"On May 23, 2023, key members of Congress sent a letter to the Treasury and IRS , identifying four errors where they intend to submit technical correction legislation.... Congress stated there may be additional erroneous statutory language in SECURE 2.0 included in the technical corrections bill, but the letter did not identify what these errors might be. The ARA Government Affairs Committee has identified some of these errors, as well as other changes that may better effectuate the underlying policies of the law."   MORE >>

"Under the proposed regulations , there are two changes to the existing approach. Callable bonds would now be included in the yield curve data, but only if the call feature is exercisable in the last year before maturity.... Second, the proposed regulations would apply a new adjustment variable.... intended to produce a yield curve that better reflects a rate hump that often occurs around 20-year maturity bonds."   MORE >>

"[T]he primary concern is how to integrate the new rule with how payroll deductions for catch-up contributions are processed and then transmitted to plan recordkeepers.... There are two primary approaches for doing so ... SECURE 2.0 leaves many unanswered questions about how its Roth catch-up contribution requirement should be applied (or even if it can be applied) under both.... [Other] questions need to be addressed before it is even feasible to begin making related payroll and recordkeeping changes."   MORE >>

"The IRS recently issued Notice 2023-43 to provide interim guidance on Section 305 of SECURE 2.0 ... which significantly expanded self-correction under the [EPCRS].... Certain conditions for self-correction ... Certain failures may not be self-corrected ... Certain Rev. Proc. 2021-30 provisions do not apply ... Terms used in SECURE 2.0 Section 305 defined and explained ... Confirmation of certain procedural requirements ... Reliance on the Notice and further comments and guidance."   MORE >>

"[E]mployers should be engaged with their recordkeepers, advisors, and qualified counsel to ensure they are taking appropriate steps to implement the required SECURE 2.0 provisions, and make decisions regarding the optional provisions. While additional guidance from the government is eagerly awaited, some has recently been issued."   MORE >>

"[1] Register, set up, and regularly monitor an online account.... [2] Use a strong and unique account password.... [3] Use multi-factor authentication  ... [4] Keep account and personal information up to date! ... [5] Free Wi-Fi isn't always free.... [6] Don't fall victim to phishing scams.... [7] Install antivirus software and keep your apps and software up to date.... [8] Know how to report identity theft and cybersecurity incidents."   MORE >>

"U.S. Bankruptcy Judge Thomas J. Tucker granted the city's motion and entered an order requiring the Police and Fire Retirement System to amortize the unfunded actuarial accrued liability that exists as of June 30 over 30 years....In addition, the bankruptcy judge enjoined the Police and Fire Retirement System from further attempts to shorten the amortization period." [ In re City of Detroit, Michigan , No. 13-53846 (Bankr. E.D. Mich. Jun. 26, 2023)]   MORE >>

"Among those [who do use ChatGPT in their practices], 44% answered that they use ChatGPT for writing educational blog content about finance topics. Additionally, 28% of respondents reported using ChatGPT to follow up on leads with prospects. And another 28% answered that they use it for routine communications and scheduling."   MORE >>

"Currently the easiest way for employees to access their 401(k) balances is through a loan. But, loans involve a lot of administrative hassle and are expensive for employers. The credit card proposal would be administered by a third party, such as Master Card, Visa, or American Express, so the cost would be dramatically reduced and paid by the credit card user."   MORE >>