24 pages, rev. Apr. 2025. "This Retirement Plans Reporting and Disclosure Requirements guide was prepared by the IRS as a quick reference tool for certain basic reporting and disclosure requirements for retirement plans under the Internal Revenue Code and provisions of [ERISA] administered by the IRS.... The [DOL] and the [PBGC] reviewed the parts of the guide that concerns provisions the agencies jointly administer. This guide should be used in conjunction with the DOL's publication: Reporting and Disclosure Guide for Employee Benefit Plans."  MORE >>

"While these distributions can offer immediate relief, they also come with important rules and tax implications that plan sponsors and individuals should understand ... [This post] will review the circumstances that qualify as a hardship distribution, discuss the taxes that may apply to the amount withdrawn and provide an overview of the employer's responsibility when approving hardship distribution requests."  MORE >>

"You believed your entities were part of a Controlled Group and set up your 401(k) plan as a single employer plan. But now you've discovered they're not in a CG. That means you've unintentionally created a Multiple Employer Plan (MEP) -- without following the rules."  MORE >>

"Although [two recent cases challenging pension risk transfers (PRTs)] presented largely similar arguments, [one] was dismissed while [the other] will proceed. At least seven other PRT lawsuits are pending. Plan sponsors hoping for clarity on the likely outcomes of these lawsuits will have to wait a little longer." [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 >>

"A recent published opinion from California's Fourth District Court of Appeal has opened the door to using Qualified Domestic Relations Orders (QDROs) to satisfy breach of fiduciary duty awards -- even when the QDROs assign 100% of a party's ERISA-governed retirement benefits, including amounts earned after the marriage." [In re Marriage of DeBenedetti & Ensburg, No. D082801 (Cal. Ct. App. Apr. 5, 2024)]  MORE >>

"The decision in Spence ... highlights how an alleged failure by plan fiduciaries to fully consider proxy voting policies and activities of investment managers for 401(k) investment funds can lead to successful claims that the duty of loyalty has been breached, and at least partially opens another avenue for fiduciary attack on 401(k) plans. The decision may especially suggest a closer look at a plan's relationships and oversight of investment managers who also hold significant economic stakes in the plan sponsor." [Spence v. Am. Airlines, Inc., No. 23-0552 (N.D. Tex. Jan. 10, 2025)]  MORE >>

"According to T. Rowe Price data, the average loan size grew by 4% in 2024, slightly higher than inflation ... 64% of respondents across various industries reported they could not cover six months' worth of expenses ... Those with emergency savings: were half as likely to have a 401(k) loan; contribute at a rate four percentage points higher; maintain account balances 2.3 times greater; and were eight times less likely to have taken a hardship withdrawal."  MORE >>

"Participation and effectiveness tends to increase when workers feel a sense of ease in understanding how their retirement plan works and is accessed ... Use simple and inclusive language ... Provide multiple platforms ... Offer various financial education and workshops ... Utilize alternative presentation methods ... Encourage feedback and carefully monitor participation."  MORE >>

"The market value of the buy-in contract remains an asset of the plan, and liabilities for covered participants are included in annual calculations of minimum funding, accounting, and [PBGC] premiums.... Annuity buy-in contracts hedge related risks associated with the corresponding liabilities without transferring assets or liabilities out of the plan and therefore wouldn't trigger settlement charges. They can be thought of as 'perfect LDI' in helping to solve these concerns."  MORE >>

"Extending a retirement by just 5 years from 30 to 35 years increases the risk of depleting savings by a striking 41%, based on historical market returns.... [W]hile lifespans are rising well into the 90s and beyond, financial planning hasn't kept pace. As a result, millions face a growing risk of outliving their savings."  MORE >>

"The May 1, 2025 announcement represents a shift in labor policy with significant implications for gig economy businesses and workers. While businesses celebrate the return to a more flexible labor market, and labor advocates warn that this change will leave many gig workers without crucial protections ... until DOL takes further action, the Biden Rule remains in effect for purposes of private litigation."  MORE >>

"The Supreme Court's recent decision in Cunningham v. Cornell University set the bar for pleading standards against ERISA-governed plans laughably low.... [M]any more claims against ERISA-covered plans will get into formal discovery, which means that minutes of fiduciary committee meetings -- whether retirement or welfare plan -- will be scrutinized. It's time to stop treating minutes as a mere formality. Here are three recommendations." [Cunningham v. Cornell Univ., No. 23-1007 (S.Ct. Apr. 17, 2025)]  MORE >>