Employee Benefits Security Administration joined the IRS and Pension Benefit Guaranty Corp. in releasing online.  The IRS will release paper copies of Form 5500-EZ and instructions for 2024 separately on its website after Jan. 1, 2025. Each form's instructions include a Changes to Note section highlighting important updates to the forms, schedules and instructions for 2024, including the following changes in Form 5500 and Form 5500-SF:

• A new plan characteristics code, 2Y, for pension-linked savings accounts.
• An update to Schedule SB instructions for certain expected benefits payable in annuity form.

Plan administrators should not use informational copies to file a 2024 Form 5500 Series Annual Return/Report.

• Form 5500 Annual Return/Report of Employee Benefit Plan | Instructions
• Form 5500-SF Annual Return/Report of Small Employee Benefit Plan | Instructions
• Form 5500-EZ Annual Return of a One-Participant Retirement Plan or a Foreign Plan | Instructions
• Schedule A - Insurance Information
• Schedule C - Service Provider Information
• Schedule D - DFE/Participating Plan Information
• Schedule DCG - Individual Plan Information
• Schedule G - Financial Transaction Schedules
• Schedule H - Financial Information
• Schedule I - Financial Information - Small Plan
• Schedule MB - Multiemployer Defined Benefit Plan and Certain Money Purchase Plan Actuarial Information
• Schedule MEP - Multiple-Employer Retirement Plan Information
• Schedule R - Retirement Plan Information
• Schedule SB - Single-Employer Defined Benefit Plan Actuarial Information

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"[Notice 2024-77] provides guidance on the new SECURE 2.0 Act rules regarding the recovery of inadvertent benefit overpayments (IBOs) from retirement plans.... The new rollover treatment -- i.e., where recoupment is not sought, the IBO will be treated as an eligible rollover distribution ... if the payment would otherwise have been an eligible rollover distribution, and where recoupment is sought, the overpayment may be returned to the plan without adverse tax consequences -- applies as of December 29, 2022, regardless of when an IBO was made."  MORE >>

"Sponsors of 403(b) plans that exclude student employees or employees who normally work less than 20 hours per week from making deferrals should review [Notice 2024-73] and make any necessary updates to the plan's operations and communications ... Due to the complexity of compliance, 403(b) plan sponsors may want to consider allowing employees who normally work less than 20 hours per week to make deferrals without having to satisfy a service requirement."  MORE >>

"Although the [new IRS webpage] doesn't provide any new information, it consolidates into one resource previously published IRS guidance on the W-2 impact of three SECURE 2.0 provisions that took effect soon after the law's enactment."  MORE >>

"in Announcement 2024-38, the IRS announced that it intends to issue opinion letters for pre-approved 403(b) that were: [1] Restated for changes in the Internal Revenue Code Section 403(b) requirements, including those listed in the 2022 Cumulative List. [2] Filed with the IRS for the second remedial amendment cycle (Cycle [2] under Rev. Proc. 2019-39."  MORE >>

"The [DOL] has issued a notice that it plans to launch its Retirement Savings Lost and Found Database by Dec. 29, 2024, and requests retirement plan administrators to voluntarily report information to the database."  MORE >>

"[S]hould defense counsel be more concerned about the possibility of the DOL supporting a private plaintiff in pending litigation? And if such support is occurring, are defendants entitled to access all communications between plaintiffs' counsel and the DOL about the matter? A recent federal court ruling ... suggests the answer is 'yes' to both questions." [Harrison v. Envision Mgmt. Holding, Inc. Board of Directors, No. 21-0304 (D. Colo. Sep. 11, 2024)]  MORE >>

"Should the Supreme Court grant Tenneco's petition, it would have the opportunity to upend established precedent approving of the effective vindication doctrine in the Second, Third, Sixth, Seventh, and Tenth Circuits in favor of a position only the Ninth Circuit reached ... Further, the Court could significantly narrow the scope of relief available in many courts under Section 502(a)(2) for claims of fiduciary breach." [Parker v. Tenneco, Inc., No. 23-1857 (6th Cir. Aug. 20, 2024; cert. pet. filed Nov. 15, 2024)]  MORE >>

"A tax bill will likely be fast-tracked since Republicans control the White House and Congress, former Labor official Preston Rutledge says. Expect a clamor for revenue-raisers to offset the $4.5 trillion renewal of the 2017 tax cuts. Efforts to derail the DOL fiduciary rule will likely not be part of the budget process."  MORE >>

"Plans invest in PE funds with higher average risk-adjusted performance. This is mainly due to access to successful PE managers, not superior selection skill. Decomposing returns into risk-compensation and 'alpha', [the authors] find that some plans obtain higher PE returns by taking more risk without earning higher, and in some cases earning lower, risk-adjusted returns, broadly consistent with agency problems within plans."  MORE >>

"Despite the dramatic, and at times apocalyptic, rhetoric on the DOL's regulatory scheme on ESG, was the gap between the Trump administration and the Biden administration so wide on this issue? Most ERISA attorneys say the differences were relatively small."  MORE >>

"Small businesses are increasingly offering financial education programs, debt management assistance, and employer-sponsored savings plans.... In 2025, many are turning to innovative [health plan] solutions like level-funded plans and captives to help contain costs while enhancing the benefits offered to employees.... Comprehensive mental health coverage not only supports employee well-being but also reduces absenteeism and increases productivity."  MORE >>