"This document is a notice of exemption issued by the [DOL] from certain of the prohibited transaction restrictions of [ERISA] and the Internal Revenue Code ... The exemption allows entities with specified relationships to Credit Suisse AG (CSAG) and Credit Suisse Securities (Europe) Limited (CSSEL) to continue to rely on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding the judgments of conviction against CSAG and CSSEL[.]"   MORE >>

"Of seemingly critical importance is beneficiary RMDs for 2021 and 2022, where the beneficiary is a designated beneficiary who inherited an account from a participant who died on/after the RBD, and that death occurred in 2020 or 2021.... For those who inherited accounts in 2021, annual RMDs would be required beginning for 2021. The IRS could issue a blanket waiver for these RMDs because of the confusion created by the SECURE Act language and the explanations provided in Publication 590-B."   MORE >>

"Both cases were sent back to the lower courts for trial. These cases send the message to Federal District Courts in the Ninth Circuit ... that many excessive fee cases will have to be heard on the merits and not dismissed at the pleading stage."   MORE >>

"The DOL's stated desire to now ask plan sponsors to explain why crypto was part of a participant's self-directed account could open the door to an entirely new level of scrutiny for all self-directed investments. And could create an entirely new arena for potential plan sponsor liability from both federal regulators and plaintiff's attorneys."   MORE >>

"The average Annuity Purchase Interest rates are the highest since June 2019, with the average duration 7 rate at 3.14% and average duration 15 rate at 3.15%. The Pension Risk Transfer Market had a record first quarter and remains active with strong demands from Plan Sponsors requesting annuities.... Annuity Purchase Costs dropped significantly this month."   MORE >>

"The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed one plan withdrawing and reapplying immediately with another simply withdrawing.... [U]pdated summary of the 35 plans in the system -- 10 approvals and 25 under review."   MORE >>

"When planning for retirement (in or near), it is important to anticipate what your expenses may be, both recurring and non-recurring. Researchers note that households may not anticipate incurring certain expenses and therefore, they may underfund their retirement goals or they may need to cut back on future discretionary expenses."   MORE >>

"This paper documents trends over the last two decades in retirement behavior and retirement income choices by participants in TIAA, a large and mature defined contribution plan with a wide range of withdrawal options.... There is considerable variation in the elapsed time between the last contribution to and the first income draw from participants' plan accounts ... The data suggest that the RMD is becoming the de facto default distribution option for newly-retired TIAA participants."   MORE >>

"OPM said that it will focus its federal employee-focused efforts on a pair of education initiatives: improving financial literacy for young federal workers, and making it easier for feds to pick the health insurance plan that's best for them through the Federal Employee Health Benefits Program."   MORE >>