"A lawsuit [recently] filed ... offers a legal theory that is yet to be well addressed in ERISA case law -- that participant data should be treated as a 'plan asset' subject to ERISA's fiduciary duties of prudence and loyalty.... Such an assertion highlights the real-world risk of permitting recordkeeper utilization of participant data for any purpose beyond core recordkeeping responsibilities ... This article provides practical contracting considerations for plan fiduciaries seeking to strike a balance between fiduciary risk and permitting financial wellness products." [Williams-Linzey v. Empower Advisory Group, LLC, No. 25-14660 (D.N.J. complaint filed Aug. 15, 2025)]  MORE >>