"Starting [November 25], plan administrators, recordkeepers and other service providers are encouraged to voluntarily submit data to populate the system, expected to launch by December 29.... The information collection request [and fact sheet] issued by EBSA [outline] the data elements needed to populate the database and the methods by which retirement plan administrators can submit this information."  MORE >>

"As AI tools increasingly become more integral to retirement planning and financial education, it's important to ensure these technologies are used transparently and responsibly to empower participants while mitigating risks associated with AI.... [1] Ethical AI and financial decision-making ... [2] Empowering participants through personalized planning ... [3] Transparency and trust."  MORE >>

"403(b) plan sponsors should: [1] determine whether any of their employees will qualify as long-term, part-time employees beginning Jan. 1, 2025 ... [2] permit qualifying employees to begin making elective deferrals to the plan beginning Jan. 1, 2025; [3] if the plan includes employer contributions, decide whether LTPT employees will be eligible for these contributions ... [4] if they will be eligible, track their hours of service since Jan. 1, 2023 for purposes of determining their vested interest; and [5] amend the 403(b) plan document if necessary to reflect the new eligibility rules."  MORE >>

"Employers assessed with withdrawal liability often argue that the assessment is untimely because the trustees did not send it to the employer 'as soon as practicable,' as is required under 29 U.S.C. Section 1399(b)(1).... Historically, the defense seldom succeeded because employers could not establish that they were unduly prejudiced by a delay in the assessment.... [T]he Third Circuit became the first court to hold that an employer need not show prejudice at all to establish the defense." [Allied Painting & Decorating Inc. v. Int'l Painters and Allied Trades Ind. Pension Fund, No. 23-1537 (3d Cir. Jul. 11, 2024)]  MORE >>

"[1] Be aware of the successorship trap.... [2] Do your due diligence.... [3] Address withdrawal liability in the sale agreement.... [4] If necessary and possible, strike a deal with the pension fund before finalizing the transaction ... [5] Work with the contracting entity."  MORE >>

"A strong majority of employees who can participate in a 403(b) do. With only the exception of 2021, the percentage has grown steadily from 83.7% in 2016 to 90% in 2023.... An ever-increasing percentage of plans employ auto-enrollment.... The number of participants with loans from their 403(b)s outstanding grew in 2023 to 16.5%.... The percentage of participants who took a hardship distribution from their 403(b) more than doubled from 2022 to 2023."  MORE >>

"[L]et's surmise for the moment that the incoming Trump administration ... does not appeal the pending rejection of the DOL's amended regulation by the Texas courts and lets the amended regulation die on the vine. At that point, ... one would have [1] the 1975 rule in place ... [2] no effective reinterpretation of the 1975 rule that would cause rollover solicitations to be subject to it, and [3] presumably, no other obvious remnants in place of the DOL's rollover-related initiative. There is, however, still some room for caution."  MORE >>

"PEPs, which first became available in 2021, aim to build economies of scale and reduce fiduciary risk by allowing unrelated employers of any size to participate in a single defined contribution plan. Participating employers retain the flexibility to select the key contribution and other design features that align with their business needs."  MORE >>

"[PBGC] has approved the application submitted ... by the United Food and Commercial Workers International Union, Local 360 Labor-Management Pension Plan. The plan, based in Pine Brook, New Jersey, covers 6,117 participants in the service industry.... [The] Plan, which is in critical status, will receive approximately $30.4 million in SFA[.]"  MORE >>

"401(k) accounts long ago stopped being some form of supplemental retirement savings account for employees, instead becoming the sole opportunity for retirement income for most ... It is a fiction to pretend that any but the smallest portion of those investors is sophisticated enough not to be an easy mark for speculative investments or even good investments that happen to either pose high risk or impose high fees."  MORE >>

"[1] Making 'apples to oranges' comparisons of world pension systems.... [2] Ignoring the existence and impact of Social Security.... [3] Using compounding 'Magic' to make mountains our of molehills.... [4] Claiming that 401(k)s are only for the 'rich.' ... [5] Referring to recordkeeping as a 'commodity.' "  MORE >>

"Address older worker healthcare needs ... A greater interest in insurance coverage ... Encourage retirement saving with matching and education ... Consider legal assistance as a company benefit ... Flex-time and other benefits."  MORE >>