News Archive

"The December 31, 2026 amendment deadline should not be viewed merely as a document drafting exercise. It represents the final stage of a multi-year implementation process that began with the SECURE Act, continued through the CARES Act and was significantly expanded by SECURE 2.0. For many plans, the most important question ... is whether those amendments accurately reflect the way the plan has actually been operated."  MORE >>

"One of the trickiest parts when you've discovered an error may have been made is how to communicate with your client about it.... [If] the client is wrong, there's no reason to apologize. More importantly, most E&O policies provide that coverage can be denied if the insured admits fault without the consent of the insurer.... Every TPA owner should instruct all client-facing employees that, if the client claims an error was made, they should ... ask for an opportunity to investigate and report back. Do not admit fault."  MORE >>

"This article examines how common investment adviser compensation structures can create conflicts of interest that undermine retirement outcomes and increase fiduciary risk for plan sponsors. It outlines key conflict areas and explains how these arrangements can influence recommendations. The paper provides practical guidance for identifying and mitigating conflicts, emphasizing the importance of fee transparency, independent advice, and compensation models that align with participants' best interests."  MORE >>

"Advisors with clients who receive federal benefits must become experts in pension rules, service credit calculations, and benefit elections to serve as a valuable resource during both the planning and retirement phases."  MORE >>

"Even when ICHRA isn't the right fit, it creates leverage. Employers may get an ICHRA quote showing six- or seven-figure cost savings -- and, whether they switch or not, that quote puts pressure on the current carrier to negotiate. For smaller businesses, especially, that kind of leverage didn't exist before. This is about power. That leverage disappears if you're pitching ICHRA on the wrong assumptions -- and many brokers are, because the two biggest assumptions they bring to it are outdated."  MORE >>

"[A] report from Cerulli Associates expects the merger and acquisition (M&A) market to move $4 trillion over the next decade. The number of advisors retiring is increasing daily, with over 26,000 expected to exit the workforce over the next decade ... Over half (54%) of RIAs in Cerulli's data are pursuing an acquisition, with hybrid RIAs being the most acquisitive independent channel."  MORE >>

"The 401(k) record-keeping business is at a major crossroad. On the one hand, plan fees continue to decline, which, coupled with rising demand for service and costs, seems untenable. On the other hand, the opportunity to offer wealth services to the over 100 million active participants, either alone or in partnership with advisors, is immense."  MORE >>

"Artificial intelligence is often framed as an emerging capability. For organizations focused on long-term growth, it is increasingly becoming part of the operating model.... Work that used to take hours each month has been reduced to minutes. Not through a single tool, but through connected automations that remove friction at each step."  MORE >>

"Retirement plan advisors are no longer evaluating PEPs (pooled employer plans) as a new concept. They are working in a market where adoption is rising, assets continue to grow and employers have shifted the conversation from whether pooled plans work to which structure is right for their business."  MORE >>

"A majority of firms – 55% of respondents – have integrated AI into at least one of their investment processes, while 27% report integrating AI as a pilot or proof-of-concept.... 69% of firms cited enhanced operational efficiency, and 55% cited faster or higher‑quality insights. Only 8% of firms reported measurable improvements in investment returns from implementing AI, and 8% reported reducing portfolio volatility."  MORE >>

"When a carrier can automate a simple auto or workers' comp claim in-house or buy that capability from an AI-native competitor at outcome-based pricing, every manual-labor full-time equivalent on a TPA's P&L becomes a margin drag, not a moat. The acquirer's playbook that built the industry's current champions will not build the next decade's winners.... The next decade's TPA champion will be the first mover that credibly prices its AI-enabled service below the carrier's in-house build-or-buy alternative, and backs that price with outcome-linked accountability."  MORE >>

"The economic realities of declining plan fees for advisors and providers have forced most to search for new revenue through wealth services like IRA rollovers, managed accounts and outside assets ... [T]he economics of selling and servicing a 401(k) plan to a small business owner are not compelling. Fees are relatively low, liability is high, and the work can be overwhelming for plan sponsors, advisors and providers. The package is the opportunity to engage with that small business owner whose main concern is not the value of a 401(k) plan to them or their employees."  MORE >>

