"The Proposed Regulations are based around three key principles. First, they affirm that ERISA is a law grounded in process ... Second, the Proposed Regulations emphasize that ERISA gives plan fiduciaries maximum discretion and flexibility in selecting designated investment alternatives ... Third, they establish that when fiduciary decision-making follows a prudent process ... courts and other adjudicators should give deference to such fiduciaries under a presumption of prudence." MORE >>
"For plan sponsors, the takeaway is not that immediate action is required, but that the regulatory environment is shifting in a way that may eventually reduce litigation risk in expanded investment menu options -- provided fiduciaries follow a careful, well‑documented process and engage appropriate expertise.... Despite its breadth, the proposal leaves important issues unresolved: [1] No statutory immunity ... [2] No securities law guidance ... [3] No monitoring framework ... [5] No current obligation to act." MORE >>
"The 2026 FAQs clarify that, unlike other expenses, an employee may incur Student Loan expenses prior to employment.... The 2026 FAQs revised language from the 2024 FAQs to make clear that the employer 'must' (rather than 'can') inform the employees about the program and its terms. The 2026 FAQs reflect the OBBBA indexing provision, beginning in 2027." MORE >>
"Employers most often lose the voluntary benefits exemption where they: [1] take an action or actions to 'endorse' the voluntary benefits; or [2] receive consideration as a result of providing the voluntary benefits.... If the 'voluntary benefits' exemption does not apply, the employer must comply with ERISA with respect to those benefits, just as it does for the other welfare benefits the employer offers to its employees. The employer's obligations would include compliance with ERISA's fiduciary obligations." MORE >>
"[A]sset managers and ERISA plan fiduciaries should consider the following actions: [1] audit existing proxy advisor arrangements against each prong of the DOL's five-part investment advice test as interpreted under TR 2026-01 to determine whether the arrangement may create an inadvertent fiduciary relationship -- and whether restructuring to avoid fiduciary status is appropriate; [2] assess potential exposure under ERISA Section 405 (as a co-fiduciary) where the proxy advisor may be deemed to be a fiduciary; and [3] monitor for future rulemakings that may amend the regulations to take a harder line on the use of non-pecuniary factors and the tiebreaker test." MORE >>
"Finance companies are expanding their offerings of pooled employer plans, a relatively new 401(k)-style retirement arrangement that allows multiple small businesses and nonprofits to participate in a single, jointly administered system.... [A]ccess to retirement plans is uneven in the nonprofit sector for many of the same reasons small employers struggle to offer them." MORE >>
"Although the reporting and transparency requirements of the 2026 CAA are intended as 'PBM reform,' the applicable laws amended by the 2026 CAA directly govern plans and plan sponsors. [This article provides] a high-level overview of provisions in the 2026 CAA applicable to group health plans, including both ERISA plans and plans subject to the PHSA, such as publicly funded and governmental plans." MORE >>
"Although EBHRAs have fewer compliance obligations as compared to traditional HRAs, employers should not mistake 'excepted benefit' for 'compliance-free.' The EBHRA carries meaningful obligations under ERISA, COBRA, HIPAA privacy and the nondiscrimination rules, and proper plan documentation and administration are essential to maintaining compliance with the applicable regulations." MORE >>
"41% of middle-class households haven't looked for information or guidance about planning for retirement in the past year. Of those who haven't looked, 56% lack confidence that they will have enough savings to live comfortably throughout retirement.... When seeking retirement guidance, middle-class households are turning primarily to digital sources rather than professional advice. 30% used online research, while only 20% consulted a financial advisor or insurance agent." MORE >>
"The Pew Charitable Trusts in a new report takes issue with the notion that the establishment of state-run programs established to make sure those who have no access to a plan through their employer have some kind of retirement plan coverage happens at the expense of private-sector plans. Complement, not detriment. Evidence from seven states -- California, Colorado, Connecticut, Illinois, Maryland, Oregon, and Virginia -- 'continues to indicate' that state auto-IRAs actually complement, rather than detract from, private-sector retirement plans, says Pew." MORE >>
"Employers often offer COBRA subsidies that are more generous for certain highly compensated employees. Where self-insured, employers should consider the taxable compensation alternative to avoid nondiscrimination issues under Section 105(h). Where fully insured, employers should consider reservation of rights terms to address potential application of ACA nondiscrimination rules." MORE >>
"Because the proposal aligns the FLSA vertical analysis with the FMLA, an employer that qualifies as a vertical joint employer under the four-factor test may also need to count jointly employed workers toward FMLA coverage thresholds and potentially bear job restoration obligations. The overlap is not automatic, but it requires a closer look at arrangements where one employer supplies workers to another." MORE >>
"Microsoft is offering a one-time voluntary retirement program for the first time in its 51-year history, giving thousands of long-serving U.S. employees a chance to leave with a financial payout and extended healthcare as it works to control costs amid a massive buildup in AI infrastructure. An estimated 7% of Microsoft’s 125,000-person U.S. workforce, or about 8,750 employees, would be eligible based on a formula that takes into account their years at the company and their age. It’s a highly unusual move in the tech world." MORE >>
