"In addition to the protection against audit risk, the market may begin to expect that a 403(b) plan has a favorable determination letter. While determination letters are not technically required, auditors, investment managers, and transaction partners often request favorable determination letters as part of their diligence process."   MORE >>

"The Second Circuit agreed with TIAA that the district erred when it found that common issues predominated over individual issues without addressing the effect of the Section 408 exemptions (affirmative defenses) on liability classwide and without addressing TIAA's claimed variations among the loans." [ Haley v. TIAA , No. 21-805 (2d Cir. Dec. 1, 2022)]   MORE >>

"[This article] covers qualified plan issues ... [and] provides you with a 'To Do' List of items on which you may want to take action before the end of 2022 or in early 2023."   MORE >>

"Senator Ben Cardin, D-Maryland, expressed concern that the SECURE 2.0 retirement reform legislation might not pass this year ... Though Cardin said he was 'optimistic' that SECURE 2.0 would pass and that there is no 'controversy on substance,' he expressed misgivings that there would be enough time for the legislative package to pass both chambers of Congress before the next Congress is sworn in on January 3, 2023."   MORE >>

"Georgia and Wyoming are poised to adopt a model investor protection regulation ... that applies when producers recommend annuities to their clients. If adopted by Georgia and Wyoming, it will bring the number of states to adopt the model regulation to 31. Similar proposals are currently pending in Illinois, Massachusetts, Nevada, Tennessee, Utah, and West Virginia."   MORE >>

"Pension finances were mixed in November, as lower interest rates offset the impact of higher stock markets. Both model plans ... were close to even last month: Plan A lost less than 1% last month but remains up almost 10% for the year, while the more conservative Plan B gained less than 1% last month and is now up less than 1% through the first eleven months of 2022."   MORE >>

"Morgan Stanley grows its retirement offering with purchase of 401(k) robo-adviser Blooom's technology. Former Blooom customers are back in the hands of their recordkeepers."   MORE >>

"Victims of New York severe winter storm and snowstorm beginning November 18, 2022, now have until March 15, 2023, to file various individual and business tax returns and make tax payments, ... [I]ndividuals and households affected by the severe winter storm and snowstorm that reside or have a business in Cattaraugus, Chautauqua, Erie, Genesee, Jefferson, Lewis, Niagara, Oneida, Oswego, St. Lawrence, and Wyoming counties qualify for tax relief."   MORE >>

"Form 3921 is used to report ISO exercises, and Form 3922 is used for ESPP share purchases. A separate form must be provided and filed for each exercise or purchase during the calendar year.... The deadline for furnishing Copy B of Forms 3921 and 3922 to the employee or former employee for ISO exercises or ESPP shares purchased during 2022 is January 31, 2023."   MORE >>