18 pages. "The major provisions of this regulatory action amend PBGC's regulations on: [1] Special Financial Assistance by PBGC to clarify the calculation methodology for the condition requiring a phased recognition of SFA in a plan's determination of withdrawal liability for plans that receive SFA; and [2] Termination of Multiemployer Plans to update the reference to the dollar limit for lump-sum distributions in the closeout of sufficient multiemployer plans. In addition, this regulatory action makes other clarifications, corrections, and updates."   MORE >>

Rev. Nov. 2023. "Use Form 8915-F for 2021 and later disasters. Also, use it after 2020 instead of Form 8915-E, for coronavirus-related and other 2020 disasters."   MORE >>

"Sponsors should consider: [1] Engaging employee benefits counsel to draft plan language that is consistent with practice for use of forfeitures.... [2] Adopting procedures for the use of forfeitures that outline the intended compliance approach, consistent with the 2023 Proposed Regulations. [3] Reviewing service provider agreements and ensuring that forfeiture provisions are consistent with the adopted procedures. [4] Working with plan recordkeepers on adopting an approach to timely use accumulated forfeitures under the 2023 Proposed Regulations."   MORE >>

"The rule/guidance package ... will, if adopted, turn many persons -- critically, call center operators affiliated with financial institutions -- who currently understand themselves to be 'just service providers' into 'advice fiduciaries.' This will likely require plan fiduciaries to monitor those advice fiduciaries' compliance with the associated prohibited transaction exemption.... In addition, there may be situations in which sponsor officials themselves, e.g., discussing plan investment decisions with plan participants, might be considered advice fiduciaries."   MORE >>

"Under the proposal, there does not need to be any agreement or understanding between the parties as to whether the recommendations are merely examples of choices available, education, or individualized advice. The definition is not likely to address the concerns of the industry or a reviewing court applying the reasoning of the Fifth Circuit.... [Amendments to PTE 84-24 ] seem destined to draw challenge from the insurance industry."   MORE >>

"According to the DOL, the 'mutual agreement, arrangement or understanding' requirement under the five-part test has, over time, encouraged the use of fine-print disclaimers of fiduciary status by investment professionals.... [T]he Proposed Rule officially removes [this] requirement. Instead, the Proposed Rule purports to focus on the objective circumstances surrounding an investment recommendation, including how an investment professional markets themselves to a retirement investor."   MORE >>

"The final rule establishes procedures and requirements for 'Covered Employers' to register with [the Maine Retirement Investment Trust (MERIT)], onboard 'Covered Employees' with MERIT, and remit payroll deduction contributions to the program administrator. The final rule also addresses the right of Covered Employees to opt out of MERIT and includes rules regarding contribution rates and IRA investment options."   MORE >>

"There are several factors affecting a public pension plan's ability to invest in illiquid assets: plan demographics and maturity, funded ratio, and funding policy, to name a few.... [Of] all the plan characteristics [NCPERS] analyzed, a plan's funding policy had the largest impact on a plan's ability to invest in illiquid assets."   MORE >>

"This fun and seemingly frivolous feature allows users to preview a highly realistic visual representation of their future aged selves. It has also unexpectedly sparked a crucial conversation about an often-overlooked topic -- retirement planning."   MORE >>

"[T]hese changes include the serious regulation of the business practices related to 'holy grail' of lifetime income -- the sponsor's choices which impact the portability of the guarantees which may be accumulated under a plan.... The new rule will, among other things, remove 84-24's use to enable the payment of commissions paid on the purchase of annuity guarantees by ERISA covered retirement plans."   MORE >>

"Essentially, the DOL bootstraps off the best-interest care standards of regulators such as the [SEC] or groups such as the National Association of Insurance Commissioners, saying retirement savers automatically should get a higher standard simply because the DOL doesn't like the standards others have adopted.... The DOL seems to have merely addressed the gaps it has identified in its ERISA guidance and instead appears to be trying to rewrite ERISA to identify gaps that Congress may have created."   MORE >>