"Recent turmoil in the cryptocurrency market has brought issues related to crypto-asset custody to the forefront of the cryptocurrency discourse ... Many crypto-asset investors are now wondering how their assets may be treated if their crypto-asset exchange of choice were to file for bankruptcy.... [ SEC Staff Accounting Bulletin No. 121 ] issued on April 11, 2022 ... regarding platforms that safeguard or hold crypto-assets on behalf of users may require additional disclosures on this topic."   MORE >>

"The [SECURE Act] changes for which plans must adopt a formal amendment are: [1] Required Minimum Distributions (RMDs) ... [2] Distribution rules for non-spouse beneficiaries ... Any optional changes implemented pursuant to the CARES Act must also be adopted by a formal amendment by December 31, 2022. Some of the key optional provisions the CARES Act includes are: [1] Suspension of RMDs ... [2] Coronavirus-related distributions ... [3] Increased limits on plan loans and extended loan repayment period."   MORE >>

"[T]he Third Circuit limited the scope of its holding ... The court explained that in some ERISA cases, a proposed class may present an 'intra-class conflict,' depending on 'the type of claim and the contours of the class.' " [ Boley v. Universal Health Serv. Inc. , No. 21-2014 (3d Cir. Jun. 1, 2022)]   MORE >>

"By tying alleged injuries to root decisions or broader courses of conduct, participants and beneficiaries may more readily be able to challenge a defined-contribution plan's investment lineup on a class basis, even if those participants and beneficiaries have not invested in each of the options about which they seek to complain." [ Boley v. Universal Health Serv. Inc. , No. 21-2014 (3d Cir. Jun. 1, 2022)]   MORE >>

"Under the Pilot Program, the IRS will send a pre-audit letter to plan sponsors whose retirement plans have been selected for upcoming audits and the plan sponsor will have 90 days to identify and correct any compliance issues with their plans and to notify the IRS of the corrective actions taken."   MORE >>

"By giving their employees access to modern investment choices like cryptocurrency, sponsors can use their 401(k) plans to boost their ability to find and retain top-notch talent. In addition, a 401(k) with exciting features could help increase plan participation rates, particularly among younger people, and thus help ensure plan health."   MORE >>

"Ongoing inflation concerns, supply-chain issues, geopolitical risks, and uncertainty regarding slowing economic growth drove a continued sell-off in equities through most of May before a strong late month rally led to a very modestly positive month.... Despite the increased volatility in risk assets this year, plan sponsors should find themselves in a much-improved funded status position compared to year-end."   MORE >>

"As states look to solve long-term funding shortfalls in their defined benefit plans, some are either offering new employees a DC plan as an alternative to a traditional pension or closing the plan to new hires altogether and giving them a defined contribution plan instead. To date, nine states offer a defined contribution plan as an alternative to a defined benefit plan, and three -- Alaska, Michigan and Oklahoma -- have taken the broader measure of offering a DC plan as the only option for new workers[.]"   MORE >>

"[A]ctively managed mutual funds still dominate 401(k) and 403(b), largely because ... those are the investment products stockbrokers recommend, primarily from their broker-dealer's preferred provider list.... Plan sponsors should assess the cost-efficiency of any recommended investment option using a universal 'reasonably available alternatives' menu, not Reg BI's unduly restricted 'reasonably available alternatives' standard."   MORE >>

"[In] the post-Jarvis world, Congress should eschew any mandate that private employers adopt IRAs or other retirement programs for their employees. The states should continue to experiment in this area ... Different states will pursue different courses, thereby testing alternative possibilities.... To facilitate such experimentation by the states, the federal government should clarify two legal issues concerning state-run retirement programs for the private sector."   MORE >>