Spectrum Resource Center

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Retirement Plan Access & Fraud Prevention Considerations

As a significant investment for many Americans, retirement plan assets are an attractive target for cyber hackers globally. In today’s highly digitized/online environment there are ample opportunities for cyber crooks. Plan participants need to take common sense measures to safeguard their accounts. Plan sponsors now face the dual challenge of providing online access to participants’ retirement plans while keeping their information secure. Implementing and maintaining a proactive cybersecurity strategy is key for both parties.

Investment Menus & Fiduciary Considerations

Plan Sponsors have a fiduciary duty to select and monitor investments in a retirement plan. Ensuring that an investment menu is cost efficient and appropriate for the given employee population is a large component of this responsibility. The wide array of available investment options and complex fiduciary requirements can make this challenging. In particular, it may be difficult to determine whether adding a new trending asset class makes sense for a retirement plan and its participants, or whether it is more prudent to steer clear.

The HSA - A Valuable Retirement Planning Tool

Employees may know that a health savings account (HSA) is a helpful way to pay for qualified medical expenses. What employees may not know is that an HSA offers benefits that go beyond this feature. An HSA can be used as a long-term savings vehicle to help boost retirement savings in a tax-efficient way and serve as a powerful complement to an employer-sponsored retirement plan or IRA. While each account type serves different purposes, together they can be valuable tools to maximize participants’ income in retirement.

Legislative Highlight - IRS Publishes 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-Approved Plans

The Internal Revenue Service (IRS) published Notice 2024-03 on December 20, 2023, which includes the 2023 list of changes in plan qualification requirements for defined contribution qualified pre-approved plans. The 2023 Cumulative List will assist providers applying to the IRS for opinion letters for the fourth remedial amendment cycle for defined contribution qualified pre-approved plans (Cycle 4) under the IRS’s pre-approved plan program.

Long Awaited IRS Proposed Regulations for Long-Term Part-Time Employees

On November 24, 2023, the Internal Revenue Service (IRS) released proposed regulations concerning the long-term part-time (LTPT) employee rules beginning in the 2024 plan year. The LTPT employee rules were originally established under the SECURE Act of 2019 and then modified under the recent SECURE 2.0 Act of 2022. SECURE 2.0 made changes to shorten the initial LTPT eligibility requirements and expanded them to include 403(b) plans. The new guidelines help define LTPT employees and certain eligibility conditions.

New Department of Labor Fiduciary Rule: Protecting Retirement Security

In a continued effort to enhance investor protection and promote transparency when it comes to financial advice, the Department of Labor (DOL) has introduced a new fiduciary rule. The proposed DOL rule, called the Retirement Security Rule: Definition of an Investment Advice Fiduciary, updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA). This regulation places a heightened emphasis on the best interests of plan participants who rely on financial service providers for advice.


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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.