"SSA is finalizing its plan to implement the Act while limiting negative effects on our regular workloads and services to the public. We cannot yet provide an estimated timeframe for when we will adjust a person's past or future benefits, but we will continue to provide updates on this webpage. We thank the public for its patience."  MORE >>

73 pages, Jan. 24, 2025. "What's New ... [1] A new fact sheet addressing frequently asked questions on qualified disaster distributions for 2021 and later disasters is available ... [2] Update to Appendix D of Form 8915-F instructions." [Also available: 2024 IRS Form 8915-F]  MORE >>

"The IRS was directed in ... SECURE 2.0 ... to update EPCRS within two years of the enactment date of December 29, 2022. The IRS was also supposed to apply such correction principles to a new correction program for IRAs by that date.... [E]mployers should continue to follow the guidance of Notice 2023-43 with respect to eligible inadvertent failures.... Meanwhile on January 14, 2024 ... [EBSA] updated the [VFCP] ... to permit self-correction of two specific types of transactions[.]"  MORE >>

"These proposed regulations provide clarity and flexibility for implementing SECURE 2.0's provisions. They ensure that participants have tax-advantaged savings options, while employers gain a clearer framework for compliance. However, the new Roth-only requirement for high earners introduces administrative challenges, particularly for plans that do not currently offer Roth contributions."  MORE >>

"For Barrett and other justices, the structure of ERISA law, with one section describing prohibited transactions and another section outlining exemptions, represents a challenge to reconcile as well as the many other exemptions provided by the [DOL]." [Cunningham v. Cornell Univ., No. 21-0088 (2d Cir. Nov. 14, 2023; cert. pet. granted No. 23-1007; oral arg. Jan. 22, 2025, transcript and audio)]  MORE >>

"Because finances are often the top reason, most retirees who consider reentering the workforce need to ask questions such as: How does unretiring affect Social Security benefits and retirement accounts? How does age affect Social Security and retirement accounts? What kind of tax consequences should be considered when unretiring?"  MORE >>

"The aggregate funded ratio for U.S. state pension plans decreased by an estimated 1.8 percentage points during the fourth quarter of 2024 to end the quarter at 87.3%,a 7.4% increase from December 2023 ... The quarterly change in funding resulted from a 1.3% decrease in asset value and a 0.7% increase in liability value. Although the aggregate funded ratio is estimated to have decreased by 1.8% in the fourth quarter, it is estimated to have increased by 7.4% for the calendar year 2024."  MORE >>

"Several justices cited the plans' red herring of 'expensive discovery' as a compelling factor in favor these 401k br3ach cases.... Justice Jackson countered by suggesting that there were other viable options to address such concerns, notably limited and/or 'controlled discovery' rather than unnecessarily denying employees the rights and protections guaranteed to them under ERISA.... [A]llowing 'controlled discovery,: including discovery of a plan's advisory contract and the minutes from the plan's meetings would be in furtherance with the overall purpose and goals of ERISA, without being onerous to a plan."  MORE >>

"Yes, the case for the WEP and GPO involves some understanding of Social Security. Yes, the provision could have been better designed.... But these adjustments were designed to fix a real equity issue. How could any well-informed member of Congress vote to eliminate them -- wasting money, accelerating the exhaustion of the trust fund, and making the 75-year financing hole bigger? ... The most constructive thing to do at this point is to ... extend Social Security coverage to the 25-30 percent of state and local workers who are not covered by Social Security."  MORE >>

" 'Like the 401(k) fee class actions that came before them, this new wave of pension risk transfer litigation appears to be the next proverbial pot of gold for the Plaintiffs' bar,' said Tom Christina, Executive Director of the ERIC Legal Center. 'If meritless claims like this advance beyond swift dismissal, there is significant risk the floodgates will burst open, and plaintiffs' firms will get a big payday while employers and employees will be faced with big legal bills and an even bigger threat to the retirement system we know today.' " [Doherty v. Bristol-Meyers Squibb, Inc., No. 24-6628 (S.D.N.Y. complaint filed Sep. 3, 2024; amicus brief filed Jan. 23, 2025)]  MORE >>

"Wellbeing benefit spending has dropped as foundational benefit spend increases ... Low employee engagement with benefits was a major challenge for companies in 2024 ... Global benefits are becoming increasingly complex and varied ... Is ESG missing from the benefits conversation?"  MORE >>