News Archive

"The proposed rule sets out a compelling analytical framework focused on six-factors -- performance, fees, liquidity, valuation, benchmarking and complexity ... [T]he proposed rule invites and encourages plan fiduciaries to consider all asset classes that will provide retirement investors with risk-adjusted returns that further the purposes of the plan, including through the use of alternative asset classes."  MORE >>

"The DOL's proposal would introduce a safe harbor for offering alternative investments in 401(k) plans. The Supreme Court's review could clarify fiduciary liability and proof standards. These changes may accelerate adoption of private market assets in defined contribution plans." [Anderson v. Intel Corp. Inv. Policy Comm., No. 22-16268 (9th Cir. May 22, 2025; cert. pet. granted Jan 16, 2026, No. 25-498)]  MORE >>

"The [DOL's] proposed rule, if finalized, would operate alongside [recent] statutory changes to expand federal transparency requirements for PBMs serving self-insured group health plans. PBMs would be required under federal law to disclose compensation information to plan fiduciaries while also being required under Arkansas law to disclose reimbursement data to the Arkansas Insurance Department. Though serving different purposes, both types of disclosure are intended to bring transparency to an industry often criticized for operating in the shadows."  MORE >>

"Employers that have operated for at least two years and that had 10 or more employees in New York throughout 2025 (Covered Employers) should take immediate action to comply with the New York State Secure Choice Savings Program.... Covered Employers who do not offer a qualified retirement plan must facilitate employee pre-tax contributions to a Roth IRA by registering for the Program. Covered Employers who do offer a qualified retirement plan (such as a 401(k) plan or a 403(b) plan) are exempt, but must provide information about their plan to the Program."  MORE >>

"[Judge Kymberly Evanson] dismissed the case on substantive grounds, noting that nearly all allegations about Athene's financial condition arose after the relevant transaction and thus did not show that the defendants breached their fiduciary duties when choosing Athene for the 2019 transaction." [Maneman v. Weyerhaeuser Co., No. 24-2050 (W.D. Wash. Mar. 31, 2026)]  MORE >>

"This decision from the Eastern District of Michigan demonstrates how a group policy’s choice-of-law provision can determine which state’s law governs the limitations period for an ERISA disability claim — and why filing deadline calculations must begin with the plan’s own terms, not the forum state’s statute of limitations." [Gordon v. Sun Life Assurance Co. of Canada, No. 25-11132 (E.D. Mich. Mar. 31, 2026)]  MORE >>

"In recognizing that participants can establish standing based on allegations of overpaying for benefits -- rather than needing to show denied coverage or mismanaged assets -- the court distinguished prior precedent like Thole and lowered a key procedural hurdle. Just as importantly, the judge declined to resolve whether Northwestern acted in a settlor or fiduciary capacity at this stage, emphasizing that decisions around plan design, selection, and monitoring may carry fiduciary obligations subject to later factual scrutiny." [Barbich v. Northwestern Univ., No. 25-6849 (N.D. Ill. Apr. 2, 2026)]  MORE >>

"Emergency savings programs become more effective and easier to deploy when employers lead with clear, purpose-driven language that helps employees understand that these accounts are designed to cover unexpected expenses and reinforce appropriate use.... Clear, plain language about how to access funds, how long it takes, what steps are required, and whether any fees or restrictions apply can help simplify the experience."  MORE >>

"Employers facing tobacco-surcharge litigation have stronger authority to argue that removing the surcharge prospectively after completion of a cessation program satisfies ERISA's 'full reward' requirement without retroactive refunds.... By treating wellness program adoption as a settlor function rather than a fiduciary act, the courts provide additional grounds to defeat fiduciary-breach claims tied to the design and funding effects of these programs."  MORE >>

"[B]enefit leaders work closely with their brokers to get a broad view of the carriers and solutions that will best meet their needs. In addition to the kinds of benefits they're looking for, they should communicate administrative priorities — such as what kind of technology is used to simplify processes for both HR and employees, and how the company will be billed — to help brokers curate a strong list of candidates[.]"  MORE >>

"This survey gathered advisor perspectives on PEP usage, trends, and expectations to help shape the conversation around the evolving role of PEPs in retirement planning.... [T]he findings suggest that PEPs are evolving from an emerging alternative into a core component of modern retirement plan strategy, helping advisors and plan sponsors navigate risk, complexity, and accountability in an increasingly demanding environment."  MORE >>

14 pages. "The sections that follow examine population-level data on the prevalence and timing of major health risks and then review consumer survey findings on how these risks are perceived and ranked. The paper concludes by discussing how protected income solutions can help manage and mitigate health-related financial risks, especially later in life."  MORE >>

