"The LTPT rules do apply to those part-time employees who are excluded from ERISA 403(b) plan participation because 'they normally work less than 20 hours per week.' If this classification of employee meets the LTPT criteria ... the employee must be allowed to enter the plan as a LTPT employee for elective deferral purposes.... An employer sponsoring an ERISA 403(b) plan is not required to provide a matching contribution to LTPT employees."  MORE >>

"The effective date of the [DOL's] new definition of fiduciary advice ... [has] been stayed pending the outcome of the lawsuits challenging the rule ... However, there will still be instances when advisers will be considered fiduciaries under the current DOL fiduciary rule when recommending rollovers and as such, may need to comply with the current version of the PTE and undertake the best interest process described in this article."  MORE >>

"This article provides a brief overview of the PBGC's reportable events rules and identifies several traps for the unwary. The focus is on post-event reporting, since advance reporting applies only to a relatively small group of privately-held controlled groups with significantly underfunded plans"  MORE >>

"The Supreme Court's decision to weigh in on the case highlights a trio of legal analyses that arose from circuit courts considering prohibited transaction claims and the vast differences featured in 'letter' versus 'spirit' of the law rulings.... Justices on the country's highest bench will have to wade through a multitude of distinct interpretations that range from allowing mismanagement cases to proceed simply because the plans at issue have contracted with another business to specific requirements on plaintiffs to list the employers' alleged misdeeds." [Cunningham v. Cornell Univ., No. 21-0088 (2d Cir. Nov. 14, 2023; cert. pet. granted Oct. 3, 2024)]  MORE >>

"For employers with a significant number of employees contributing little or nothing to their retirement plan accounts due to the financial burden of student loans, the QSLP match could be a game changer.... Offering this benefit can distinguish an employer as one that supports employee financial well-being beyond traditional retirement savings, which can appeal to early-career professionals and those prioritizing student debt repayment."  MORE >>

"AI can ... answer simple questions and make suggestions.... AI has the potential to provide advice at scale to the masses most without a personal advisor.... AI may have the power to suggest what employers and their workers should logically be doing ... AI has the power to suggest and engage workers to adopt and customize retirement income and managed accounts as well as create and continually modify financial plans."  MORE >>

"This [paper] lists the data elements that employers and their HCM/payroll platforms exchange with retirement plan service providers.... [I]ncluding all elements in the data feed template will reduce the number of custom requests and associated labor. This version ... is updated to reflect data elements required to meet the mandates established under [SECURE 2.0]."  MORE >>

12 pages. "93% of companies with de-risking goals plan to completely divest all their pension plan liabilities, up from 89% last year. It will take an average of 3.8 years for the companies to fully divest their plans -- a slight improvement from the average of 4.1 years in 2023.... Nearly half of plan sponsors (47%) say rising interest rates are the primary catalyst for them to initiate a PRT to an insurance company, followed by rising inflation (45%), and increased market volatility (44%). "  MORE >>

19 pages. "Despite growing polarization, Americans are united in their retirement worries.... Debt is problematic and impeding retirement savings for Americans regardless of party.... Across party lines, Americans hold pensions in high favor.... Democrats, Republicans, and Independents support Social Security and want action now to protect benefits.... Long-term care is a significant worry for Democrats, Republicans, and Independents."  MORE >>

"Lifestyle Spending Accounts are funded exclusively by the employer, after taxes have been taken out. Because they are post-tax accounts, the IRS does not mandate eligible expenses. Rather, the employer has more control over what types of expenses the employer would like to cover and how employees can spend their funds."  MORE >>

"[The IRS] recently green-lit a new type of plan design that allows employees to direct employer contributions as needed.... Employers will need to consider managing limits, directing investments, vesting, portability, and other factors.... Allowing employees to elect where the employer contribution is directed adds complexity to plan administration between multiple vendors."  MORE >>

"Nearly half (48%) of employees who reported planning ahead said they intend to increase their retirement contributions during open enrollment, while among those who do not prepare ahead of time, only 19% planned on increasing their retirement contributions."  MORE >>

"[T]his article explores one approach to making disclosures simultaneously accessible and reasonably reliable. It also examines the possibility of mandating standardized reports of key features of a benefit program ... Each of these alternatives would entail formidable costs, however. Whether the economic benefits of improved comprehension suffice to justify those costs is an open question."  MORE >>