"The deadline to amend has generally been extended to December 31, 2026 for most plans. Regardless, some provisions of these Acts do need to be implemented operationally before the formal amendment deadline.... [1] Enhanced catch-up contributions under SECURE 2.0 ... [2] Mandatory Roth treatment for catch-up contributions of certain employees ... [3] IRS final rule on RMDs after death."  MORE >>

"IRS has yet to issue any guidance explaining how the new limits should be administered. Therefore, even though the law permits this provision to be effective for 2025, there are some concerns with making this available to participants at this time. Further, it's possible that payroll systems won't be ready to properly calculate these increased limits in 2025.... [E]mployers should carefully consider whether they should implement this increase as the new year begins."  MORE >>

"[Notice 2024-65] includes a series of questions relevant to developing guidance for sponsors of DC plans that will accept saver's match contributions and their service providers, as well as potential participant notice requirements for plans that choose not to accept these contributions.... [T]he agencies also seek general feedback on other ways to minimize costs and administrative burdens to encourage retirement plans to accept these contributions, as well as streamlining the process for individuals to claim the saver's match."  MORE >>

"In 2025, the wage base for the Social Security tax will increase by more than 4 percent ... The per-participant PBGC premium rates for DB plans subject to ERISA will be higher in 2025.... [T]he IRS announced the 2025 dollar limits for qualified plans and other tax-favored retirement plans. The table below compares some of the 2025 limits to those limits for 2024."  MORE >>

"The Supreme Court's forthcoming decision will resolve a split among the circuit courts regarding who has the burden of establishing an exception to ERISA's prohibited transaction rules. If the Second Circuit's decision is affirmed, plaintiffs asserting prohibited transaction claims will have the burden of pleading both the existence of a prohibited transaction and the lack of an applicable exemption." [Cunningham v. Cornell Univ., No. 21-0088 (2d Cir. Nov. 14, 2023; cert. pet. granted Oct. 3, 2024)]  MORE >>

"The Retirement Savings for Americans Act ... would create a federal retirement plan, automatically enrolling workers without access to an employer-sponsored plan at a 3% savings rate. The RSAA would also provide a federal match tax credit for low- and moderate-income workers that would begin to phase out at median income. While the proposal may sound promising, [Morningstar] research shows that most Americans would be better off under the current system."  MORE >>

"Only 20% of Gen Z are actively saving for retirement and just one in five say they will retire in the traditional sense ... [A recent TIAA report] finds many members of Gen Z are not following the traditional path to retirement. The leading reason Gen Z (ages 18-24) lacks retirement savings is because they don't know where to begin (35%) ... As a result, only 20% are saving for retirement."  MORE >>

"[D]efined benefit plans are making a comeback in a hybrid format known as “cash balance,” which mimics the look and feel of a 401(k) plan but comes with special features that can appeal to employers and employees alike. [This article outlines] ten questions that most frequently come up when employers are deciding whether to sponsor a cash balance plan."  MORE >>

"This document announces the extension of certain timeframes under [ERISA] and the Internal Revenue Code for group health plans, disability and other welfare plans, pension plans, and participants, beneficiaries, qualified beneficiaries, and claimants of these plans affected by Hurricane Helene, Tropical Storm Helene, or Hurricane Milton.... The relief provided by this document supplements other disaster relief guidance issued by the Agencies ... Special Enrollment timeframes ... COBRA timeframes ... Claims procedure timeframes ... External review process timeframes."  MORE >>

"This guidance applies to employee benefit plans, plan sponsors, labor organizations, and other plan sponsors, plan fiduciaries, participants and beneficiaries, and plan service providers subject to ERISA who were located in a county, tribal area, or other geographic area identified for individual assistance by [FEMA] because of the devastation caused by the Covered Disasters. The relief under this Disaster Relief Notice ... begins on the first day of the incident period and ends on May 1, 2025. FEMA has established different incident periods for different affected areas.... This extension applies to the furnishing of notices, disclosures, and other documents required by provisions of Title I of ERISA over which the [DOL] has interpretive and regulatory authority, except for those notices and disclosures addressed in the joint notice issued by the [DOL] and the Treasury Department and IRS and those notices required under ERISA Sec. 716(c).... [1] Participant contributions and loan repayments ... [2] Blackout notices ... [3] Form 5500 and Form M-1 filing relief ... [4] General ERISA fiduciary compliance guidance."  MORE >>