"Prior to the SECURE Act 2.0 all older participants, regardless of compensation level, could deduct their catch-up contributions. However, under the new law -- beginning in 2024 -- participants who earn more than $145,000 will only be able to make Roth catch-up contributions. As a result, those catch-up contributions will be taxable to those participants, but the contributions will not be taxable when withdrawn, and if held for the qualifying period, the earnings will not be taxable either."   MORE >>

"While employer registration opened April 1, 2022, compliance with the program was phased in based on the size of the business ... Connecticut employers with more than five employees should register their business with MyCTSavings or claim an exemption by August 31[.]"   MORE >>

"The [DOL's] new rule permitting retirement plan fiduciaries to consider climate change and other ESG factors when selecting investments and exercising shareholder rights is based on sound legal footing and a lawsuit seeking to overturn it should be dismissed ... Mr. Iwry, former senior adviser to the secretary of the Treasury and deputy assistant director for retirement and health policy ... said in an amicus brief ... in support of the [DOL]." [Utah v. Walsh, No. 23-00016, (N.D. Tex. amicus brief filed Apr. 5, 2023)]   MORE >>

"Three pension funds have filed a class action lawsuit against officers and directors from Silicon Valley Bank's parent company, SVB Financial Group, and its auditor, KPMG LLP, for allegedly misrepresenting the strength of the company's balance sheet, liquidity and position in the market. SVB Financial Group and subsidiary SVB Securities were not named in the suit due to their ongoing bankruptcy proceedings.' [City of Hialeah Employees" Retirement System v. Becker, No. 23-1697 (N.D. Calif. complaint filed Apr. 7, 2023)]   MORE >>

11 pages. "Automatic enrollment and the rise of target-date funds are reshaping retirement plan behavior for all generations, but those innovations are having the greatest impact on younger workers ... The overall participation rate ... increased from 62% in 2006 to 82% in 2021, largely because more plans have adopted automatic enrollment. Generation Z's participation rate was more than twice as high as similarly aged employees in 2006. Overall, eligible employees deferred nearly 40% more in 2021 than in 2006."   MORE >>

"Nearly three in four (74%) say they can't count on Social Security benefits when planning retirement income.... 88% say it is critical to have another source of guaranteed income beyond Social Security benefits in order to have a comfortable retirement."   MORE >>

"Many experts favor full prefunding of state and local pensions to maintain fiscal sustainability, which means big contribution hikes. This analysis explores an alternative: stabilizing pension debt as a share of GDP. Under current contribution rates, baseline projections show no sign of a major crisis in the next two decades even if asset returns are low. Yet, many plans will be at risk over the long term of exhausting their assets, so action will be needed. Plans can reach a sustainable footing by stabilizing their debt-to-GDP ratio, with much smaller contribution hikes than under full funding."   MORE >>

" 'If the government assumes fiduciary responsibility for all employees' retirement savings, potential issues may include reduced competition, a lack of innovation in retirement planning solutions, and inefficiencies associated with large-scale government programs,' [says Eliza Arnold, CEO of Arnie.] 'The current competitive private industry fosters better responsiveness to market changes, more personalized service, and a wider range of retirement planning options.' "   MORE >>

"Victims of severe storms, straight-line winds and tornadoes in Tennessee from March 31 to April 1, 2023, now have until July 31, 2023, to file various individual and business tax returns and make tax payments ... [I]ndividuals and households affected by severe storms, straight-line winds and tornadoes that reside or have a business in Cannon, Hardeman, Hardin, Haywood, Lewis, Macon, McNairy, Rutherford, Tipton, and Wayne counties qualify for tax relief."   MORE >>