"This interim guidance specifically refers to the application of the plan qualification and rollover distribution rules ... to the correction methods available for inadvertent benefit overpayments under the [EPCRS] as outlined in [Rev. Proc. 2021-30].... The interim guidance provided in Notice 2024-77 is effective for operational failures caused by inadvertent benefit overpayments that occurred on or after October 15, 2024[.]"  MORE >>

For calendar-year defined benefit (DB) and defined contribution (DC) plans, these retirement plan compliance calendars list key IRS, PBGC, and DOL reporting and disclosure deadlines.  MORE >>

"[The] court stressed that in fact the evidence demonstrated that the employer had taken a decidedly pro-military stance.... In finding that the plaintiff failed to present evidence of anti-military bias, the court noted that the company's voluntary 401(k) make-up contributions for employees serving in the military appeared to contradict this claim." [Porter v. Trans State Holdings, Inc., No. 23-0263 (D. Colo. Nov. 7, 2024)]  MORE >>

"First, there are 401(k)-related cases already in motion that may start to be clarified by court decisions, including the raft of plan forfeiture and pension risk transfer lawsuits that hit this year. Then there is the likely use and effects of the Loper Bright decision, which overturned decades of judicial deference to federal agencies. And that's all before potential moves by the new administration and Congress regarding the [DOL's] Retirement Security Rule; environment, social and governance investing guidance; and the use of cryptocurrency in defined contribution plans."  MORE >>

"Lawsuits filed in 2024 allege that plan fiduciaries are improperly using forfeitures.... [T]here is no clear direction yet on how these lawsuits will affect plan administration. However, you can assist clients now by discussing the following strategies for preventing or avoiding a forfeiture lawsuit. [1] Paying plan expenses with forfeitures ... [2] Specifying the use in the plan document ... [3] Don't forfeit forfeiture relief."  MORE >>

"There is significant interest in the enhanced catch-up contributions for participants aged 60 through 63 and the student loan repayment match. Plan sponsors are also preparing for the 2026 requirement that high-earning participants make their catch-up contributions to a Roth account. Some are giving participants the option to receive the employer match as a Roth contribution rather than a pre-tax contribution. Each of these changes involves administrative complexities."  MORE >>

"Although the retirement plan professional may not be licensed to sell property/casualty coverages, ... the professional should at least be aware of these coverages and recommend the client review these topics with their property and casualty professional.... [1] ERISA fidelity bond ... [2] Cyber liability.... [3] Employment practice liability insurance."  MORE >>

"The [PBGC] is taking steps to assume responsibility for the St. Joseph Health Services of Rhode Island Retirement Plan, which covers about 2,500 current and future retirees. St. Joseph Health Services was a not-for-profit corporation that operated a hospital in Providence, Rhode Island. PBGC estimates that the St. Joseph Pension Plan is 35% funded with approximately $47 million in assets and about $135 million in benefit liabilities. The plan is underfunded by $88 million."  MORE >>

"For a group of example workers with a range of full-lifetime average earnings levels at various ages in 2024, this note displays their current earnings at various ages in 2023, their full-lifetime average earnings, and the amounts they would expect to receive at benefit entitlement. The assumptions ... are similar to those used in the annual Social Security Statement available online to workers and former workers aged 18 and older."  MORE >>

"This post describes over a dozen year-end tax planning strategies, including those that are unique to 403(b) plan participants. The strategies are organized into four categories: tax planning, investing, retirement planning, and philanthropy. It concludes with a summary of two tax-related research studies, three 'need to know' facts, and six take-away action steps."  MORE >>

"The dramatic transformation of the RPA business highlighted by the shift of focus to participant rather than plan fees is being driven by [several factors] ... Few firms are ready, willing and able to make this transformation, and even fewer are executing it now. Though aggregators are well positioned, many are still focused on integration and building culture, which will be required before they can execute."  MORE >>

"[C]ash gifts are never a de minimis fringe benefit, no matter how frequent or valuable.... Cash equivalents such as gift cards are also not de minimis fringe benefits ... [D]onation matching may be the gift that keeps on giving.... Amounts paid by a corporate employer as a contribution to a charitable institution are deductible by the corporation in the manner allowable for charitable contributions.... [N]othing prevents an employer from giving taxable gifts to employees."  MORE >>