"In this Multiemployer Review, [the authors]: [1] Review the key changes to the withdrawal liability rules applicable to plans that receive SFA, as described in the PBGC's 2022 final rule and American Rescue Plan Act FAQs. [2] List the required annual disclosures SFA plans must make to the PBGC with respect to withdrawal liability. [3] Summarize the outcome of a recent court case challenging the PBGC's prescribed handling of SFA for withdrawal liability purposes."  MORE >>

"The new overpayment rules became effective immediately upon Secure 2.0's enactment in December 2022 (regardless of when the overpayment was made).... Notice 2024-77 provides helpful guidance with respect to the IRS's position on the new overpayment rules under Secure 2.0, but the rules are complicated, and more guidance is expected both from the IRS and the DOL[.]"  MORE >>

"EPCRS outlines several correction methods for overpayments. [Notice 2024-77], which is effective October 15, 2024, provides interim guidance on the impact of Code Sections 414(aa) and 402(c)(12) on EPCRS.... Important aspects and recommendations concerning the Notice: [1] The Notice and EPCRS.... [2] Definition of inadvertent benefit overpayment.... [3] Required repayment.... [4] Optional repayment.... [5] Rollovers.... [6] Transfers between plans."  MORE >>

"The final regulations provide that: [1] An Army Post Office, a Fleet Post Office and a Diplomatic Post Office are treated as addresses within the United States. [2] Even if the payee's residence address is located in the United States, an election of no withholding in connection with a distribution subject to income tax withholding under Code Section 3405 is invalid if the payee provides any of the [listed] instructions."  MORE >>

"Are you considering switching to a new plan advisor, third-party administrator, or recordkeeper for the new year? Is there enough time to do it by January 1?  ... Changing your plan advisor vs. third-party administrator vs. recordkeeper ... Pre-planning stage ... Transition and conversion stage ... Factors that may affect the timeline ... Tips for a smooth transition."  MORE >>

"The [SEC] Division of Examinations has expressed interest in targeting advisers who have not been previously evaluated. In particular, 2025 examinations will focus on fiduciary obligations, adherence to the 'Compliance Rule,' and practices relating to cybersecurity and treatment of digital assets."  MORE >>

"As a fiduciary, you have a legal obligation to provide the highest standard of care and service on behalf of your plan's participants.... A to-do list for plan administrators and sponsors ... Tips for plan administration professionals."  MORE >>

"Stricter, onerous requirements and heightened liability risk could lead to agents deciding to forgo making recommendations -- or doing so less often.... [T]his could decrease the sales of annuities, which can provide reliable income through a person's retirement years. As a result, the new rule could end up harming those middle-class retirees who had counted on the financial stability and security that annuities can offer."  MORE >>

"The aggregate funded ratio for U.S. corporate pension plans increased by an estimated 1.3 percentage points in October, ending the month at 102.9% ... Although the aggregate funded ratio is estimated to have decreased by 1.9% over the trailing twelve months, it is estimated to have increased by 7.1% year-to-date."  MORE >>

"[The] new union contract ... includes general wage increases totaling 38% over four years and an employer 401(k) match of 100%, up from 75%, of the first 8% contributed. The package also includes a special company retirement contribution of 4% into the 401(k) and a $105 pension multiplier per year for those vested in the pension plan. The new proposal does not restore Boeing's $16.3 billion defined benefit plan that has been frozen to benefit accruals since Oct. 31, 2016. The pension plan had been closed to new hires since Jan. 3, 2014."  MORE >>

31 pages. "Overall, through the evaluation of FISMA metrics, it was determined that PBGC's information security program was 'Effective'.... Effectiveness in all function areas has been achieved however, some individual metric questions were rated below managed and measurable. It is important for PBGC to continue to focus on remediating its cybersecurity deficiencies to maintain its effective rating."  MORE >>

"[A] rational regulatory structure would evaluate the conflicts of interest that are (or are not) embraced by different 'players' on this playing field, and the potential consumer harm that could arise out of them. And then the regulator would focus proportionately more attention on those 'players' whose conflicts could do the most damage.... Currently, the only viable path forward is for true fiduciary advisors to continue marching constantly uphill on an unlevel playing field and take market share away from the sales organizations."  MORE >>

"Over 50 years after the legislation creating ESOPs was signed into law by President Gerald R. Ford, the [DOL] is now in the final stages before publishing the single most important regulation necessary for ESOPs: standards and procedures by which a Trustee can in good faith evaluate stock price. This process, known as 'adequate consideration', has never been officially described by the DOL. Nevertheless, that hasn't stopped the agency from bringing hundreds, if not thousands, of investigations and lawsuits against ESOPs and their trustees."  MORE >>

"[T]he 225th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be held on December 12-13, 2024.... at the U.S. [DOL].... [in] Washington, DC ... The meeting will also be accessible via videoconference ... The purpose of the open meeting is for Advisory Council members to finalize their observations and recommendations on the issues they studied in 2024, present their observations and recommendations to the [DOL], and receive an update from leadership of the Employee Benefits Security Administration (EBSA)."  MORE >>

"In Rev. Proc. 2018-58, the IRS stated that '[t]axpayers who are unable on a timely basis to obtain information necessary for completing the forms from a bank, insurance company, or any other service provider because such service provider's operations are located in a covered disaster area will be treated as 'affected taxpayers.' ' "  MORE >>

"Using equity compensation to reward top talent isn't a new concept, but the idea of deferring RSUs into a NQDC plan is becoming a more popular option.... Restricted stock unit deferrals can help bolster attraction and retention  ... Deferrals can make RSU taxation less burdensome ... RSU deferrals can bolster long-term wealth accumulation  ... Important risks and challenges of Restricted Stock Unit deferrals."  MORE >>