA-curious Millennials are leading the charge toward rolling out defined contribution funds, showing an intent rate of 94% this year, as compared with 82% in 2023."  MORE >>

21 pages. "With a separate tax code and constitution, Puerto Rico has its own tax, benefit and insurance laws. Nonetheless, many (but not all) U.S. laws apply to this territory ... [This article] summarizes major requirements and special issues facing Puerto Rico-based employers and U.S. employers with Puerto Rico-based employees, including an overview of complicated tax-related health and fringe benefit rules, leave laws, the [ACA] and more."  MORE >>

"An increasing need to attract and retain top-tier senior leadership is prompting small and mid-sized businesses to integrate NQDC plans into their benefits packages. Offering financial wellness (budgeting, debt management, investment and retirement planning) is becoming a growing trend as an added benefit to NQDC plan participants.... Businesses are increasingly employing a mix of corporate-owned life insurance (COLI) and mutual funds."  MORE >>