"This document extends the comment period on the Department's Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure proposed rule ... [which] was published in the Federal Register on January 30, 2026, with a comment deadline of March 31, 2026. On February 3, 2026, the Consolidated Appropriations Act, 2026 amended ERISA to add several provisions relating to providers of pharmacy benefit management services. Consequently, the Department is extending the comment period for an additional 15 days, to April 15, 2026, to allow interested persons to address whether the rule should be adjusted due to these new statutory provisions." MORE >>
"In effect, the DOL is signaling to courts (and the public) how it interprets [ERISA], and how plan fiduciaries should act, potentially shaping litigation outcomes and clarifying expectations without formal rulemaking. This approach appears consistent with the DOL's broader agenda aimed at reducing compliance burdens and providing plan fiduciaries with more flexibility in terms of fulfilling the obligations." MORE >>
"The DOL made a major step forward with the 404a-5 fee disclosure in 2012.... Wall Street and the Insurance industry ... have moved away from transparent SEC Mutual Fund structures into state-regulated insurance annuity structures and state-regulated CIT structures. These poorly regulated state structures can allow them to hide Crypto, Private Equity, Private Credit, and annuities. While prior DOLs have been passive on this issue, the Trump DOL is actively helping to block fee and risk transparency in statements with amicus briefs." MORE >>
"For crypto specifically, attention hinges on the design of the upcoming fiduciary safe harbor. This regulatory ''checklist' is intended to immunize fiduciaries from liability for investment losses, provided specific standards are met. Its critical pillars are expected to include qualified custody requirements, liquidity constraints and portfolio allocation caps. Even after the major regulatory hurdle is cleared, however, broad adoption will likely unfold more akin to a glacial shift over several years than like a speculative spark." MORE >>
"[EBSA] recently announced changes to their enforcement priorities for 2026. These changes represent the most significant shift in EBSA's enforcement priorities in recent years.... EBSA's enforcement priority shift reflects the agency's assessment of where American workers face the greatest risks to their retirement security and healthcare benefits. By focusing resources on cybersecurity threats, mental health access barriers and criminal misconduct, while pulling back from areas with new participant protections, EBSA aims to deliver better outcomes for those covered by employer-sponsored benefit plans." MORE >>
"The next wave of requirements includes Roth catch-up contributions of high-earners, higher IRA contribution limits, and mandatory automatic enrollment and escalation for new plans. While each provision is designed to strengthen retirement outcomes, together they significantly broaden the scope of plan sponsor responsibilities. More participants, more accounts and more complexity inevitably translate into fiduciary exposure." MORE >>
"Plaintiffs' firms have begun applying the excessive fee playbook to health plans ... At the same time, group health plans remain under scrutiny from the [DOL].... In the current regulatory enforcement and litigation environment, revisiting fiduciary governance practices, particularly around service provider selection, fee monitoring, and oversight, can reduce exposure and strengthen overall fiduciary compliance." MORE >>
"This [article] explores a series of policy recommendations to the several regulators impacted by the Executive Order.... [The] article also includes suggestions as to what market participants such as investment managers, fund sponsors, insurance companies, recordkeepers, and intermediaries as well as Plan fiduciaries can do now in light of evolving legal and commercial developments." MORE >>
"Allowing sophisticated investors to direct the investment of their own accounts into alternative investments may be the wave of the future in some profit-sharing plans. But investing for a defined benefit plan is a whole other animal. A fiduciary needs to be informed about how a defined benefit plan works so as to understand how investment return can affect the funding obligations.... Investing in alternative investments, like cryptocurrency and private equity alternatives, may not always be appropriate for all plans." MORE >>
"The suit also states that the defendant allowed BANA and its affiliate Merrill Lynch to act under the plan as trustee, custodian, recordkeeper, and/or investment manager, 'which presents conflicts of interest that implicate prohibited transactions under ERISA.' ... [The complaint also alleges] 'that Defendant has also allowed BANA to use its affiliate's role as recordkeeper to obtain information for use in its role as investment advisor.' " [Ventura v. Lithia Motors, Inc., No. 26-1786 (C.D. Calif. complaint filed Feb. 19, 2026)] MORE >>
"Empower has announced a new partnership with Blackstone, adding private equity, private credit, real estate, and infrastructure strategies to its defined contribution platform.... Plan sponsors and advisors should be asking hard questions. How do fees compare? How is liquidity managed? What happens in market stress? How is participant suitability determined? And perhaps most importantly, how do you document fiduciary prudence when offering strategies that most participants have never heard of and don't fully understand?" MORE >>
"A recent decision addressing a motion to dismiss prohibited transaction claims serves as a good reminder to plan sponsors and fiduciaries not to overlook procedural safeguards when defending against such claims, including whether plaintiffs lack Article III constitutional standing." [Peeler v. Bayada Home Health Care, Inc., No. 24-0231 (W.D.N.C. Jan. 27, 2026)] MORE >>
