10 pages Nov. 27, 2024. "What's New: [1] Distributions to victims of domestic abuse.... [2] Distributions for emergency personal expenses."  MORE >>

"Although this new catch-up contribution was created ... as part of the SECURE 2.0 Act of 2022, the 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 real concerns with making this available to participants at this time.... It is important to remember that a participant isn't eligible to make catch-up contributions until they have first hit a limit or restriction on their regular deferrals[.]"  MORE >>

"Starting in 2025, if your 401(k) plan offers catch-up contributions, participants who attain ages 60, 61, 62, and 63 will have an increased annual dollar limit on catch-up contributions ... While catch-up contributions are an optional plan feature, if your 401(k) plan already offers catch-up contributions, then you must offer these additional catch-ups."  MORE >>

"Implementing an effective employer contribution strategy requires plan sponsors to consider timing, costs and the workforce's specific financial needs.... [D]esigning a match formula that best suits an employer's specific population, as well as deciding on the timing of contributions, are key consideration[.]"  MORE >>

"55% say that they are currently working toward paying off debt to meet their long-term financial goals. 40% worry that their existing debt with impact their future quality of life. 34% who wish they would have saved more say that housing debt is keep them from saving for retirement."  MORE >>

26 pages. "[This report covers] the period April 1, 2024 to September 30, 2024.... [PBGC] completed the report, Limited Scope Evaluation of Projected Benefit Payments in Selected Special Financial Assistance (SFA) Applications, dated September 26, 2024. This was our fifth report concerning plans receiving SFA.... Because of our prior reports, PBGC already had begun to audit plan participant data to remove any deceased participant information that had been included in SFA applications and calculations"  MORE >>

"[PBGC] has approved the application submitted ... by the Carpenters Industrial Council Lumber Industry Pension Plan. The plan, based in Portland, Oregon, covers 5,834 participants in the construction industry ... [and] will receive approximately $110.9 million in SFA ... The plan was projected to become insolvent and run out of money in 2035."  MORE >>

"[PBGC] has approved the application submitted ... by the International Brotherhood of Teamsters Local 1034 Pension Fund. The plan, based in Long Island City, New York, covers 1,321 participants in the transportation industry ... [and] will receive approximately $48.7 million in SFA ... The plan was projected to become insolvent and run out of money in 2032."  MORE >>

"If allowed to stand, America's plan fiduciaries can be held liable for fiduciary imprudence if they fail to choose the top performing funds in the market or [fail to] beat the S&P 500 index -- even if they never intended to offer a higher-risk investment strategy. The dissent makes the key point that ERISA imposes 'standards of conduct, not standards of performance.' The Sixth Circuit has thus 'open[ed] the door' to speculative ERISA class action lawsuits based on unfair performance standards." [Johnson v. Parker-Hannifin Corp., No. 24-3014 (6th Cir. Nov. 20, 2024)]  MORE >>

"The recognition by the Sixth Circuit of the inequitable pleading requirements without allowing some amount of discovery is an example of the needed fundamental fairness to ensure that ERISA cases are decided on the merits in furtherance of ERISA's stated goals and guarantees, not on legal technicalities." [Johnson v. Parker-Hannifin Corp., No. 24-3014 (6th Cir. Nov. 20, 2024)]  MORE >>

"Form 5500 filers will likely appreciate being able to file Form 5558 electronically; otherwise, many will be unaffected by this year's changes.... Forms 5500 and 5500-SF must be filed electronically using the DOL's EFAST2 website or using software from EFAST2-approved vendors."  MORE >>

"These guidelines aim to support collective bargaining rights for employees, ensure that employees are aware of how employers use AI in the workplace, and protect workers' rights to data privacy. At the same time, the guidelines encourage employers to support workers whose positions have been displaced by AI."  MORE >>

"Health Savings Accounts (HSAs) expansion: a new horizon? ... [ACA] revisions: what could change? ... Health care policy: transparency and reform ... Expansion of healthcare alternatives in 2025: what to expect? ... Telehealth and remote work benefits: here to stay? ... Dependent care benefits: higher limits? ... Supporting families: enhanced adoption assistance benefits? ... Retirement plan reforms: what's on the horizon? ... Immigration policies and retirement benefits: an indirect impact? ... Extension of the 2017 tax cuts and jobs act changes."  MORE >>

Draft dated Nov. 27, 2024; form rev. April 2025. "What's New: [1] E-filing returns.... [2] Information Reporting Intake System (IRIS)."  MORE >>

"[W]ith the average retirement age among CEOs on the decline, not considering the long-term incentive (LTI) strategy far enough in advance can limit your opportunities to appropriately plan and change course. Inaction also can reduce LTI value that could have been realized in equity compensation grants made during the CEO's final years in office."  MORE >>