NAGDCA Provides Roth Catch-Up Guidance for Government Plan Sponsors
Experts from Groom Law Group and NAGDCA noted in a webinar clarifying points from the IRS’s notice that may allow some participants to skip the Roth election.
Administration
EBSA Extends Form 5500 Credential Deadline
Users must obtain new sign-on credentials by December 31, according to the Department of Labor.
Extension on Catch-Up Contribution Requirement Comes as Relief to Plan Sponsors
The IRS announced last week that plan sponsors have an additional two years to implement the mandatory Roth catch-up provision outlined in SECURE 2.0.
IRS Releases Guidance about Catch-Up Contributions Under Secure 2.0
Notice 2023-62 also announces a two-year administrative transition period for higher-income participants to designate catch-up contributions as Roth.
Hawaii Wildfire Victims May Be Eligible for Hardship Withdrawal Tax Relief
The Internal Revenue Service is providing expansive tax relief, including waiving the penalty fee for hardship withdrawals, for victims of the wildfires on the islands of Maui and...
Pension Risk Transfer Deals Hit Record Level in First Half of 2023
Companies completed 289 transaction in the first half of 2023, per an Aon study.
Judge Sets Trial Date for American Airlines ESG Lawsuit
The airline has sought to dismiss the litigation, but the trial could begin in late June of next year.
Former HR Head Sues Investment Manager Alleging Retirement Plan Breaches
The former director of human resources at alternatives specialist Weiss-Multi-Strategy Advisers has sued the company, adviser subsidiary and retirement plan trustee George A. Weiss.
Senate, House Far Apart on DOL Budget
The two appropriation bills are about $4 billion apart in terms of discretionary funding for the department.
Voya Financial Launches 403(b) PEP
Beginning August 1, Voya will bring what it is calling the very first pooled employer plan to employees of large nonprofits and other 501(c)(3) tax-qualified entities across the...
AI Tapped to Mine Form 5500s, Leverage Chatbots for Retirement
Newfront, a tech-focused advisory firm, recently brought its AI-driven benefit solutions to Congress and will be using AI capabilities to mine 5500s for plan sponsor clients, later this...
DOL Advises Plan Sponsors to Extend Enrollment Period for Employees Losing Medicaid
The unwinding of a COVID-19 policy that prohibited states from removing people from Medicaid and CHIP could leave hundreds of thousands without health coverage.
Auto-Portability, Step by Step
With recordkeepers accounting for 63% of the defined contribution market already on board, the Portability Services Network is picking up steam. Here’s how it works.
TECO Energy DB Plan Sued by Pension Beneficiary for Shortfall
The complaint alleges the Florida-based energy company and its pension plan failed to disclose material information in the summary plan description used to calculate lump sum payments to...
Hawaii Seeks Executive Director to Establish State Retirement Savings Program
The state’s private sector retirement plan, slated to take effect in July 2024, hopes to say aloha to its first leader after posting the position online this week.
Indiana Erector Set Manufacturer’s Former Chairman Sued by ESOP Participants
The plaintiffs allege fiduciary breaches occurred in a leveraged buyout after the company founder’s death.
Principal, T. Rowe Price Extend Retirement Planning, Product Solution Distribution Divisions
The investment managers and recordkeepers are expanding their focus with outside hires and promotions.
DOL Seeks Independent Fiduciary for 401(k) Plan of Closed NY Construction Company
When L D Wenger Construction Co. Inc. ceased operations, its 401(k) plan was deserted by the fiduciary, barring retirement plan participants from access to their retirement assets, the...
IRI Presses White House to Back Further Retirement Policy on Annuities
An insurance advocacy group follows up 2023 legislative plans with a push for policies that increase the use of retirement income products and CIT investment vehicles.
Salas O’Brien Plans to Address Pay, Workplace and Retirement Benefits
Salas O’Brien has plotted changes to compensation and workplace benefits, with Lucas Hellmer as the new director of benefits and compensation.