Category: Special Announcements

On August 25, 2023, the IRS issued Notice 2023-62, which provides limited guidance on the changes made by SECURE Act 2.0 to age 50 or older Catch-up Contribution provisions. The most important part of this notice is the creation of an administrative implementation delay period that will give plans additional time to meet the SECURE 2.0 requirement that catch-up contributions for participants who earn more than $145,000 in a prior plan year must be made to the plan as Roth contributions. Administrative Delay Until taxable years beginning after December 31, 2025, any catch-up contributions for those over $145,000, participants will

In an effort to better align with the sub-asset classes that fall under the guidance of BOK Financial’s Asset Allocation Committee and to reduce tracking error from specific managers, we removed funds from several pooled funds and adjusting allocations accordingly. These changes will remove corporate bond-specific allocations from the UPAL Short Term Income and UPAL Core Bond funds. They also will remove the small cap exposure from the UPAL International Fund and the global REIT allocation from the UPAL Global Public Real Estate Fund. TACTICAL ALLOCATION CHANGES UPAL Short-Term Income Fund remove the DFA Short-Term Extended Quality I from the

INDEPENDENT AUDITOR’S REPORT To the Audit Committee BOKF, NA, d/b/a Bank of Oklahoma, Trustee for Second UPAL Pooled Investment Trust for Retirement Plans Opinion We have audited the financial statements of Second UPAL Pooled Investment Trust for Retirement Plans (the Trust), which comprise the statements of assets and liabilities, including the schedules of investments, of each of the Funds as identified in Note 1 on pages 20 and 21 (the Funds) as of December 31, 2022, and the related statements of operations and changes in net assets and financial highlights for the year then ended and the related notes to

The BOKF Asset Allocation Committee recently made a few changes to the tactical asset allocation guidance used to manage client portfolios.  The Committee believes economic risks continue to skew to the downside and the probability of a recession has increased.  The Federal Reserve is faced with the difficult choice of continuing to raise interest rates to fight inflation or pausing in the near future amidst instability in the banking system.  Banks play a vital role in the health of the overall economy and pressures in the banking system may lead to tighter lending standards and less credit access to consumers

FORM CRS ADV Part 3 Retail Investor 2023 (148 kB)

From RMDs to student debt, the new law has something for everyone. Signed into law on December 29, 2022, the Consolidated Appropriations Act, 2023, included the final SECURE 2.0 Act. This version of SECURE 2.0 is the result of the bipartisan efforts of both the House and the Senate to combine provisions each chamber separately proposed over this past year. The following is only intended to provide a brief summary of selected qualified retirement plan provisions included in SECURE 2.0. It is also important to note that additional guidance and clarification from the regulatory agencies is needed for many of

Effective 6/30/2022, a new Lifetime Income Illustration will be included in all defined contribution participant statements. This new Lifetime Income Illustration is part of the Department of Labor (DOL) Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The goal of this new requirement is to help participants view their account balance in terms of how much income it would provide in retirement. The illustrations will include monthly payments in the form of both a single life annuity (SLA) as well as a qualified joint and 100% survivor annuity (QJSA). Your participants may notice that the Income Illustrations

INDEPENDENT AUDITOR’S REPORT To the Audit Committee BOKF, NA, d/b/a Bank of Oklahoma, Trustee for Second UPAL Pooled Investment Trust for Retirement Plans Opinion We have audited the financial statements of Second UPAL Pooled Investment Trust for Retirement Plans (the Trust), which comprise the statements of assets and liabilities, including the schedules of investments, of each of the Funds as identified in Note 1 on pages 20 and 21 (the Funds) as of December 31, 2021, and the related statements of operations and changes in net assets and financial highlights for the year then ended and the related notes to