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"While AI excels at analyzing historical data and identifying patterns, it may struggle to adapt to sudden changes or “black swan” events, leaving fiduciaries vulnerable to unexpected losses. ... When data is limited, outdated, or biased, or where AI systems inadvertently perpetuate or amplify existing biases present in the data used for training, AI systems may produce unreliable or biased outcomes, skewed investment recommendations, and unequal treatment of plan participants, leading to suboptimal investment decisions. Fiduciaries must exercise caution when relying on AI-generated recommendations and ensure that algorithms are trained on comprehensive and accurate data."

"[B]eneficiaries subject to the ten-year rule have another year of further relief for owners who died in 2020, 2021, 2022 or 2023 or after the owner's RBD.... Notice 2024-35 extends prior relief in Notices 2023-54 and Notice 2022-53 for another year."

"The FDA is prioritizing listening to patients by approving treatments quickly -- and in spite of the insurer backlash against accelerated approvals.... The major issue for insurers is cost. Insurers resent that drug companies can charge full price for a treatment that may or may not work.... Instead of refusing to cover a new drug, CMS and other insurers could condition the price they pay for a certain drug on its ability to achieve specific outcomes, including outcomes that are important to patients."

"[T]he departments ... intend to propose rulemaking that would align the standards that apply to large and self-insured group health plans with those that apply to individual and small group market plans ... If all prescription drugs covered by a plan are eventually considered EHBs, then a large or self-insured group health plan could not impose annual or lifetime dollar limits on those drugs. This could be an issue for certain high-cost drugs ... [and] if there would no longer be a way to define a covered drug as a 'non-EHB,' then some copay accumulator or maximizer programs may no longer be available for employers to use."

"Though the Committee offered one plausible explanation for United's decision to include retail shares, the court found that another plausible explanation is that the Committee included retail shares in the Plan due to mismanagement. The court concluded that Defendants failed to refute Plaintiffs' allegations about the more expensive retail shares and that Plaintiffs sufficiently allege a plausible breach of the duty of prudence." [Perkins v. United Surgical Partners International, Inc., No. 23-10375 (5th Cir. Apr. 11, 2024; unpub.)]

"The DOL requested a $13.9 billion total budget for 2025, an increase from $13.6 billion in 2024. [EBSA] would receive $205.7 million under the proposed budget for the fiscal year that begins on October 1, an increase from $191.1 million, with $4.7 million set aside for implementing provisions from the SECURE 2.0 Act of 2022. The [PBGC] would receive $514.1 million in general administrative funding, up from $512.9 million."

"The final rules revise the consumer notice that is currently required for fixed indemnity excepted benefits coverage in the individual market and establish a new requirement to provide a consumer notice in the group market. Plans and issuers must prominently display the notice in marketing, application, enrollment, and reenrollment materials."

"The final amendment continues to restrict the planning, negotiation and initiation of transactions by parties-in-interest, which may create practical questions and challenges in certain contexts.... There is a new requirement to maintain certain records, and to disclose information upon an investor's request.... There is a new requirement to provide email notifications to the DOL where the QPAM will be relied upon by firms."

"[Notice 2024-35 provides] exemption from the excess accumulation penalty for [1] beneficiaries who are subject to the 10-Year Rule in scenarios where an IRA owner and plan participant dies on/after their required beginning date in 2020, 2021, 2022 and 2023, and [2] successor beneficiaries who are required to take annual distributions in addition to depleting the account with 10 years following the death of the Eligible Designated Beneficiary. The relief is applicable to beneficiary RMDs for calendar years 2021, 2022, 2023 and 2024."

"The IRS appears to take the position that work-life referral service benefits are treated as de minimis fringe benefits because they are used infrequently by employees and only when an employee faces one of the challenges the programs are designed to address.... [T]he IRS will not rely on [these FAQs] to resolve a case, and also warns that if an FAQ provides an inaccurate statement of the law, the law will control."

"[Paid Leave Oregon (PLO)] and [Oregon Family Leave Act (OLFA)] no longer run concurrently ... Employees must be permitted to use accrued leave ... New OFLA definition of 'one-year period."