"Billionaire Mark Cuban is calling for the breakup of large, vertically integrated health insurers, arguing that rising employer health care costs are quietly stifling hiring, wages and affordability.... [T]he billionaire contends that, for many companies, health benefits have effectively become a second payroll line, and that complex, multi-entity insurance structures are helping to drive those costs higher while obscuring where margins are made."  MORE >>

" As part of a series of multi-year voluntary commitments announced in partnership with HHS and CMS, leading health plans committed to making specific reductions to the scope of claims subject to prior authorization  ... Health plans' efforts to reduce prior authorization across the markets covered by the commitments will result in approximately 11% fewer prior authorizations occurring in 2026 -- or 6.5 million fewer prior authorizations for patients, which includes a reduction of more than 15% in Medicare Advantage."  MORE >>

"For plan sponsors with overfunded frozen defined benefit (DB) plans, several strategies are available to reduce risk and prepare for a future termination -- even before the termination process formally begins.... Even if a full plan termination isn't on the table for your company this year, smaller-scale pension risk transfer activities can make a real difference."  MORE >>

"Pension finances lost ground in March due to declining stock markets, but higher interest rates softened the blow. Both model plans ... lost 1% last month, and are now slightly underwater through the first quarter of 2026."  MORE >>

"The proposed rules don’t address employer contribution programs, employer “matching” the Treasury’s contribution, employee salary deductions, investments or ERISA matching considerations ... What do employers need to know? IRS and Treasury are encouraging parents to set up Trump accounts for their children. Parents must actively elect to open an account. Accounts must be set up before an employer can make contributions or deposit salary deductions."  MORE >>

"From implementing new tax laws, a flurry of executive orders with implications for both retirement and welfare plans, updated agency guidance, increased litigation and enforcement activity, and updates to longstanding requirements, plan fiduciaries have a great deal to manage as they work to stay current. Layered onto these federal developments is a growing patchwork of state and local regulation. Jurisdictions continue to expand mandated benefits, including insurance coverage requirements and state retirement savings programs. For plan sponsors operating across multiple jurisdictions, coordinating compliance has become not only an administrative challenge, but a strategic one."  MORE >>

"Executives often face decisions about when to exercise options, when to sell shares, and how to manage large concentrations of company stock. These choices can affect tax exposure, portfolio diversification, and long-term financial stability. Thoughtful equity compensation planning can help executives evaluate how these benefits fit within a broader financial strategy, including potential opportunities and risks."  MORE >>

"The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, rollovers, repayments, required minimum distributions (RMDs), and the fair market value (FMV) of the account."  MORE >>

"Although rooted in an executive order on alternative assets, the proposal addresses more than just alternative assets and outlines a new process-based safe harbor for fiduciary decision-making.... [B]eyond plan fiduciaries who are directly impacted by the Rule, the Rule will also impact many other stakeholders in the DC Plan ecosystem, including plan consultants, investment advisers, fund sponsors/managers, asset managers, recordkeepers, insurers, investment advisers, broker-dealers, and other DC plan service providers and product manufacturers."  MORE >>

"Like defined benefit pension plans, self-funded group health plans place the residual risk of payment on the employer. While there are mechanisms to smooth or reduce some of the payment risk, the plan sponsor is ultimately responsible for ensuring that promised benefits are paid in compliance with the terms of the plan. In both contexts, the participant's protected interest begins and ends with the employer's promise of future benefits, not the participant's preferred method of fulfillment. Participants do not suffer a concrete injury merely because they disagree with how the employer's promises are fulfilled."  MORE >>

"When adjudicating a claim for benefits, an employee benefit plan or its administrator will understandably devote substantial attention to what the decision will be -- that is, whether to grant or deny the claim.... A failure to communicate a denial to the claimant consistent with ERISA's requirements can lead to judicial invalidation, even if the decision to deny benefits is correct." [D.K. v. United Behavioral Health, No. 21-4088 (10th Cir. May 15, 2023; cert. denied Feb. 20, 2024, No. 23-586)]  MORE >>

"The Proposed Rule clarifies that investments in alternative investments, including private market investments, direct and indirect interests in real estate, holdings in actively managed investment vehicles investing in digital assets, direct and indirect investments in commodities, direct and indirect interests in projects financing infrastructure development, and lifetime income strategies, will not automatically be subject to heightened scrutiny by the DOL."  MORE >>

"The [DOL] is selling its new fiduciary rule as protection. Protection from lawsuits. Protection through process. Protection via a checklist. But strip away the language, and the reality is far more troubling: This rule is not about reducing litigation. It is about unlocking new revenue streams for Wall Street and the insurance industry -- while leaving plan sponsors holding the liability."  MORE >>