"Because the incentive award amount was tied in part to revenue generated by each adviser, the court labeled it a 'commission,' not a bonus -- a distinction that ultimately pushed the entire arrangement into ERISA territory.... The DOL noted that bonus programs often use complex formulas, include tenure-related rewards and sometimes allow payouts after certain types of termination from the program, such as death or disability. None of those features, in the agency's view, automatically transform an incentive plan into a pension plan designed to provide retirement income." [Shafer v. Morgan Stanley, No. 24-3141 (2d Cir. Jul. 9, 2025); DOL Advisory Opinion 2025-03A]  MORE >>