"Pending further guidance, the Department will not pursue violations under ERISA section 404(a) in connection with the voluntary decision to transfer retirement benefit payments (including uncashed checks) owed to a missing participant or beneficiary from an ongoing pension benefit plan to a state unclaimed property fund, provided the present value of the participant's or beneficiary's nonforfeitable accrued benefit is $1,000 or less and the plan fiduciary complies with the applicable conditions set forth in this memorandum. For purposes of determining the present value of the benefit, the fiduciary must disregard the amount of any outstanding plan loans but must include rollover contributions[.]"  MORE >>

"The 2025 VFCP update (which includes amendments to PTE 2002-51) adds a self-correction component for specific transactions, along with improvements that make the VFCP and PTE 2002-51 easier for users to navigate. The 2025 VFCP update and amendments to PTE 2002-51 are effective March 17, 2025.... In addition to adding the SCC, the 2025 VFCP update includes ... [1] Additional correction options are available for prohibited loan transactions and prohibited purchase and sale transactions involving plans; [2] Relief for prohibited sale and leaseback of real property is expanded to include sale and leaseback to affiliates of the plan sponsor; [3] Applicants can correct delinquent participant contributions and loan repayments despite the application containing evidence of a criminal violation, if ... [certain] conditions are satisfied; and [4] Service providers can submit a 'bulk' application to address violations involving multiple plans."  MORE >>

"Among the more substantive changes [made by Rev. Proc. 2025-4] are those that concern: [1] when an adopted of a pre-approved plan may submit an application for a determination letter; [2] eligibility to apply for a determination letter for a Cycle 3 qualified pre-approved plan ... [3] eligibility to apply for a determination letter for a Cycle 2 403(b) pre-approved plan ... [4] user fee requirements for requesting advice from the Employee Plans Rulings and Agreements Division."  MORE >>

"SECURE 2.0 generally requires a new 401(k) plan to contain an 'eligible automatic contribution arrangement' ... Employers creating or buying companies need to be particularly mindful of this requirement. There are several exceptions that might apply but this is (and will be) an easy requirement to miss for employers engaged in heavy merger and acquisition activity.... The proposed rules related to the Roth Catch-Up Requirement would permit a plan to provide that a participant who is subject to the requirement is deemed to have irrevocably designated any catch-up contributions as Roth contributions."  MORE >>

"The proposed regulations provide insight on some of the big questions ... about the mandatory Roth catch-up provision. [1] What wages are applicable to the $145,000 limit? ... [2] Does the mandatory Roth catch-up contribution require plans to adopt Roth contributions? ... [3] Are the rules different for 403(b) plans? ... [4] What if catch-ups are not designated as Roth contributions?"  MORE >>

"The most fundamental difference between the two safe harbors is that the QACA requires that all participants be automatically enrolled in the plan at a minimum deferral rate of 3% of compensation (maximum 10% deferral rate), and the ACP safe harbor has no such requirement. In a QACA safe harbor, if the automatic deferral rate is less than 6%, it must also increase by at least 1% each year until it reaches 6% (with a maximum of 15% permitted after the first full plan year)."  MORE >>

"The lawsuit is related to New York-based Verizon's purchase of group annuity contracts from Prudential Insurance Co. of America and RGA Reinsurance to transfer about $5.9 billion in pension plan liabilities, representing the benefits of about 56,000 retirees and beneficiaries.... The lawsuit alleges Verizon and SSGA did not property vet the insurance companies because used substandard annuities from affiliates domiciled in 'regulation light jurisdictions.' " [Dempsey v. Verizon Comm. Inc., No. 24-10004 (S.D.N.Y. complaint filed Dec. 30, 2024)]  MORE >>

"[1] Increase women's access to retirement plans ... [2] Encourage participation among the 15% of women who are eligible for a retirement account but did not participate in the past year ... [3] For the 42% who have a retirement plan.... can they save even more?"  MORE >>

"The survey targeted senior pension fund executives in the U.S. whose plans collectively manage $670.4 billion in assets. On top of this 22%, the survey found a further 60% believe they have enough liquidity for most scenarios but admit the situation could become problematic in extreme scenarios. Just 18% say they have no liquidity concerns. ... Around 62% say [long-term liquidity] is the biggest risk faced by the plans they manage, while 20% say short-term liquidity is the biggest risk. Only 18% say the short and long-term risks are roughly equal."  MORE >>

"Aggregate liabilities topped the $6 trillion mark for the first time while aggregate assets broke the $5 trillion barrier. The funded ratio has increased significantly over the last two years from 69.8% as of September 30, 2022, to 81.2% as of November 30, 2024. The funding gap between plan assets and liabilities stands at $1.22 trillion as of November 30, 2024."  MORE >>

"Can employees withdraw money from 401(k) plan accounts for wildfire-related expenses? ... Can an employee pay back amounts withdrawn for wildfire expenses to her 401(k) plan account? ... Would an employer or plan sponsor need to amend its 401(k) plan to permit the relief described above? ... We don't have regular access to our workplace because of the wildfires. Is there any relief for an employer or plan sponsor that misses required benefit deadlines -- for example, sending out COBRA election notices or other required notices?"  MORE >>

25 pages. "This document sets forth proposed regulations under section 162(m) of the Internal Revenue Code, which limits the deduction for certain employee remuneration in excess of $1,000,000 for Federal income tax purposes. These proposed regulations implement the amendments made to section 162(m) by the American Rescue Plan Act of 2021. These proposed regulations would affect publicly held corporations."  MORE >>