"While there are few, if any, required plan amendments for 2022, plan sponsors must remain diligent about amendment deadlines, operational compliance with changes in law, and ensuring later-adopted plan amendments accurately reflect plan operations."   MORE >>

"[T]he redesigned Form W-4P will be used for periodic pension or annuity payments; the new Form W-4R will be used for withholding on nonperiodic payments and eligible rollover distributions.... Plan sponsors ... are required to start using the new forms no later than January 1, 2023 (or 30 days after the 2023 forms are released by the IRS, whichever is later). However, plan sponsors are also required to calculate withholding on annuity payments based on the new tables, whether based on an existing withholding form or a new form."   MORE >>

"The SECURE Act requires a PEP's plan administrator ... to ensure that all fiduciaries and anyone handling PEP assets are properly bonded. [ DOL Information Letter 09-07-2022 ] explains that this provision does not extend the bonding requirement to a participating employer's employees who collect and transmit funds to the PEP.... The letter also clarifies that independent contractors are not exempt from ERISA's bonding requirements."   MORE >>

"There are a few differences between the SEC and the DOL guidance ... [T]he SEC rollover guidance is applicable to a much broader array of retirement plans and accounts, and ... the SEC guidance does not require a disclosure about the best interest reasons for the rollover recommendation as does the DOL under PTE 2020-02."   MORE >>

"Social Security and Supplemental Security Income (SSI) amounts ... PBGC premiums, guaranteed benefits and maximum present value ... IRS has not yet issued 2023 covered compensation tables, but Mercer has projected these amounts based on the increase in the taxable wage base ... [A] table shows covered compensation amounts for individuals who have already reached Social Security full retirement age."   MORE >>

"The pension plan impact on the plan sponsor's balance sheet may have improved, but the valuations that determine Minimum Required Contributions use a completely different measurement basis. As it turns out, the funding relief that has governed pension funding since 2012 may suddenly be doing more harm than good to contribution requirements, and many plan sponsors could be in for a rude awakening as early as next year."   MORE >>

"The wealth accumulation disparity increases with seniority ... Globally, women in senior expert and leadership roles accumulate 62% of the wealth of their male counterparts ... For mid-career professional and technical roles, women accumulate 69% of what their male counterparts do and for frontline operational roles, women have 89% wealth equity, research shows."   MORE >>

"Just 35% of institutional investors incorporated ESG factors into investment decisions this year, down from 49% in 2021. While the annual survey of 109 respondents showed increased interest in ESG topics, it also showed confusion about differing ESG regulation by state as well as a lack of clarity from the DOL and Biden administration[.]"   MORE >>

"Pension finances enjoyed their best month of the year in October, driven by higher stock prices and higher interest rates.... Plan A improved 6% during October and is now up 10% for the year, while the more conservative Plan B gained more than 1% last month and is now even through the first ten months of 2022."   MORE >>