22 pages. "The windfall elimination provision (WEP) ... reduces the Social Security benefits of certain retired or disabled workers who are also entitled to pension benefits based on earnings from jobs that were not covered by Social Security ... Recent legislation has generally proposed either to eliminate the provision for all or some affected beneficiaries, or replace the current-law provision with a new proportional formula based on past earnings from both covered and noncovered employment." [98-35 updated Mar. 7, 2022]   MORE >>

"While it acknowledges that other district courts have reached different conclusions, the ruling here ultimately concludes that 'it does not appear that actuarial equivalence, to the extent it is a term of art in the field, necessarily requires or implies 'reasonable' actuarial assumptions.' " [ Belknap v. Partners Healthcare System, Inc. , No. 19-11437 (D. Mass. Mar. 4, 2022)]   MORE >>

"Although the Fund ultimately did not prevail in its attempt to hold C&S responsible for Penn Traffic's withdrawal liability, the Second Circuit's holding on the applicability of successor liability to withdrawal liability claims under ERISA makes it clear that the doctrine is available to plans seeking to collect withdrawal liability from successor employers in the Second Circuit." [ New York State Teamsters Conference Pension and Retirement Fund v. C&S Wholesale Grocers, Inc. , No. 20-1185 (2d Cir. Jan. 27, 2022)]   MORE >>

"[T]here are several alternatives to dropping your insurance that can be pursued independently or in combination with one another ... [1] Use plan assets to pay for the insurance ... [2] Negotiate ... [3] Shop around ... [4] Consider a 3(38) investment manager ... [5] Consider adding provisions to your plan document that might reduce litigation risk ... [6] Consider adding cybersecurity insurance to your general policy (if possible)."   MORE >>

"Retirement savers can now gain exposure to commodities through exchange traded funds (ETFs), which can be held at any financial services institution ... Greater accessibility doesn't necessarily remove the original risks associated with commodity investments.... [T]he primary danger is lack of understanding the return, risk, and correlation of each investment option.' "   MORE >>

"The timeliness schedule compares employee deferrals per payroll records to amounts remitted into the plan as employee contributions and loan repayments. This schedule allows the plan sponsor to quickly and easily identify whether there are any payroll periods where the deferrals were not sent to the custodian or if there was a delay in the remittance. A proper timeliness schedule includes the following steps: [1] Review payroll report ... [2] Obtain the contribution report ... [3] Perform a comparison ... [4] Determine discrepancies."   MORE >>

"February was another busy trading month for 401(k) investors ... As international political events drove Wall Street lower, 401(k) investors reacted with above-normal trading activity. Net trading saw investors moving assets into fixed income over equity."   MORE >>

"These transactions are intended to lower the risk and cost of the plan by shrinking its size. However, in many cases, ... their use can lead to a lower funded status, particularly for underfunded plans.... [T]he additional underfunding resulting from these transactions can cause higher fees and premiums over the long run.... Yet, despite these shortcomings, PRTs continue to be adopted by plan sponsors at a surprising rate."   MORE >>

"How do you determine your personalized spending rate? Start by asking yourself these questions: [1] How long do you want to plan for? ... [2] How will you invest your portfolio? ... [3] How confident do you want to be that your money will last? ... [4] Will you make changes if conditions change?"   MORE >>

19 pages. "The GPO reduces Social Security spousal or widow(er)'s benefits by two-thirds of the retirement or disability pension from noncovered government employment.... Opponents argue that the GPO is not well understood and that it harms lower-wage workers.... [D]efenders maintain that it helps ensure that only financially dependent spouses receive the Social Security spousal or widow(er)'s benefit, while curtailing what otherwise would be an unfair advantage for government workers who are not covered by Social Security." [RL32453, updated Mar. 7, 2022]   MORE >>

121 pages. "This document gives notice of a proposed rule that, if adopted, would supersede the [DOL's] existing procedure governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of [ERISA], the Internal Revenue Code of 1986, and the Federal Employees' Retirement System Act of 1986 (FERSA)."

From the DOL press release :

"The Proposed Exemption Procedure Regulation would promote the department's prompt and efficient consideration of all exemption applications by, among other things:

• Clarifying the types of information and documentation required to complete an application.
• Revising the definitions of a qualified independent fiduciary and qualified independent appraiser to ensure their independence.
• Clarifying the content of specific reports and documents applicants must submit to ensure that the department receives sufficient information to make the requisite findings under ERISA Section 408(a) to issue an exemption.
• Updating various timing requirements to ensure clarity in the application review process.
• Specifying items that are included in the administrative record for an application and when the administrative record is available for public inspection.
• Expanding opportunities for applicants to submit information to the department electronically."

MORE >>