Updated Sep. 12, 2024. "Beginning August 1, 2024, providers must submit Forms 4461 or 4461-B electronically ... Paper submissions postmarked after July 31, 2024, will not be processed. Also, beginning September 1, 2024, providers must submit Forms 4461-A or 4461-C electronically ... Paper submissions postmarked after August 31, 2024, will not be processed.... You must have a single PDF file (not exceeding 15MB) that you'll upload at the end of the application."  MORE >>

Topics: [1] Deadlines extended for updating plan documents for several major law changes affecting retirement plans; [2] Forms 4461-A and 4461-C electronic submission.  MORE >>

"Mercer projects that every key Internal Revenue Code (IRC) limit for qualified retirement plans will likely rise from 2024 to 2025. The 2024 limits will reflect increases in the Consumer Price Index for All Urban Consumers (CPI-U) from the third quarter of 2023 to the third quarter of 2024.... [A table] shows Mercer's projections of the 2025 limits compared with the actual 2024 amounts."  MORE >>

"[The] ERISA Advisory Council ... debated the complexities of integrating lifetime income options into retirement plans and the broader implications for plan sponsors and participants amid the changing retirement landscape.... [T]he council intends to further evaluate how lifetime income products can be integrated into QDIAs and how these decisions will impact plan sponsors' fiduciary responsibilities."  MORE >>

"Oregon in 2017 ... implemented the first program. The success of this program encouraged other states to adopt similar initiatives.... The overarching goal was to provide a retirement savings option for small business employees who otherwise would not have access to such plans.... While a highly customized employer-sponsored retirement plan ... makes sense for many employers, for smaller employers with limited resources, a state-sponsored Auto-IRA program may prove a useful solution."  MORE >>

"Some 54% of workers have access to employer-sponsored plans.... But the lack of required participation has a downside.... The report warned that the 'voluntary, employer-centric nature of the workplace system also leads to variation in the quality of workplace retirement plans.' "  MORE >>

"[T]he new SEC rule is the suitability standard with two modifications. It cynically co-opts the fiduciary industry's 'best-interest' phrasing and treats more misbehaviors as technical breaches.... But in practice, the breaches are allowable because Reg BI arms brokers with ways to disclose away almost anything in the small print. The SEC accomplished one objective of the fiduciary movement -- regulatory harmonization for all advisors. But at a steep price. It made sure advisors and brokers appear to be conflicted alike."  MORE >>

"The [IRS] announced ... tax relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 10, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments."  MORE >>

"Proponents of ERISA preemption point to the creation of a uniform and predictable regulatory environment for employers with respect to their ERISA-governed benefit offerings, while its detractors believe that state and local governments ought to have a greater role in pursuing health care reform beyond their current ability to regulate health insurance. To better understand the value of ERISA preemption to large employers, [EBRI] and American Benefits Council conducted roundtable discussions with over a dozen benefits executives at large companies."  MORE >>

"From its origins as the Pension and Welfare Benefits Program through its elevation to a sub-cabinet position and into the 21st century, EBSA has worked with many members across the employee benefits community ... Beginning with developing effective regulations, the input in the rulemaking process from voices across the employee benefits community has been critical to developing informed rules to implement the goals of ERISA."  MORE >>