"Professional service providers -- e.g., accountants, bankers, advisors -- are trusted partners who can help convince small firms to offer retirement plans. However, many may unintentionally reinforce misperceptions about plan costs and administrative burdens, making adoption seem out of reach. Analysis of new survey results shows that the providers with the most success: [1] are familiar with simple low-cost plan options; [2] describe plans as a tool to boost recruitment and retention; and [3] provide hands-on guidance to help firms set up a plan."  MORE >>

"That strategy of recasting claims for benefits under an ERISA plan as claims under state law ... runs headlong into one of ERISA's most potent defenses: the preemption defense. This defense is particularly important for companies that work in and near the employee benefits space and find themselves targeted with litigation arising from their work.... For example, where an employee accuses an insurer or technology platform of misrepresenting the availability of a particular benefit and seeks damages arising from the misrepresentation, that claim will generally be preempted."  MORE >>

"63% of millennials and 54% of Gen Xers are more likely to put part of their portfolio in an annuity or other guaranteed income solution. This pivot opens the door for advisors who have historically only used annuities as near-retirement products. They can now focus on positioning them as early-stage planning tools."  MORE >>

"[I]ndependent evaluation of a consulting relationship requires looking past process documentation to economic architecture. The most important questions are not about methodology. They are about money. How does your firm generate revenue beyond our retainer? Does any portion of your compensation, or that of your parent, flow, directly or indirectly, from recordkeepers or investment managers you recommend to us? ... Can you help us understand, in writing, every way your firm, not just your team, is compensated in connection with our retirement plan? How is individual consultant compensation structured, and does any component create incentives around provider relationships?"  MORE >>

"Recordkeepers can expect a greater amount of review activity from plan sponsors through 2026 ... 27% of plan sponsors will conduct a new recordkeeper search this year and 56% plan to run a due diligence review to benchmark recordkeeping fees and services. All plan segments, aside from large employers, said they expect to perform a review of their recordkeeping partners."  MORE >>

"For closely held business owners, the company often represents their largest asset -- and their primary retirement funding source. Yet retirement plans are frequently disconnected from exit planning conversations. For advisors, this gap represents both risk and opportunity."  MORE >>

"In 401(k) administration, a plan review is often most valuable when the employer’s business changes, even if the plan document itself has not. A plan that worked well last year can drift out of alignment when ownership, payroll, compensation, or workforce patterns shift. Periodic reviews help TPAs catch issues before they become failed testing, correction projects, or participant problems."  MORE >>

"There are few, if any, other industries in which costs have declined as precipitously as in defined contribution.... As a result of the hyperfocus on fees, record keeper service has deteriorated, and most wealth advisors and their broker/dealers stayed away from a high liability, low margin business.... But the upside of this race to the bottom has been the focus on the participant ... The DC platform has become the hub for providing advice on all aspects of a participant's financial well-being, including selecting the right benefits. "  MORE >>

"The retirement digital experience underwent notable changes in 2025, with an 87.3% increase in observed web experience updates from 2024....[F]irms rolled out new educational content and improved tools that help participants understand their retirement outlook.... [P]roviders reworked menus and modernized page layouts. Meanwhile, customer support features received the least attention -- something worth watching as AI-driven support tools continue to develop."  MORE >>

"Over the past decade, private equity has significantly accelerated consolidation across the retirement and benefits industries.... For plan sponsors, the key takeaway is not to avoid PE-backed firms -- but to ensure that evaluation processes remain objective, transparent, and well documented."  MORE >>

"As the stewards of retirement security for millions of people, pension leaders carry a profound responsibility. Yet many of these leaders are approaching retirement themselves, raising a critical question: who will lead next? Succession planning is the answer. It isn't only an HR exercise; it's a strategic imperative that ensures continuity, preserves institutional knowledge and safeguards the mission of pension plans."  MORE >>

"Wealth managers can face challenges when using AI to prepare client materials or conduct investment research ... But it's the more complex client-facing technology that poses the 'biggest fiduciary risk' ... FINRA's latest annual report ... included a new section on generative AI, stressing that while FINRA's rules are 'technology neutral,' they apply to AI just as they do to any other tool, including those that help with supervision, communications, recordkeeping and fair dealing."  MORE >>

"While there has no doubt been a convergence of wealth and retirement planning in recent years, these days there are increasing calls for retirement plan specialists to utilize their fiduciary expertise to help plan sponsors with another major benefits challenge -- health care."  MORE >>