"While the Morgan Stanley dispute is still pending in the Southern District of New York, recent developments in the Fourth Circuit have indirectly affirmed the conclusion of the [DOL Advisory Opinion 2025-03A] by establishing certain factors that the court used to determine ERISA versus non-ERISA status with respect to compensatory arrangements.... The Fourth Circuit established a non-exhaustive list of six factors to be considered when determining whether an incentive compensation program is an ERISA-exempt bonus plan." [Milligan v. Merrill Lynch, Pierce, Fenner & Smith, Inc., No. 25-1385 (4th Cir. Apr 14, 2025)]  MORE >>