"[T]here are no required amendments on the 2024 list ... which would have a December 31, 2026 amendment adoption deadline. There are two 'unusual' plan provisions that might require some plans to be amended, but they are extremely narrow.... [T]he IRS has now added a new Part C to the RA list. The focus of this new part is on 'optional amendments' a plan may have made that have been impacted by subsequent changes in the law or IRS guidance."  MORE >>

"[Section 301 of SECURE 2.0] has both [DOL] and [IRS] components, with the DOL rules for [ERISA-covered] plans providing for an added layer of protection for participants. Specifically, the ERISA provisions generally impose strict recovery measures if the plan sponsor elects to seek recovery of the overpayment.... Notice 2024-77 is effective as of October 15, 2024, and provides interim guidance to help plan sponsors understand the correction options available to correct plan overpayments and maintain the tax- qualified status of the qualified plan."  MORE >>

"Currently, about 30% of employers have incorporated hardship self-certification, and 15% of employers said they have definite plans to add this feature.... Many employers have also increased the individual retirement account force-out limit for vested balances up to $7,000 ... Significantly fewer employers said they will be adding an employer match to Roth contributions and nonelective employer contributions to Roth."  MORE >>

"Vermont is joining the growing list of states -- now 17 -- requiring employers to either enroll tens of thousands of employees in the state plan or offer their own 401(k) plan. The program is a state-run automated savings program (or Roth IRA-style program) in which participants can contribute up to $7,000 a year that is automatically deducted out of an employee's paycheck."  MORE >>

33 pages. "This study finds that, in 2022: $680.6 billion in pension benefits were paid to 26.3 million retired Americans ... Expenditures made out of those payments collectively supported: 7.1 million American jobs that paid $466.2 billion in labor income; $1.5 trillion in total economic output nationwide; $871.0 billion in value added (GDP); $224.3 billion in federal, state, and local tax revenue.... Each dollar paid out in [DB] pension benefits supported $2. 28 in total economic output nationally."  MORE >>

"About one in four 65-year-old women will live past age 90, and one in 10 will live past 95. But it's not just longevity that adds complexity; women are also more likely to experience costly long-term care events, such as extended nursing home stays or in-home care, which can drain their retirement savings. Addressing these realities requires careful planning."  MORE >>

"If you inherited an IRA, that windfall may cost you money if you aren’t careful. That’s because there are rules around inherited IRAs to ensure the money in the account is eventually taxed and the IRS gets paid. Run afoul of any of them and you may create a costly tax event, plus you can be hit with fees and penalties."  MORE >>

"Social Security was enacted during the Great Depression in the 1930s, and has been a centerpiece of the effort to provide a bottom line of financial security for Americans ever since. But Social Security 'was never intended to be the sole income source for people in retirement,' ... Rather, ... Social Security was originally intended 'to help stave off abject poverty during one's "golden years".' "  MORE >>

"The formulas used to figure benefits under the WEP and GPO systems are fundamentally flawed and have led to many cases where workers are not receiving the full Social Security benefits they deserve simply because they worked in government positions at some point.... State and local government workers receive pensions in lieu of full federal Social Security benefits.... The solution is to fix the formula used to calculate reduced benefit rates, rather than eliminate the WEP and GPO entirely."  MORE >>

"Plan fiduciaries and plan sponsor employees with access to personal data or investment accounts need training to make sure that they don't respond to phishing attempts or inadvertently install malware on their computers.... Insist on multi-factor authentication.... Remote workers pose additional risks.... Service provider audits and tests.... Contract termination.... Indemnification rights ... Don't forget welfare plans."  MORE >>

"Employers may include HSAs and student loan payments among their employees' allocation choices for employer contributions to benefit plans. Some employers provide flexibility with regard to the allocation of their employer contributions among benefit plans as a way to enhance recruiting and retention. New contribution limits will kick in for HSAs and health reimbursement arrangements (HRAs) for 2025."  MORE >>

"For 2025, there are no US voting policy changes related to executive compensation. However, ISS did update the supporting policy documents to further clarify how it evaluates and applies existing compensation policies, and if there are any changes in approach for the upcoming year."  MORE >>