As the end of 2023 quickly approaches, retirement plan sponsors should promptly consider several important potential tasks. Examples include the following: The failure to comply with most of those requirements can be addressed under the IRS’s formal correction programs for retirement plans.
On November 1, 2023, via Notice 2023-75, the IRS announced the effect of cost-of-living adjustments on certain 2024 dollar limits for various retirement plans (e.g., 401(k) plans and 403(b) plans). As expected, several limits will increase for 2024 because of inflation, as the increase in the cost-of-living index met statutory thresholds that triggered their adjustment […]
This guidance, issued on October 6, 2023 as Advisory Opinion 2023-01A, responds to Citigroup Inc.’s (“Citigroup’s”) request for the DOL’s views on Citigroup’s Action for Racial Equity Asset Manager Program (the “Program”). Under the Program: Citigroup will pay all or some portion of the investment management fees charged by “Diverse Managers” who are retained by […]
Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past seventeen years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) provided several new rules for age 50 catch-up contributions. Under one SECURE 2.0 section, if a 401(k), 403(b), or governmental 457(b) plan participant’s wages from the plan sponsor for the preceding calendar year exceeded $145,000 (adjusted for inflation), then his or her catch-up contributions for the current […]
Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past seventeen years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]
Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past seventeen years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]
Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past seventeen years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]
On June 26, 2023, the U.S. Department of Labor (the “DOL”) published a blog article titled “8 Tips for Protecting Your Retirement Savings Online.” Those tips are as follows: Register, set up, and regularly monitor online account: This reduces the risk of fraudulent account access and allows participants to identify and follow up on any […]
Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past seventeen years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]