"[T]he court concluded that the allegations either failed to compare the funds' performance and fees to 'meaningful benchmarks,' failed to otherwise support an inference of fiduciary breach, or were conclusory.... Lastly, the court rejected plaintiff's imprudence claims based on the plan's recordkeeping fees as lacking allegations that the fees were excessive relative to the services provided to the plan." [Lalonde v. Massachusetts Mutual Ins. Co., No. 22-30147 (D. Mass. Mar. 29, 2024)]

"The average household's financial resilience remained quite stable during the pandemic. More financially resilient households were less likely to be financially fragile. Resilient households were more likely to take their pension account payouts as retirement annuities, instead of lump sums. Greater financial literacy was associated with better information about one's pension plan and pension plan payout choices."

"Employer contributions to Maine's Paid Family and Medical Leave Insurance Fund are set to begin on January 1, 2025. The Maine [DOL] is expected to begin the rulemaking process in spring 2024. The state has given itself a deadline of January 1, 2025, to adopt final rules implementing the program."

"The new amendment, effective immediately, postpones the implementation of the Ordinance for public school districts and park districts until January 1, 2025. The new rules clarify certain employee rights and employer responsibilities under the Ordinance. The County is also contemplating issuance of additional procedural rules governing park districts and school districts."

68 pages. "In 2020, more than four-fifths of large ERISA 403(b) plans covering more than three-quarters of large ERISA 403(b) plan participants had employer contributions.... Among large ERISA 403(b) plans with employer contributions in 2020, 35 percent had automatic employer contributions, 58 percent had simple matches, and 14 percent had both of these features.... 64 percent of large ERISA 403(b) plans had participant loans outstanding, ... Mutual funds were the most common investment vehicle ... with 66 percent of large ERISA 403(b) plan assets in 2020. Fixed annuities held 16 percent of assets, and variable annuities held 18 percent"

35 pages. "U.S. adults correctly answered only 48% of the 28 index questions in 2024, on average. This figure has hovered around the 50% mark since the inaugural 2017 survey.... Twenty-six percent of those who correctly answered 4 or 5 questions are very confident they will have enough money to live comfortably throughout retirement; 7% are not at all confident. These figures are essentially flipped among those who did not correctly answer any of the questions -- 10% are very confident and 29% are not at all confident."

12 pages. "Consumers and employers will pay on average $50 more for single coverage and $175 more for family coverage in premiums in 2024 due to the markups charged by providers to supply specialty drugs that could have been supplied by a specialty pharmacy. The total value of health insurance premiums and premium equivalents that could have been saved if providers charged the same price for specialty drugs as those available from specialty pharmacies would be as much as $13.1 billion in 2024."

"A major impediment to long-term coverage of telemedicine has been concerns that it will increase spending or hurt quality.... [The authors] compared changes between 2019 and 2021-22 in utilization, spending, and quality for patients receiving care from health systems that used telemedicine at higher or lower rates."

"Vermont officials say they expect that the partnership with Colorado will result in greater total assets under management, which in tun would lead to economies of scale and reduced costs -- and therefore higher returns."

"While still evolving, ICHRAs and QSEHRAs hold significant potential to impact the individual and small group market, warranting consideration by health plan actuaries involved in product development and pricing strategies."

"Collect data to understand needs within the population... Evaluate and enhance benefit design to prevent inequities... Communicate, educate and lead with a health equity lens."

"[Notice 2024-35] adds another year of relief by waiving 2024 annual RMDs for beneficiaries of IRA owners who died in 2020, 2021 or 2022 after the RBD. It also excuses 2024 RMDs within the 10-year period for beneficiaries of owners who died in 2023 after the RBD."

"The court began by clarifying that Ryan did not need to allege a categorical denial practice, or the 'uniform denial of his benefits,' which the district court appeared to require. Simply handling MH/SUD claims more stringently constitutes a Parity Act violation, regardless of whether it leads to uniform denial decisions. The Ninth Circuit further held that Parity Act claimants need not 'identify an analogous category of claims with precision.' " [Ryan S. v. UnitedHealth Group, Inc., No. 22-55761 (9th Cir. Apr. 11, 2024)]

"The [DOL] is asking plans to provide the following for vested separated participants: names and Social Security numbers, contact information, mailing address, and whether they have received an involuntary distribution already. The DOL also asked plans to indicate if a participant has been unresponsive to contact and to provide information on their designated beneficiaries, as well as the nature and amount of the benefit to which they are entitled. Administrators would provide this information to the DOL as an attachment to their Form 5500 filings."