"What's New: [1] Changes to tax rates and compensation bases.... [2] The COVID-19 related credit for qualified sick and family leave compensation is limited to leave taken after March 31, 2020, and before October 1, 2021, and may no longer be claimed on Form CT-1." [Also available: 2024 IRS Form CT-1]  MORE >>

"This post describes dozens of implications for those affected personally by the Social Security Fairness Act and [the] WEP and GPO repeal. Some financial implications may also be useful for anyone who experiences any sustainable monthly income infusion.... The post concludes with a summary of research about the role of Social Security in retirement investment decisions, three 'need to know' facts, and six take-away action steps."  MORE >>

"For the 2025 plan year only, PBGC premiums are due on the 15th day of the ninth month of the premium payment year, which is one month earlier than the usual timeline. For calendar-year plans, the due date will be September 15, 2025, instead of the usual October 15, 2025."  MORE >>

"In her brief on the merits, Stanley pushes back against the 11th Circuit's contention that she cannot sue because she did not work for the city when her retirement benefits were ended. The ADA, she insists, sweeps broadly to allow lawsuits by 'any person alleging discrimination' in violation of the act who 'claims to be aggrieved.... The Biden administration filed a 'friend of the court' brief supporting Stanley in which it ... contends the ADA also prohibits discrimination in benefits provided to former employees." [Stanley v. City of Sanford, Florida, No. 22-10002 (11th Cir. Oct. 11, 2023; cert. pet granted No. 23-997, Jun. 24, 2024)]  MORE >>

"The ERISA Industry Committee, the American Benefits Council and the SPARK Institute published an amicus brief ... in support of the 2nd Circuit's ruling that the mere existence of a 'prohibited transaction' is not sufficient for a complaint to continue and that the plaintiff must also allege that statutory exemptions to those rules do not apply." [Cunningham v. Cornell Univ., No. 21-0088 (2d Cir. Nov. 14, 2023; cert. pet. granted Oct. 3, 2024)]  MORE >>

"The purpose of this separate Actuarial Valuation Report is to provide greater detail concerning the valuation of future benefits than is presented in PBGC's Annual Report.... PBGC calculated and validated the present value of future benefits (PVFB) for the single-employer program and the nonrecoverable future financial assistance (NRFFA) under the multiemployer program.... These calculations reflect the present value of claims as of the date of the financial statements."  MORE >>

"This Retirement Plan Compliance Calendar summarizes the major requirements that apply to Defined Contribution (DC) plans for 2025. Due dates are based on a calendar plan year and are applicable to plans subject to [ERISA]."  MORE >>

"[As] a result of the new law, workers impacted by these WEP and GPO offsets will be eligible for retroactive benefits from 2024 and all future benefits in 2025 and beyond. Given the significance of these changes, those who worked for the government at some point in their career are encouraged to revisit their current retirement planning strategies and make the appropriate adjustments. ... [T]hese higher payments will also increase funding pressure on the Social Security Trust Fund that provides support for current and future retirees."  MORE >>

"[T]he year-end 2024 funded ratio soared to 105.0% from 99.5% at the end of 2023. While plan assets decreased by $26 billion, plan liabilities decreased by $94 billion due to ... discount rate increases. The resulting $68 billion funded status gain during 2024 lifted the year-end funded status surplus to $62 billion."  MORE >>

"In a recent publication, Pew reviewed all 50 states using the key features of model public retirement systems based on more than a decade of research. Regardless of how benefits are designed, the most successful systems share four main practices: [1] retirement security; [2] fiscal sustainability; [3] planning for uncertainty; and [4] investment transparency."  MORE >>

"Public pension funds are complex organizations that ensure financial security for millions of retired public sector employees and require careful management and oversight to remain effective and sustainable.... [O]ne of the foundational and most effective ways to enhance governance in pension systems is to implement a long-term strategic plan, because it provides a comprehensive framework that guides decision-making, improves transparency, and strengthens long-term sustainability."  MORE >>