4 pages; rev. Apr. 2025. "Form 15315 ... is used to report the actuarial certification of a multiemployer plan's status. The plan actuary must file this form annually with the IRS to satisfy the reporting requirements of IRC Section 432(b)(3)."  MORE >>

"FAB 2025-02 provides interim guidance and solutions pending more formal regulatory being issued by the DOL.... If you have already issued your plan's 2024 AFN, consider the FAB 2025-02 guidance and make sure your AFN was consistent with FAB 2025-02. If not, revise and re-issue the AFN promptly."  MORE >>

"The Third Circuit ... ultimately agreed with the Fund holding that the settlement agreement was a revised withdrawal liability assessment.... [T]he settlement agreement was properly understood under the Multiemployer Pension Plan Amendments Act (MPPAA) as a revision to the withdrawal liability assessment and because no employer sought arbitration with respect to that revised assessment, the Fund had a cause of action[.]" [Central States, Se. & W. Areas Pension Fund v. Laguna Dairy, S. de R.L. de C.V., No. 23-3206 (3d Cir. 2025 Mar. 27, 2025)]  MORE >>

"[A] jury has found that fiduciaries of Pentegra's more than $2 billion Multiple Employer Defined Contribution Plan for Financial Institutions breached their fiduciary duties by paying unreasonable recordkeeping and administrative fees.... There are still allegations pending related to prohibited transactions, and those will be heard and decided by the court, not a jury." [Khan v. Bd. of Dir. of Pentegra Defined Contrib. Plan, No. 20-7561 (S.D.N.Y. complaint filed Sep. 15, 2020)]   MORE >>

"[P]lan sponsors continue to incur administration costs when participants are separated from employment and their retirement savings. The assets are considered plan assets until the check is cashed or otherwise resolved....[U]ncashed check funds accumulate no interest or earnings, and if mishandled, can represent a potential liability to plan sponsors.... Plan administrators can take steps to minimize the incidence of uncashed distribution checks, as well as, resolve the situations that inevitably occur."  MORE >>

"Workers' confidence remained unchanged between January 2024 and January 2025, retiree confidence saw an uptick.... Americans are concerned about changes to the retirement system, specifically a reduction of Social Security and Medicare benefits.... Social Security remains the top source of actual and expected income for Americans in retirement.... More workers expect to retire later and many plan to work in retirement.... Health care expenses remain a concern for retirees.... Guaranteed income options are appealing to workers, especially as part of their workplace retirement plan."  MORE >>

"Americans could need an additional $100,000 to make up the expected 17% cut to their Social Security benefits in 2035, unless Congress were to take action between now and then. While the average retiree today makes $1,980 monthly ... a 17% cut converts to a loss of $336 per month, or $4,039 per year."  MORE >>

"Your investment advisor should [1] create and regularly update an Investment Policy Statement that defines the criteria for selecting and monitoring investments.... [2] help with what types of investments should be included and how, in order to help employees build a diversified portfolio.... [4] establish a regular process for monitoring fund performance and identifying underperforming or unsuitable options.... [4] act as a fiduciary, with a legal obligation to act in the best interest of plan participants."  MORE >>

"Target-date funds, whether structured as mutual funds or collective investment trusts, still face limits on how much they can hold in illiquid assets. The cap is 15%, but most managers don't want to get too close to that. [The authors] expect private-asset exposure to land somewhere between 5% and 10%. State Street is on the high end of that range, with a 10% allocation to private assets across its glide path."  MORE >>

"Cassidy's proposals include: [1] Expanding access to and the use of retirement accounts for independent workers via pooled employment plans and single employee pension individual retirement accounts ... [2] Establishing a 'safe harbor' for companies so they can provide independent workers with benefits without litigation fears; and [3] Increasing independent workers' health care options, such as allowing access to association health plans and health reimbursement arrangements."  MORE >>

"The broad implications of this case are concerning, potentially leading to more lawsuits with fewer dismissals at early stages and requiring plans and fiduciaries to expend considerable time and money responding to lawsuits that assert the mere existence of a prohibited transaction." [Cunningham v. Cornell Univ., No. 23-1007 (S.Ct. Apr. 17, 2025)]  MORE >>

"This decision highlights the importance to plan sponsors and fiduciaries of having a process in place to review service provider agreements. The Supreme Court's decision may result in cases getting into discovery on these issues with more frequency, which will put a focus on compliance with the exemptions." [Cunningham v. Cornell Univ., No. 23-1007 (S.Ct. Apr. 17, 2025)]  MORE >>