"Based on [the information provided], it appears the NAIC IID acts on behalf of the state departments of insurance to, in effect, license Lloyd's underwriters to 'enter into bonding arrangements of the type required by the Act.' Accordingly, the [DOL] will treat the NAIC authorization as satisfying the condition ... that Lloyd's underwriters 'be licensed in a state of the United States to enter into bonding arrangements of the type required by the Act."   MORE >>

"When SECURE 2.0 was enacted in 2022, the deadline for qualified plans to retroactively adopt required amendments and receive anti-cutback protection was no later than the last day of the first plan year beginning on or after January 1, 2025. SECURE 2.0 also extended the remedial amendment period for the SECURE Act 1.0, CARES Act, and Relief Act required amendments to coordinate with this later deadline. The Notice now extends the deadline to December 31, 2026. The Notice specifically provides that required amendments adopted after this deadline will not receive anti-cutback relief."   MORE >>

"On January 31, 2024, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 announcing the applicable 2024 limits for Puerto Rico qualified retirement plans. Pursuant to ... the Puerto Rico Internal Revenue Code ... the Secretary of the Treasury is required to publish the applicable limits under Section 401(a) of the [U.S.] Internal Revenue Code ... which are incorporated by reference into the PR Code limits (e.g., annual compensation, annual benefit/contribution limits), once the IRS publishes its retirement plan limits under the US Code."   MORE >>

"The [Independent Qualified Public Accountant report (IQPA). ] is a constant pain point for employers -- and particularly smaller employers -- when preparing to file the 401(k) plan Form 5500. This change is a major win for a significant group of small to mid-sized employers that will no longer be subject to the IQPA requirement.... Apparently, the DOL intends to crack down on the 'file without the audit' approach unless the amended return is filed with the complete IQPA attached before the Rejection Letter is issued (for those keeping track -- that is before the 30th day after the extended filing deadline)."   MORE >>

"While pensions have lost ground in recent years to 401(k) plans, experts say they may be ready for a comeback of sorts. Not only are employers thinking about adding or unfreezing pensions, they are also considering modernizing and diversifying the accounts to make them more attractive and flexible for employees."   MORE >>

"The bulk of retirement account tax breaks benefit the affluent, Andrew Biggs and Alicia Munnell argued in a recent paper . Research shows that tax-preferred retirement accounts don't boost overall household savings, they write. Another group of researchers argues the plan would amount to double taxation and would ultimately make the Social Security program less stable."   MORE >>

"[F]or corporate plan sponsors seeking to transfer pension liabilities [t]he rising involvement of insurance companies is leading to greater efficiencies in the marketplace, resulting in more competitive pricing and choices for companies. While this is good news for plan sponsors, they have to continue to exercise caution in carrying out their fiduciary responsibility and act in the best interest of plan participants."   MORE >>

26 pages. "DOL's tie-breaking rule violates ERISA's duty of loyalty under ERISA Section 404(a)(1)(A). ERISA's duty of loyalty requires ERISA-regulated trustees to invest plan resources for the 'exclusive purpose of. .. providing' economic benefits to plan participants and their beneficiaries, 'solely in the interest of the participants and beneficiaries.' The tie-breaking rule violates this stringent statutory duty of loyalty because it permits plan trustees investing plan resources to consider 'collateral benefits,' i.e., the welfare of third parties or social goals. But ERISA's plain text does not permit this result. The words 'solely' and 'exclusive purpose' in Section 404(a)(1)(A) do not mean 'collateral benefits.' " [ Utah v. Walsh , No. 23-0016 (N.D. Tex. Sep. 21, 2023; on appeal to 5th Cir. as Utah v. Su, No. 23-11097)]   MORE >>

"[C]ontrary to the perception that economic conditions have left younger Americans cynical about saving and investing, young retirement savers are bullish about their retirement accounts over the long run. They also strongly support core features of the U.S. retirement system -- something that policymakers and academics should keep in mind when contemplating policy changes."   MORE >>

"[I]ndividuals and businesses in parts of Maine affected by severe storms and flooding that began on Dec. 17, 2023 ... now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Androscoggin, Franklin, Hancock, Kennebec, Oxford, Penobscot, Piscataquis, Somerset, Waldo, and Washington counties, qualify for tax relief."   MORE >>

"The final regulations update penalty amounts relating to information returns and payee statements that are not currently accounted for in the existing regulations, establish a maximum number of returns to which the de minimis exception can apply for a calendar year, and define when and how a payee may elect not to have the statutory safe harbor rules apply."   MORE >>

"While there are a number of differences between a Section 457(f) plan and a for-profit deferred compensation plan, the biggest is the timing of the taxation of the deferred compensation. A for-profit deferred compensation plan can be designed so that once the right to deferred compensation vests, it can be taxed (for income tax purposes) on the date that it is paid, which can be many years in the future. With a Section 457(f) plan, once the deferred compensation vests, it becomes immediately taxable, even if the plan provides for payment of the deferred compensation in a future year."   MORE >>