"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"   MORE >>

"How is the correct withholding amount determined when only an old Form W-4P has been provided? IRS Publication 15-T includes a 'computational bridge' to assist payors in determining the proper amount of withholding for a given year.... It is not necessary to collect a new W-4R for every nonperiodic distribution provided that the subsequent payment is made from the same plan or IRA."   MORE >>

"Guidance on reasonable measures employers that offer PLESAs can take to discourage potential manipulation of the PLESA matching contribution rules can be found in Notice 2024-22  ... [P]rocedures outlined in [the Notice] that have been deemed unreasonable ... are: [1] Forfeiture of matching contributions; [2] Suspension of participant contributions to PLESA; [3] Suspension of matching contributions on participant contributions to the underlying defined contribution plan."   MORE >>

"Hardship withdrawals and participant loans from retirement plans increased [in 2023] ... Even if you rely on a third-party administrator or delegate administrative duties, plan sponsors are ultimately responsible for meeting the IRS's guidelines for reporting these activities.... The IRS offers a ' Fix-It Guide 'to help you resolve problems and make corrections."   MORE >>

"[ Notice 2024-02 ] provides an additional year for plans to adopt plan amendments pursuant to the Act. As a result, non-governmental qualified plans must be amended by December 31, 2026, while applicable collectively bargained plans have until December 31, 2028 to make the required amendments and governmental plans must be amended by December 31, 2029."   MORE >>

"Yale University employees asked the Second Circuit to find that a new trial is needed in their lawsuit accusing the school of mismanaging their $5.5 billion retirement plan.... The class claimed that the district court incorrectly instructed the jury that Yale and its fiduciary committee could avoid financial liability merely by showing that a prudent fiduciary 'could have' made the same decisions, rather than requiring defendants to prove that a prudent fiduciary 'would have' made the same decisions.... The DOL filed an amicus brief  ... supporting the employees' request for a new trial emphasizing that deficient jury instructions let Yale avoid responsibility for violating ERISA." [ Vellali v. Yale Univ. , No. 16-1345 (D. Conn. Jun. 28, 2023; on appeal to 2d Cir. No. 23-1082)]   MORE >>

"[A] cyber breach is not a matter of if it will occur, but a matter of when ... This [article discusses] the [DOL] authority over cybercrimes, litigation involving cyber theft of participants' accounts, and risk mitigation techniques for plan fiduciaries.... [F]iduciaries should ascertain whether they are adequately insured to address a cybercrime.... [and] should diligently negotiate service provider contracts and be mindful of the cybersecurity."   MORE >>

"The American Securities Association asked Congress  ... to identify DOL staff involved in the fiduciary proposal and to consider recusing them from its finalization, a request that drew condemnation from a former DOL Assistant Secretary."   MORE >>

"The Pension Risk Transfer Market experienced unprecedented success in 2023 closing the year at approximately $43-$44 billion in premium.... Annuity Purchase Interest rates decreased roughly 45 basis points since last month however higher stock market returns increased asset values."   MORE >>

"The Dec. 1 death of retired U.S. Supreme Court Justice Sandra Day O'Connor ... allows us to reflect on her impact on [ERISA] as we look ahead to the statute's 50th anniversary later this year.... Two common themes in these cases are reliance on the principles of trust law and faithful adherence to the language in the controlling plan documents. Other ERISA issues shaped by Justice O'Connor's reasoning include the formal processes of plan operations, amendments to plans, vesting and nonforfeitable rights, welfare plans, interplay between ERISA and employment law, and finally, ERISA preemption."   MORE >>