"(EBSA) is seriously prioritizing cybersecurity audits in 2026, according to an update on national enforcement projects.... To stay compliant, the following activities must be reviewed and approved annually (or more frequently, as noted): [1] written policies, [2] role-based access controls, [3] security awareness training, [4] independent assessments of cybersecurity program effectiveness and [5] vendor assessments." MORE >>
"These regulations incorporate no substantive changes from the proposed regulations released in October 2025. The Maryland [DOL] has also recently released two important updates: The application window for employers who wish to submit their Declaration of Intent (DOI) to offer a private plan will be September 1, 2026-November 15, 2026. Total premium rate for the State Plan, effective January 1-December 31, 2027, will be 0.9%, consistent with the rate previously published by DOL." MORE >>
"The final regulations set out detailed requirements for [Equivalent Private Insurance Plans (EPIPs)], which may be self-insured or commercially-insured.... An employer wishing to utilize an EPIP is required to submit an EPIP application to the MDOL's FAMLI Division for approval.... Self-insured EPIPs must obtain a surety bond issued by a certified surety company in an amount equal to one year of expected future benefits....An employer whose EPIP application is denied or whose EPIP is involuntarily terminated may file a request for review within ten business days, and the Division must issue a decision within twenty business days." MORE >>
"Two unpublished decisions involving the same change in control severance plan went in opposite directions on the standard of review. In 2026, the Fifth Circuit applied abuse of discretion based on plan language delegating interpretive authority to the administrator. In 2025, the Tenth Circuit applied de novo review to similar facts involving the same plan because it viewed the delegation as triggered only by textual ambiguity. The divergent results underscore the importance of carefully drafted discretionary authority clauses in top hat severance plans, particularly for employers seeking to avoid de novo review of factual eligibility disputes." [Miller v. Anadarko Petroleum Corporation Change of Control Severance Plan, No. 25-20113 (5th Cir. Feb. 26, 2026; unpub.); Hoff v. Amended and Restated Anadarko Petroleum Corporation Change of Control Severance Plan; No. 23-1361 (10th Cir. Feb. 4, 2025; unpub.)] MORE >>
"[The] order granted broad discovery into the insurer's AI-driven claims processes. This ruling is an important indicator that litigation challenging AI-based health insurer coverage denials is gaining traction and that the inner workings of these algorithmic tools may be subject to court-ordered disclosure." [Estate of Lokken v. UnitedHealth Group, Inc., No. 23-3514 (D. Minn. Mar. 9, 2026)] MORE >>
"The common allegations made in all four lawsuits include: [1] Major U.S. health insurers embedded advertising and analytics technology inside their health benefit websites. [2] Tracking allegedly captured exact search terms and typed content. [3] Data was allegedly sent to advertising and data‑broker ecosystems. [4] Privacy promises and consent mechanisms were allegedly ineffective or misleading. [5] Federal and state wiretap laws may apply to ordinary website interactions." MORE >>
"[T]he Department is also proposing to amend provisions in its regulations implementing the Family and Medical Leave Act (FMLA) and Migrant and Seasonal Agricultural Worker Protection Act (MSPA) to provide that joint employer status under those laws be determined using the Department's FLSA analysis, as the FMLA and MSPA both incorporate the FLSA's employment definitions." MORE >>
32 pages. "During the Reporting Period [August 1, 2023, through July 31, 2025], [EBSA] enforcement work on NQTLs resulted in corrections under MHPAEA affecting more than 18 million participants across more than 39,000 group health plans.... These results come from EBSA's enforcement activity during the Reporting Period, in which the agency issued: 42 initial letters requesting comparative analyses for 77 NQTLs; 14 insufficiency letters covering 32 NQTLs; 25 initial determination letters findings plans/issuers had violated MHPAEA for 43 NQTLs; and 5 final determinations of noncompliance finding MHPAEA violations for 7 NQTLs." MORE >>
"Witnesses called out PBMs for failing to put patients first.... Chairman Tim Walberg (R-MI) asked about how consolidation within the PBM space is limiting choice. ... Rep. Burgess Owens (R-UT) discussed how PBMs have lost sight of their intended purpose. ... In an exchange with Rep. Virginia Foxx (R-NC), Mr. Gelfand described the enormous power PBMs wield over the pricing, distribution, and accessibility of pharmaceuticals." MORE >>
"The proposed regulation is responsive to [EO 14330] and, in fact, goes beyond it by describing the criteria that apply to all investments for participant-directed plans, including both alternative assets and traditional assets. That means that fiduciaries of plans that don't include alternative investments need to pay attention to this proposal as well. Also, while the EO limited itself to allocations to alternative investments as parts of asset allocation investments and strategies, the proposal is much broader -- it covers the selection of standalone alternative investments." MORE >>
"This article outlines the history of the DOL's alternative investment guidance, provides an overview of the proposed regulation, and identifies certain provisions that should be clarified in the final regulation to further the goal of creating a workable fiduciary safe harbor." MORE >>
