Legal

The National Association of Government Defined Contribution Administrators sent a letter to the IRS and the Treasury, urging clarification on age-60 catch-up contributions and plan participation for part-time workers.

The mandatory SECURE 2.0 provisions that must be implemented within the next two years are generally action items for human resource and benefits professionals, benefits committees, and recordkeepers.

The DOL is asking Congress for $5 million to establish a dedicated program, led by the Employee Benefits Security Administration, which recovered more than $1.5 billion in lost benefits for missing participants in 2021.

Since there are disparate timelines for part-timers in SECURE 2.0 of 2022 and SECURE 1.0 of 2019, plan sponsors must make sure they have processes in place to keep track of those employees who will be impacted by the new law.

The new state transparency laws generally fail to account for one form of compensation ripe for bias - bonuses, which in some industries, such as finance and insurance, are one of the biggest parts of total compensation.

The suit accuses the father and son of failing to disclose to over 100 investors that they had been terminated from advisory firm Waddell & Reed and were impersonating certain clients to make securities transactions.

After months of legal challenges, the high court heard arguments yesterday on Pres. Biden's $10,000 student loan relief program and seems poised to reject, but will make its final decision by the end of June.

SECURE 2.0 includes changes to retirement plans that will push up the age investors are required to start withdrawing from their 401(k)s to 73 in 2023 (from last year's 72).