"If the Supreme Court determines that all that is necessary for plaintiffs to plead is that fees are too high or performance is subpar when reviewed against a general index, 401(k) plan fiduciaries will have far greater exposure to being sued because more claims will survive a motion to dismiss." [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 >>
"Last year saw a near-record 155 fiduciary class lawsuits filed by plaintiffs' firms alleging violations of [ERISA] and breaches of fiduciary duty.... Defined contribution plans remained the most frequent target in these cases, named in 63% of last year's ERISA class action litigation. As in prior years, most lawsuits alleged excessive recordkeeping and/or investment fees.... Five of the last six years saw lawsuit totals greater than the overall annual average of 60 cases per year for the past decade." MORE >>
"Given the turbulent dynamic and the increasingly costly world of retirement plan litigation, what can advisors and plan sponsors do to make sure to better guarantee they don't end up on the receiving end of a Schlichter-inspired suit?" MORE >>
"Part 2 examines the newest fronts in ERISA litigation, including the surge in forfeiture and voluntary benefits lawsuits ... Also addressed is the growing role of documentation, engaged oversight, and defensible process as courts continue to emphasize prudence over outcomes. This installment also looks at the evolving regulatory environment ... and what that could mean for plan advisors and sponsors. Ultimately, Part 2 focuses on practical steps fiduciaries can take now to strengthen governance, tighten documentation, and reduce litigation exposure." MORE >>
"Despite the many unknowns ... these lawsuits will: [1] Provide in-depth briefing on core ERISA foundational questions.... [2] Push the boundaries of fiduciary duties and prohibited transaction rules under ERISA.... [3] Create a chilling effect on employers offering voluntary benefits." MORE >>
"Despite the potential for a more favorable regulatory environment, plan administrators should proceed with caution when considering alternative assets. Several practical considerations warrant attention. [1] Alternative assets differ from traditional investments.... [2] Documentation remains paramount.... [3] Participant communications deserve special attention.... [4] Any participant demand should be evaluated carefully." MORE >>
"[W]hile the DOL's position is good news for sponsors with clear plan language and solid administrative processes, it doesn't mean plaintiffs will stop filing or that all cases will be dismissed.... Documentation is your friend.... Compliance doesn't stop at 'it's permitted'.... The DOL's voice counts -- but courts still decide." MORE >>
"The current proposal only applies to self-funded group health plans but the DOL has requested comments on whether this applicability should be expanded.... The definition of covered service providers under the proposed regulation is designed to be expansive and cover many entities.... The required disclosures will provide plan fiduciaries with new insight into the revenue stream for covered service providers." MORE >>
"Private investments are not entering defined contribution plans because they are exciting. They are entering because the industry is increasingly able to reconcile institutional investment concepts with participant-centric realities -- primarily through professionally managed, multi-asset structures. For 3(38) fiduciaries, this evolution presents both an opportunity and a responsibility." MORE >>
"Settlor decisions about premium-setting may offer a structural litigation defense. When premiums do not directly correlate to plan cost experience, plaintiffs have difficulty showing that alleged PBM overcharges increased their out-of-pocket costs.... If plan fiduciaries have determined that engagement or retention of a vertically-integrated PBM is prudent despite the potential conflicts of interest, plan sponsor/settlor decisions about plan design may help mitigate those conflicts." [Lewandowski v. Johnson & Johnson, No. 24-0671 (D.N.J. Nov. 26, 2025)] MORE >>
"For plan sponsors, this evolving litigation environment is an important reminder that understanding fiduciary risk -- and taking proactive steps to manage it -- is no longer optional.... The central argument being tested is that when an employer selects voluntary benefit programs, endorses them, and receives additional services from brokers that may be considered compensation, the employer may be exercising sufficient control for those benefits to be considered ERISA-covered plans, or at minimum subject to fiduciary standards." MORE >>
"Employers should carefully consider whether Voluntary Benefit Plans not intended to be subject to ERISA should be listed or included in an ERISA wrap document or summary plan description .... Employers and plan administrators who offer Voluntary Benefit Plans that are intended to be exempt from ERISA should ... include clear written statement that such plans are intended to meet the ERISA exemption in the plan's offering materials.... If a Voluntary Benefit Plan is not required to file a Form 5500 because it is not subject to ERISA, employers should not file one or include information relating to such benefits on the Form 5500 for its ERISA welfare plans." MORE >>
"The proposed regulations reflect the DOL's position that group health plan fiduciaries have a duty to ensure the reasonableness of fees and that transparent fee disclosures should help them to evaluate PBM arrangements. ... [T]he DOL recognizes that negotiating PBM arrangements requires specialized expertise, and that most group health plans must work with benefits consultants or brokers who may have conflicts of interest due to payments or rebates they receive from PBMs. The proposed regulations ... do not provide guidance on how fiduciaries can use [the disclosures] to negotiate more favorable prescription drug prices." MORE >>
