"International experience suggests that fiscal crises often serve as catalysts for politically difficult but necessary retirement program reforms. Across advanced economies, rising debt burdens and economic shocks have forced governments to confront unsustainable retirement programs, often prompting benefit restraint and the adoption of automatic stabilizers to limit the need for future political intervention. The lessons from these international reforms are especially relevant for the United States, as Social Security's finances deteriorate and the costs of delay continue to mount." MORE >>
"[T]he Fifth Circuit reversed an award of more than $1.8 million in attorneys' fees under ERISA Section 502(g)(1), holding that a claimant who ultimately obtained no substantive relief cannot recover fees based solely on favorable factual findings or judicial criticism of plan procedures." [Cloud v. Bert Bell/Pete Rozelle NFL Player Ret. Plan, No. 25-10337 (5th Cir. Dec. 18, 2025),] MORE >>
"During the hearing, the Subcommittee Chair specifically focused on a ... the ERISA Litigation Reform Act (HR 6084), that would override the most troubling aspects of the Supreme Court's decision in Cunningham v. Cornell.... [O]ptimism that such a solution could move forward on a bipartisan basis was dashed by the hearing. And without some bipartisanship in the Senate (at least 7 votes), legislation to fix the Cornell problem will not be enacted ... [The industry needs] to keep raising the profile of the baseless nature of so many of these suits, including, ironically enough, the Cornell suit itself." MORE >>
23 pages. "During this first year, my office focused on information gathering and knowledge sharing.... We will build on the work of the previous Advocate and ensure we have a deep understanding of the mechanisms and operational aspects of PBGC's work while continually building our capacity to serve PBGC's participant and plan sponsor customers.... Many of the Office of the Advocate's activities this year focused on internal processes and education: connecting and collaborating with relevant PBGC offices, ensuring we understand and have access to the technology and tools used by PBGC business areas, and creating synergies that allow my office to be more responsive and effective to customers." MORE >>
"Ways and Means Committee Ranking Member Richard E. Neal (D-MA) reintroduced the Automatic IRA Act [HR 6722], which would expand retirement coverage for millions of workers. The legislation unlocks a key retirement savings vehicle for employees, gig workers, and other independent contractors nationwide." [Also available: Bill summary] MORE >>
"This brief, based on a recent study, explores whether auto-IRAs have led to fewer -- or more -- employer plans.... The [brief] concludes that state auto-IRAs have prompted more employers to offer their own retirement plans. Overall, then, the auto-IRA initiatives have given many additional workers the option to save via payroll deduction in two ways: through participation in the new auto-IRAs and through increased adoption of employer plans." MORE >>
"In both cases, the Solicitor General agreed with the petitioners ... that the legal questions are sufficiently important to warrant the Supreme Court's review. Further, the Solicitor General supported the plan sponsor and fiduciary defendants (and disagreed with the plaintiffs) on the merits of the legal questions being presented to the Supreme Court. This reflects a clear shift under the new Administration to interpret ERISA in reasonable and common-sense manner."
[Johnson v. Parker-Hannifin Corp., No. 24-3014 (6th Cir. Nov. 20, 2024; cert. pet filed Mar. 26, 2025, No. 24-1030; DOL amicus brief filed Dec. 9, 2025); Pizarro v. Home Depot, No. 22-13643 (11th Cir. Aug. 2, 2024; cert. pet. filed Dec. 3, 2024; DOL amicus brief filed Dec. 9, 2025) ] MORE >>
"In its Pizarro amicus brief, the Department asserts that causation is an element plaintiffs must affirmatively establish and that courts err by shifting any burden to fiduciaries once a breach and loss are plausibly alleged. But that framing ignores the procedural consequences of what the Department is demanding." [Pizarro v. Home Depot, No. 22-13643 (11th Cir. Aug. 2, 2024; cert. pet. filed Dec. 3, 2024; DOL amicus brief filed Dec. 9, 2025)] MORE >>
15 pages. "Financial literacy improves with life stage -- recent hires are the most financially literate, followed by college students, and high school students ... Respondents whose parents did not attend college demonstrated lower literacy rates; this is consistent with findings from both 2023 and 2024 surveys ... Most student respondents thought retirement savings should begin with a life milestone, like getting your first job or buying a house. College students and respondents with higher literacy are more likely to say you should start saving for retirement now." MORE >>
"[T]wo foreign-owned proxy advisors, Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC, play a significant role in shaping the policies and priorities of America's largest companies through the shareholder voting process.... The Chairman of the [SEC] shall review all rules, regulations, guidance, bulletins, and memoranda relating to proxy advisors.... The Secretary of Labor shall, consistent with the APA, take steps to revise all regulations and guidance regarding the fiduciary status of individuals who manage, or, like proxy advisors, advise those who manage, the rights appurtenant to shares held by plans covered under [ERISA], including proxy votes and corporate engagement, consistent with the policy of this order.... The Secretary of Labor shall take all appropriate action to strengthen the fiduciary standards of pension and retirement plans covered under ERISA. Such action shall include assessing whether proxy advisors act solely in the financial interests of plan participants and the extent to which any of their practices undermine the pecuniary value of the assets of ERISA plans." MORE >>
"The [Solicitor General (SG)] asked the Court to review [two pending] cases and resolve them by adopting legal standards that are more favorable to ERISA plan fiduciaries. The SG's recommendation ... shows an increasing willingness by DOL to take action to help curb abusive ERISA litigation targeting plan sponsors, which has driven up the costs of administering plans."
