"The SECURE 2.0 Act allows for additional features in various employer retirement plans to encourage use of these plans. The provisions potentially affecting Forms W-2 (including Forms W-2AS, W-2GU and W-2VI) are: [1] De minimis financial incentives ... [2] Roth Savings Incentive Match Plan for Employees (SIMPLE) and Roth Simplified Employee Pension (SEP) Individual Retirement Arrangements (IRAs) ... and [3] Optional treatment of employer nonelective or matching contributions as Roth contributions."   MORE >>

"Today, 19 states have active state-run retirement programs. Most programs have mandates requiring businesses to enroll employees in the state-run program or provide their own privately run 401(k) plan; a few states have voluntary programs or marketplaces.... Here's what you need to know about state retirement programs and 2024 deadlines."   MORE >>

"Plan sponsors should review their services agreements and reach out to their financial services providers to ensure that they come into compliance with the new rule, including full disclosure of any potential conflicts of interest. Plan sponsors should also monitor requests for employee data and other communications between their service providers and their employees and other plan participants -- in particular, communications sent out when an employee is retiring or otherwise separating from service or a participant becomes eligible to take a distribution of benefits for any other reason."   MORE >>

"[E]mployers should take the following next steps: [1] Consider any necessary plan design changes to address the Proposed Rules; [2] Consult with the plan administrator and recordkeeper to confirm any required administrative system updates; [3] Review and confirm operational systems for tracking employee hours and vesting periods; [and] [4] Review service provider contracts for any updates due to the Proposed Rules[.]"   MORE >>

"The new rules -- announced in Rev. Proc. 2023-37  -- took effect on Nov. 21, 2023.... The deadline to adopt interim amendments to preapproved plans for changes in law or guidance is now tied to IRS's Required Amendments List.... [T]he deadline for governmental employers to adopt a plan amendment is the later of: [1] The deadline that applies to nongovernmental employers for the particular type of amendment (e.g., discretionary or interim); [2] If legislative action is necessary to adopt an amendment, a date based on the employer's legislative calendar."   MORE >>

"The Federation of Americans for Consumer Choice filed a lawsuit in a Texas federal court Thursday to stop the [DOL] fiduciary proposal from taking effect.... The FACC lawsuit repeats a familiar, and successful, argument from DOL foes: that the department exceeds its authority granted by Congress and runs afoul of precedent set by the Fifth Circuit in its 2018 decision." [Federation of Americans for Consumer Choice Inc. v. DOL, No. 24-0163 (E.D. Tex. complaint filed May 2, 2024)]   MORE >>

"[B]efore an incident even occurs, plan sponsors should speak with their vendors about having an incident response plan, which is typically a written document, formally approved by an organization's senior leadership team, that helps the organization mitigate risk before, during and after a security incident.... Once the problem is contained and steps have been taken to mitigate the breach, a sponsor needs to have a plan for how the organization will communicate the issue with its participant base."   MORE >>

"While there are benefits for plan sponsors, QACA and EACA arrangements are highly complex due to the specific timing requirements and generally require additional administration. During your review process, it can be extremely helpful to be aware of these complexities before entering into an arrangement."   MORE >>

"[A]dvisors who are considered heavy users of technology tend to outperform other practices in adding new clients and assets under management. Nearly 30% of heavy technology users are identified as being higher-growth practices over the most recent three-year period, compared to just 9% of light users ... [T]he tools that contribute most to improving operational efficiency [include]: [1] e-signature (65%); [2]  CRM (44%); [3] video conferencing (29%)."   MORE >>

"[I]ncreasingly, baby boomers have worked out their own approach to retirement ... they're either working because they have to, they actually want to, or a mixture of both.... [O]lder workers are more likely to be self-employed, allowing them plenty of freedom to manage their own flexible work schedule -- as well as providing mental stimulation and a sense of purpose.... [A] 2016 study ... found a direct correlation between working past retirement age and a longer life expectancy."   MORE >>

"The enormous Baby Boomer generation ... could harm investment markets as they cash out shares and bonds to fund their retirement. The same concern extends to the residential real estate market -- as they downsize their homes.... Encouragingly, there are enough younger folks to possibly offset any Boomer cash-outs. The two generations behind the Boomers are not small and, if history is any guide, those groups will increasingly buy securities and housing."   MORE >>

"Employers should not stop using noncompetes, at least if and until the Rule actually becomes effective.  ... If the Rule is not enjoined a month before the effective date, employers should: ... [1] Implement stronger NDAs and non-solicitations with workers with noncompetes. [2] Try to limit sharing of confidential information and building of relationships with the least number of people. [3] For people that the company feels a noncompete is essential, consider having an 'interim period' where the worker promises to stay a worker for a few hours a week (likely remotely and just doing transitional duties) upon notice of resignation or termination for a period of time (and during the period of time, you can have a noncompete)."   MORE >>

"Not-for-profits should perform a careful analysis to determine if they are subject to the final rule or if any of their businesses are subject to the final rule before any notices are sent to employees.... [E]mployers concerned with protecting their confidential and proprietary information should not only eliminate non-competes from their employment agreements but also carefully review and revise non-solicit, non-disclosure, and other restrictive covenants to ensure that they are narrowly tailored to protecting the employer's confidential and proprietary information."   MORE >>