"Despite an extension granted to qualified plans, Section 403(b) plans, and governmental Section 457(b) plans to make necessary amendments under the SECURE Act, no extension past December 31, 2022 currently applies for Section 457(b) plans maintained by private tax-exempt organizations.... [A]bsent future guidance from IRS, these plans must be amended by the end of this year to incorporate the SECURE Act's changes to required minimum distribution provisions."   MORE >>

"[A] plan sponsor can take credit for employer contributions made to a bona fide fringe benefit plan, and a QACA qualifies as such, but there is a catch. For an employer to take full credit for contributions to a bona fide fringe benefit plan, they must be fully vested,[.]"   MORE >>

"the court concluded that plaintiffs raised issues appropriate for resolution at trial about whether Yale acted imprudently by not obtaining information about TIAA's cross-selling activities or prohibiting TIAA from engaging in these activities. Likewise, the court allowed claims based on defendants' lack of process for monitoring the performance of the plan's funds, and their failure to select available institutional share classes over costlier retail share classes, to go forward." [ Vellali v. Yale Univ. , No. 16-1345 (D. Conn. Oct. 21, 2022)]   MORE >>

"This fourth-quarter Fiduciary Update reviews recent legislation regarding indexed target date funds, plan-related data as a plan asset, and other cases involving fiduciary responsibilities and potential breaches."   MORE >>

"Shareholders in Microsoft are set to vote on a proposal seeking information on managing risks from climate change in the company's 401(k) plan.... The resolution ... requests that Microsoft's board 'provide a report assessing how the company's 401(k) retirement funds manage the growing systemic risk to the economy created by investing retirement plan funds in companies contributing significantly to climate change.' "   MORE >>

An unofficial monthly report of the Moody"s Daily Long-term Corporate Bond Yield Averages and Moody"s Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).   MORE >>

"In a paper provocatively titled ' The Life-Cycle Model Implies that Most Young People Should Not Save for Retirement ' no fewer than four of them take 48 pages to make that case.... Like most research, the conclusion is a premise based on assumptions. Here the most basic is that this thing called a 'life-cycle model' is worth considering in the first place."   MORE >>

"[The Employee and Retiree Access to Justice Act (ERAJA)] amends ERISA in two important ways that will lead to much more ERISA retirement plan litigation.... [1] ERAJA would invalidate and render unenforceable any arbitration provisions, class action waivers, and representation waivers for the purposes of claims brought under ERISA Section 502 as well as common law claims.  ... [2] ERAJA would also legislatively remove the ability of plans to give the plan administrator discretion in deciding claims and having the administrator's decision be given deference by a reviewing court[.]"   MORE >>