Senate Committee Urges DOL to Implement Six Specific SECURE Provisions

The Senate Committee on Health, Education, Labor, and Pensions sent a letter to the Department of Labor on May 30 urging it to "effectively and expeditiously" implement SECURE 2.0. It also urged the DOL to prioritize six provisions related to the committee's mission.

Source: Asppa.org, June 2023

Employer Contributions Reach Record-High Levels: Fidelity

With U.S. employers adding one million jobs to the economy in the first quarter of 2023, Americans appear to be refocusing on investing in their future, according to Fidelity's latest retirement trends analysis.

Source: Asppa.org, June 2023

IRS Interim Guidance on Self-Correction Under SECURE 2.0

The IRS has issued interim guidance on the expansion of the employee plan self-correction provisions of the SECURE 2.0 Act. The new guidance, which is in the form of questions and answers, covers conditions for self-correction, eligible inadvertent failures that may not be self-corrected at this time, and conditions that will not apply under the interim guidance.

Source: Segalco.com, June 2023

How Plan Sponsors Can Shift Focus to Decumulation

The Senate Committee on Health, Education, Labor, and Pensions sent a letter to the Department of Labor on May 30 urging it to "effectively and expeditiously" implement SECURE 2.0. It also urged the DOL to prioritize six provisions related to the committee's mission.

Source: Plansponsor.com, June 2023

The Good Old Days: Was the Pension Era Really as Good as Its Reputation?

Some in the retirement industry look back fondly on the days when company pensions guaranteed paychecks, but experts are not convinced the nostalgia is deserved. Experts point out the flaws in the often lauded 'pension past,' while discussing what the 401k present needs to be more impactful for more people.

Source: Planadviser.com, June 2023

Fraudster's 401k Can Be Used for Restitution

Evan Greebel, pharma bro Martin Shkreli's lawyer and co-conspirator, lost his bid to protect his 401k from garnishment to pay restitution to his victims. The Supreme Court declined to hear the case, effectively ending Greebel's quest to keep his retirement plan free from a $10.4 million judgment found by a lower court.

Source: Napa-net.org, June 2023

Six Reasons to Offer Automatic Enrollment in Your 401k Plan

Automatic enrollment is an effective method of encouraging employees to save. This is a strategy worth considering for a variety of reasons. Not only does it motivate employees to save for retirement, but it also is advantageous to your business. Here are six reasons why offering automatic enrollment is advantageous.

Source: Myubiquity.com, June 2023

SECURE 2.0 Guidance Process Begins: Self Correction for Eligible Inadvertent Failures Is First Up

The IRS has issued interim guidance to address the changes made by section 305 of SECURE 2.0 to the self-correction program under the IRS Employee Plans Compliance Resolution System. While the IRS will issue guidance completely restating the rules of EPCRS to reflect the new statutory changes within two years, Notice 2023-43 provides initial guidance, in question-and-answer format, regarding what qualification failures can be self-corrected now.

Source: Groom.com, June 2023

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