"Both distributions are optional, allow self‑certification as to eligibility, and may be repaid within three years.... Notice 2024-55 clarifies to whom and for what purposes these distributions may be made."  MORE >>

"Form 1099-R must be sent no later than January 31 following the calendar year of the distribution. [An image] highlights the 1099-R boxes most frequently used -- and their explanations -- for defined contribution plan distributions.... [A] chart provides the distribution codes for Box 7 for defined contribution plan distributions ... If more than two codes apply, two 1099-Rs may be required. "  MORE >>

"[1] Retirement plan amendments  ... [2] Required minimum distributions (RMDs) ... [3] De minimis distributions ... [4] Loan-related payments ... [5] Corrections of ADP/ACP errors."  MORE >>

"PBGC's Multiemployer Program had a positive net position of $2.1 billion at the end of FY 2024, compared with $1.5 billion at the end of FY 2023, an improvement of nearly $680 million. PBGC's Single-Employer Program net position grew to $54 billion at the end of FY 2024, up from $45 billion at the end of FY 2023. These results are broadly consistent with PBGC's recent Projections Reports."  MORE >>

"About 43% of non-retirees said they plan to claim benefits before 67, the full retirement age for those born in 1960 or later. Of those, 23% said they intended to claim benefits at 65 and another 12% said they would claim benefits as early as possible at age 62.... A plurality (39%) said the reason for claiming benefits early was they needed the money."  MORE >>

"Despite having sufficient assets to cover benefits for the next 10 years under Intermediate Assumptions, the system's long-term funded status is poor and is expected to worsen over the next 10 years without corrective action. In addition, there have been recent proposals to increase system benefits or decrease system revenue -- actions which will only make the system's long-range financial condition even worse."  MORE >>

12 pages. "From a retirement plan recordkeeping perspective, one of the most significant challenges to the success of the Saver's Match will be developing a reliable and efficient system for getting Saver's Match contributions transferred from the Treasury to an individual's account within a retirement plan.... Another important factor to consider is that a plan's recordkeeper is often independent of a plan's custodian."  MORE >>

"A 2023 study from the Pew Charitable Trusts found that employees' insufficient retirement savings has led to increased public assistance costs for retirees, reduced tax revenue for the state, decreased household spending and lower employment, with an estimated price tag for Buckeye State taxpayers of $11.7 billion over 20 years. That's why forward-thinking Ohio policymakers are to working to pass the bipartisan House Bill 501, which would create a legislative study committee to examine how to help the more than 1.8 million private sector workers in the state who do not have a workplace retirement plan."  MORE >>

"The deadlines for [1] distributing annual notices, [2] amending plan documents for 2024 plan design changes, and [3] implementing upcoming changes in law are all approaching quickly.... This chart provides an at a glance summary of what employers need to know for year-end benefit plan compliance, by plan type."  MORE >>