"[R]etroactive amendments are not possible for optional or living expenses that would never qualify as an immediate and heavy financial hardship. If the plan sponsor can't retroactively make the document right, how can he right the wrongful hardship distributions?"  MORE >>

"With 401(k) plan documents typically providing discretion to use forfeited amounts to offset future employer contributions and the IRS approving such an approach, it would appear the employers and their 401(k) plan fiduciaries did nothing wrong, and these lawsuits should be dismissed for failing to state a claim.... [O]ne potential approach for an employer to minimize exposure to a similar lawsuit is to amend its 401(k) plan to require forfeitures to be applied to offset future employer contributions."  MORE >>

"Sen. Elizabeth Warren (D-Ma.) has released a report concerning industry activity she suggests the rule is intended to address. The report is based on an investigation that began in April 2024, shortly after the rule was issued.... [T]he investigation apparently found that conflicts are pervasive in the annuity industry, third parties often facilitate these conflicts, and insurers use complicated and opaque disclosures when discussing these conflicts."  MORE >>

"A company has a generous retirement plan.... [It] has an 80% participation rate, and the average deferral rate is above the default deferral. Everything seems great to the employer as far as the retirement plan is concerned. Then I flipped the data. Now the company asks, 'Why are 20% of employees opting out of the plan? As a large company, 20% means thousands of employees are not saving for retirement. How can we change this?' "  MORE >>

"Preparing employees for retirement puts employers in control. Rather than a scramble to replace high-value roles or deal with employees that have 'retired at their desk,' a roadmap for achieving retirement goals and organizational succession planning creates a retirement-ready workforce and helps ensure a productive transition of knowledge and skills."  MORE >>

"Wilshire estimates 0.3 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in September and 0.2 percentage point increase in the third quarter.... This month's change in funded ratio resulted from a 1.6% increase in asset value mostly offset by a 1.4% increase in liability value."  MORE >>

"Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. Among other things, this includes 2024 individual and business returns normally due during March and April 2025, 2023 individual and corporate returns with valid extensions and quarterly estimated tax payments.... Besides all of Alabama, Georgia, North Carolina and South Carolina, this currently includes 41 counties in Florida, eight counties in Tennessee and six counties and one city in Virginia."  MORE >>

"[I]ndividuals and businesses in parts of Illinois that were affected by severe storms, tornadoes, straight-line winds, and flooding that began on July 13, 2024 ... now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Cook, Fulton, Henry, St. Clair, Washington, Will, and Winnebago counties qualify for tax relief."  MORE >>

"[D]ue to recent terrorist attacks in Israel, the agency is providing additional tax relief to affected individuals and businesses, postponing until Sept. 30, 2025, a wide range of deadlines for filing federal returns, making tax payments and performing other time-sensitive tax-related actions.... [A]ffected individuals and businesses have until Sept. 30, 2025, to file returns and pay any taxes that are due during this period."  MORE >>

"[PLR 202434006] approved an employer's program allowing employees to allocate an employer contribution among the 401(k) plan, retiree health reimbursement arrangement (HRA), health savings account (HSA), or educational assistance program (offering student loan repayments). The PLR provides welcome guidance to employers seeking to offer more tailored benefits to their employees."  MORE >>