"On June 6, 2024, PBGC issued a final rule ... that changes the structure of the interest assumption ... from the select and ultimate approach to a yield curve approach.... [T]his '4044 yield curve' is based on a blend of two publicly available bond yield curves that is adjusted to the extent necessary so that the resulting liabilities align with group annuity prices. The adjustments are referred to as 'spreads.' ... This rule amends the regulation to specify the spreads used to determine the 4044 yield curve as of the last days of April, May, and June of 2025."  MORE >>

124 pages. "This Information Package contains samples of plan provisions that have been found to satisfy certain specific requirements of the Internal Revenue Code, as amended through the SECURE 2.0 Act of 2022 ... These CODA LRMs are not revised to reflect certain changes to catch-up contribution limits and requirements enacted by SECURE 2.0, to the extent these changes are not included on the Cumulative List. This CODA LRM also does not include plan language for implementing pension-linked emergency savings accounts (PLESAs) ... added by Section 127 of SECURE 2.0." [Rev. Dec. 2024, pub. Mar. 2025. Includes redlined version highlighting changes.]  MORE >>

312 pages. "This Information Package contains samples of plan provisions that have been found to satisfy certain specific requirements of the Internal Revenue Code, taking into account changes in the plan qualification requirements, regulations, revenue rulings, and other guidance ... including changes enacted by the [CARES Act] ... the [SECURE] Act of 2019 ... and ... the SECURE 2.0 Act of 2022 ... Such language may or may not be acceptable in different plans depending on the context in which used." [Rev. Dec. 2024, pub. Mar. 2025. Includes redlined version highlighting changes.]  MORE >>

"The first two district court opinions deciding whether plaintiffs have Article III standing to challenge pension risk transfers have reached opposite conclusions. One case will proceed to discovery, and the other has been dismissed without leave to amend. Many other motions to dismiss are pending in other courts and it is too early to tell which view will prevail; more rulings are expected soon." [Konya v. Lockheed Martin Corp., No. 24-0750 (D. Md. Mar. 28, 2025); Camire v. Alcoa U.S.A. Corp., No. 24-1062 (D.D.C. Mar. 28, 2025)]   MORE >>

"Regardless of the outcome of this lawsuit, the extensive allegations highlight the importance for 401(k) plan fiduciaries to follow best practices to best position the plan fiduciaries if faced with a lawsuit, or hopefully avoid a breach of fiduciary duties lawsuit altogether." [Rudasill v. Swiss Re American Holding Corp., No. 25-1403 (S.D.N.Y. complaint filed Feb. 19, 2025)]  MORE >>

"In the last week of February, six class actions were filed in the U.S. District Court for the Northern District of Illinois against [one] retirement plan administrator ... These complaints illustrate the many federal and state causes of action that can be pursued by aggrieved plaintiffs in addition to [ERISA] claims, including emotional distress, invasion of privacy and violation of consumer fraud laws. ... While no protections are 100% foolproof, [the plan administrator] might have avoided these suits by following a good written cybersecurity policy."  MORE >>

"Today's 401(k) committees might include a CFO who's a Baby Boomer, an HR Director from Gen X, a Millennial Head of People Ops, and even a Gen Z Benefits Coordinator. That's four generations. All reviewing the same plan -- but interpreting information through very different lenses.... [W]hat happens if you tailor your message to their preferences and priorities? The conversation shifts from transactional to collaborative."  MORE >>

"[W]hile the regulatory changes have given plan fiduciaries more options when it comes to adding guaranteed income products, adoption is not easy.... If solutions come across as increasingly complex, administratively burdensome or expensive relative to what is currently in the plan, it will make it harder for the plan sponsor to move down the path of offering pension-like income payouts to their employees."  MORE >>

"A proposal from the American Benefits Council (ABC) would give defined benefit (DB) plan sponsors two new options for using 'trapped' surplus plan assets to provide other benefits.... Some congressional Republicans are interested in the proposal to help pay for a party-line budget reconciliation bill aimed at passing much of their agenda this year, but the outlook is unclear. A number of employers are actively advocating for this change, which could improve its chances in a GOP budget bill or another measure."  MORE >>

"The SECURE 2.0 Act eliminated required minimum distributions (RMDs) for Roth 401(k)s.... That ability to continue to save tax free makes Roths considerably more valuable.... One argument for changing the RMD rules appears to have been to make the treatment of Roth 401(k)s consistent with the treatment of Roth IRAs, which have never been subject to RMDs. Consistency is a good goal. Congress simply flipped the wrong way."  MORE >>

"Privately-owned companies considering an IPO should consider taking the following steps to ensure that their executive compensation plans and governance policies are aligned with both continuing and new shareholder expectations. All companies considering an IPO should be able to answer 10 critical executive compensation and governance questions before going public."  MORE >>