"The plans impacted by this change are ... DB pension plans where participant benefits are communicated as an account balance, which include pay credits and interest credits based on one of the following investable market returns: [1] The return on plans' assets; [2] The return on a subset of the plans' assets that approximates the associated cash balance liabilities; [3] The return on a regulated investment company."  MORE >>

"The rule and related amendments to seven prohibited transaction exemptions (PTEs) were originally scheduled to go live on Sept. 23, 2024. The dismissal of DOL's appeal leaves the court orders blocking the rule in place pending resolution of the legal challenges seeking the rule's invalidation. However, the rule is unlikely to take effect in its current form now that DOL has indicated it expects to engage in further rulemaking."  MORE >>

"Rep. John McGuire (R-Va.) on Jan. 21 introduced the Home Savings Act (HR 7185) to remove penalties (and taxes) for withdrawing from a 401(k) account when the money is used for closing costs and down payments associated with purchasing a home.... [The Act] would amend the Internal Revenue Code to permit penalty-free withdrawals from a 401(k) account for up to five years when the funds are used for a down payment or closing costs on a primary residence."  MORE >>

"Hiring a recordkeeper, advisor, or TPA does not transfer fiduciary responsibility. It simply changes how that responsibility must be exercised. Oversight is still required. Questions still need to be asked. Decisions still need to be made -- and recorded. A strong process doesn't require endless meetings or excessive paperwork. It requires consistency. Clear roles. Defined review cycles. Written policies that are actually followed. And the discipline to revisit decisions before they become problems."  MORE >>

"RMDs ... have very much changed since the year 2017. And it turns out they're not all that onerous, and they don't require that large of a taxable distribution when they start, which, again, is age 75 for those born in 1960 and later."  MORE >>

"Finances. As it stands today, those born between the mid 1990s and the early 2010s are the most prepared for retirement of all current adult demographic groups. Forty-seven percent of all workers between the ages of 24 and 28 have somehow managed to save enough money to keep them on track for a comfortable retirement, no matter how eventual it may seem."  MORE >>

"Thinking about leaving your job? Make sure you understand the vesting schedule that applies to your retirement plan. It may pay to stick it out a little longer to become more 'vested' in your plan. Otherwise, you may lose out on valuable benefits."  MORE >>

"Health plan sponsors can expect increased examination activity, particularly in mental health and surprise billing.... Cybersecurity has officially graduated from buzzword to enforcement priority -- and this priority applies to retirement plans.... Service-provider-level reviews of 3(21) and 3(38) fiduciaries.... Investment selection in 404(c) plans.... Underfunded defined benefit plans.... ESOPs and missing participants deprioritized."  MORE >>

"Retirement and financial wellness are core to total rewards strategies: Nearly all employers (98%) offer a qualified retirement plan; 56% match between 3-4.9%, and nearly 30% match over 5%.... 77% of organizations already have or are planning to implement financial wellness plans.... Nonqualified deferred compensation (NQDC) plans remain vital for executives: 88% of eligible participants are CEOs, 70% VPs, and 38% directors. Rising health plan costs are shifting approaches: One-third of employers saw 4-8% increases, with another third reporting higher costs. Cost-sharing is shifting to employees, and Health Savings Accounts (HSA) continue to rise."  MORE >>