"QPAMs are newly required to notify the DOL ... if they rely on the exemption. The initial deadline for this notification is Sunday, September 15, 2024. (Given that the deadline falls on a Sunday, it is reasonable to assume QPAMs may have until Monday, September 16th; however, as the DOL has not yet confirmed this, it is safer to provide the notice on or before September 15th.)"  MORE >>

"[S]urviving spouses ... can delay their RMDs until the original account owner would have reached the required age for starting RMDs if they were still alive.... Prior to 2024 ... spousal beneficiaries faced complex tradeoffs when deciding whether to leave the account as an inherited account or to roll it over into their own name.... SECURE 2.0 Act created a new option for surviving spouses that changes the calculus for deciding which option to choose from."  MORE >>

"The comparators on which plaintiffs relied either did not provide any additional services or, in some instances, provided a different bundle of services for their fees. In the court's view, comparing the costs in these circumstances was akin to comparing the costs of two different grocery baskets containing different items: an essentially meaningless comparison between apples and oranges.... The court concluded that the aggregate data simply did not contain sufficient detail to determine whether the data 'provided a sound basis for comparison.' " [Barrett v. O'Reilly Auto., Inc., No. 23-2501 (8th Cir. Aug. 29, 2024)]   MORE >>

"[T]he court's holding that plaintiffs had standing, despite not alleging that they invested in any of the challenged investments, is at odds with other district court decisions finding that plaintiffs lacked standing under similar circumstances. Furthermore, the court's refusal to consider the argument that plaintiffs failed to identify 'meaningful benchmarks' in support of their recordkeeping and investment claims adds a decision to the column of those courts that have ruled similarly, on the ground that this is a factual issue. But it is contrary to the established pleading standard in multiple Circuit Courts[.]" [Somers v. Cape Cod Healthcare, Inc., No. 23-12946 (D. Mass. Aug. 30, 2024)]  MORE >>

"Retirement experts speaking on the first of a three-day series of sessions discussed different product offerings to show how defined contribution in-plan annuity options are currently being offered."  MORE >>

"This article offers public plan stakeholders some considerations about the potential impact of these increases on the assumed rate of investment return assumption used in actuarial valuations. In addition to actuarial assumptions, plan stakeholders must consider other factors such as the stability of plan contributions and the plan's risk characteristics."  MORE >>

"Public pension plans today are increasingly investing in private equity, real estate and venture capital ... While public pension assets have more than doubled since 2010, and employers have been contributing more to plans, ... overall funded status has remained relatively flat in recent years, with an average funding level of about 75%."  MORE >>

"[T]he Milliman 100 PFI plans' funded ratio dropped from 103.6% at the end of July to 102.8% as of August 31.... As discount rates slid from 5.30% in July to 5.10% in August, the plans' projected benefit obligation rose $27 billion, to $1.310 trillion, while their funding surplus shrank by $10 billion, reaching $36 billion as of August 31."  MORE >>

"About 40% of retirees pay income taxes on a portion of their benefits.... The Social Security Tax Freedom Act [HR 9359] would remove the requirement for Social Security benefits to be included in taxable income.... [T]he missing tax revenue would be made up through congressional appropriations, a change that Social Security advocates warn would change the very nature of the program and put benefits at risk for future cuts."  MORE >>

"[Compliance Assistance Release No. 2024-1] makes clear that the cybersecurity guidance issued in 2021 is applicable to ALL types of ERISA plans -- including health and welfare plans. The EBSA estimates that there are 153 million participants in private sector ERISA-governed plans, which includes 2.18 million health plans."  MORE >>

"[I]ndividuals who own both a health savings account (HSA) and a limited purpose flexible spending account (LPFSA) ... contribute more to their HSAs compared to those who only have an HSA. But based on distribution activity, workers are not fully taking advantage of these accounts and their tax saving benefits."  MORE >>

"Start with your personal goals.... Be realistic with yourself.... Know how much tax will be withheld.... Sell the company shares or hold them?.... Automate selling under your plan where possible.... Capital gains tax."  MORE >>