"This proposed rule would permit all TSP participants (active and separated), as well spouse beneficiaries, to convert amounts in their traditional balance to amounts their Roth balance. In accordance with the Internal Revenue Code, the converted amount would be treated as a distribution from the traditional account that is taxable in the year the conversion is done."  MORE >>

"[T]he 80-120 exception works well for a growing plan, but not so well for a shrinking plan. ... [If] a plan tends to teeter over and under the plan audit requirement, it may be wise for the plan sponsor to engage the auditor to perform agreed upon procedures in the off years to facilitate the test of opening balances when the plan goes back to needing an audit and as insurance that operations have remained compliant." [Article provides a detailed checklist to count participants and determine whether a plan audit is required.]  MORE >>

"Advisory Opinion 2025-04A addresses whether a particular lifetime income solution using managed account strategies will qualify under the QDIA framework. It affirms that the particular solution -- which incorporates annuities that are not designated investment options under the plan -- could serve as a QDIA. The Opinion was also drafted to provide some assurance for similar lifetime income strategy programs and may also signal further DOL support for lifetime income offerings."  MORE >>

"In Administrative Determination No. 25-03, the Hacienda clarifies that SECURE 2.0 amendments will not require sponsors of retirement plans covering residents of Puerto Rico to file for an updated determination letter, although adopting additional, non-SECURE 2.0 amendments may trigger the need for an updated letter."  MORE >>

"While the regulatory pendulum continues to swing, fiduciaries should focus on upholding the ERISA duties of prudence and loyalty ... [1] Monitor for updates on rulemaking ... [2] Update investment policy statements to reflect current standards ... [3] Consult legal and investment advisers on ESG integration ... [4] Ensure fiduciary committees understand their duties and the evolving landscape; and [5] Communicate with participants."  MORE >>

"ERISA requires a plan sponsor to acts as a prudent person would handle their own affairs. Ask yourself, does a prudent person invest $50,000 knowing ... that they are going to lose $72% of their investment in favor of the annuity company, to essentially subsidize the annuity issuer at the expense of one's intended heirs. [P]rudent plan sponsors will realize that such products are available outside the plan, without potentially exposing the plan to fiduciary liability."  MORE >>

"The PEP structure shifts many fiduciary and reporting obligations to the pooled plan provider (PPP). But it also shifts the visibility.... The PPP's auditor is looking at the pooled trust and aggregated processes, not at whether your payroll file missed an employee who should've been eligible six months ago. In other words, when you avoid your plan's audit, you may also be avoiding your plan's oversight."  MORE >>

"The [DOL] announced in September that it would be revisiting the definition of fiduciary adviser, with the aim of issuing a new rule in 2026.... The regulatory agenda that DOL published did not provide much detail on what a new rule might look like, saying only that it 'will ensure that the regulation is based on the best reading of the statute.' "  MORE >>

"Pontera CEO Yoav Zurel ratcheted up his year-long battle with Fidelity Investiments, scolding the No. 1 401(k) recordkeeper in an 'open letter' for refusing to allow third-party credential sharing.... Pontera's business model depends on password sharing to link RIAs and their Fidelity 401(k) clients through a 'holistic portfolio' on its platform. "  MORE >>

"Whether the IRS can continue the pace of released guidance and meet its goal of accomplishing a significant number of PGP projects by the end of the plan year remains to be seen -- but the longer the shutdown continues, the harder it will be, particularly for projects outside the scope of OBBBA implementation."  MORE >>