[Johnson v. Parker-Hannifin Corp., No. 24-3014 (6th Cir. Nov. 20, 2024; cert. pet filed Mar. 26, 2025, No. 24-1030; DOL amicus brief filed Dec. 9, 2025); Pizarro v. Home Depot, No. 22-13643 (11th Cir. Aug. 2, 2024; cert. pet. filed Dec. 3, 2024; DOL amicus brief filed Dec. 9, 2025) ] MORE >>
"The [DOL] is now backing fiduciaries in a case involving criteria for a 'meaningful' benchmark ... 'As Judge Murphy pointed out in dissent, the majority's reasoning departs from the consensus in other courts of appeals,' the [DOL] began. 'In the view of the United States, this Court should grant review and restore uniformity to ERISA pleading standards.' "
[Johnson v. Parker-Hannifin Corp., No. 24-3014 (6th Cir. Nov. 20, 2024; cert. pet filed Mar. 26, 2025, No. 24-1030; DOL amicus brief filed Dec. 9, 2025)]MORE >>
"A growing chorus of government and employer voices has lined up behind Lockheed Martin Corp. in its high-profile appeal backing the legality of a pension risk transfer challenged by retirees. The case ... could shape the future of the PRT market, which has continued to grow in recent years."
[Konya v. Lockheed Martin Corp., No. 24-0750 (D. Md. Mar. 28, 2025; on appeal to 4th Cir. No. 25-2061)] MORE >>
"The full House voted 302-123 to approve the Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025 [HR 3383], which includes a provision to amend securities laws to allow 403(b) plans to invest in collective investment trusts (CITs), aligning them more closely with 401(k) plans." MORE >>
"The US solicitor general advised the US Supreme Court to hear two pending ERISA disputes and rule in favor of the defendant employers ... In urging the justices to hear the case against Home Depot, the government acknowledged that it's taken the opposite position in prior briefs, including a 2023 brief supporting the plaintiff Home Depot employees in the US Court of Appeals for the Eleventh Circuit." [Johnson v. Parker-Hannifin Corp., No. 24-3014 (6th Cir. Nov. 20, 2024; cert. pet filed Mar. 26, 2025, No. 24-1030; DOL amicus brief filed Dec. 9, 2025); Pizarro v. Home Depot, No. 22-13643 (11th Cir. Aug. 2, 2024; cert. pet. filed Dec. 3, 2024; DOL amicus brief filed Dec. 9, 2025) ]MORE >>
"“Senator Cassidy and Senator Kaine embody the spirit and leadership of this award through their strong bipartisan commitment to advance policies to help more of America’s workers and retirees achieve a secure and dignified retirement,” said Wayne Chopus, President and CEO at IRI. “It is our privilege to present them with IRI’s Federal Champion of Retirement Security Award.”" MORE >>
"Juggling multiple retirement accounts is an Olympic sport nobody signed up for.... 401(k) plans offer savers benefits that IRAs don't.... currently any Roth money will get stuck in the Roth IRA -- never making it to the new employer plan, crushing the dream of auto-portability, and potentially confusing savers ... So, what's the holdup? Why hasn't this been corrected already?" MORE >>
"[HR 6084] would be an important step forward to reining in often meritless litigation which threatens the success of our nation's voluntary employer-sponsored retirement system that provides a key source of retirement income for millions of American workers." MORE >>
"The ERISA Litigation Reform Act [HR 6084] ... would toughen pleading standards for legal complaints under ERISA. The legislation clarifies the burden of proof in specific fiduciary-related claims and provides different standards for a court to stay discovery during the early stages of litigation.... [T]he Retirement Simplification and Clarity Act [HR 10467] ... would offer greater access to annuities. The bill introduces a provision for 'in-service rollovers,' allowing employees greater flexibility to secure guaranteed income through annuities while they are still actively working." MORE >>
"The hearing centered on a divide between Democrats and Republicans on how complaints should be used to ensure employers are providing workers with the best possible retirement benefits. In recent years, the number of legal complaints has increased, particularly those related to fees, investments, performance and the use of retirement plan forfeitures." MORE >>
"According to a recently filed Supreme Court brief ... over half of plans with more than $1 billion in assets have been targeted by at least one excessive fee or investment performance lawsuit since 2016. Plans with $500 million or more in assets have close to a 10% chance of being sued in a given year. And while some class action settlements are large, many result in incredibly small recoveries for actual plan participants, as most of the money is paid for attorney's fees, expenses, and payments to the named plaintiffs." MORE >>
"With the retirement plan industry operating under an increasingly heavy cloud of litigation, the American Retirement Association (ARA) is calling on Congress to act on legislation that reduces abusive litigation practices that divert resources that could otherwise enhance retirement outcomes. The ARA made the request in a Statement for the Record for a hearing before the House Education and Workforce Subcommittee on Health, Employment, Labor, and Pensions (HELP)." MORE >>
38 pages. "Plaintiff invites this Court to disrupt the long-standing consensus regarding the use of forfeitures. His theory is that forfeitures may not be used as employer contributions, notwithstanding that Wells Fargo's Plan documents expressly authorize just that. He offers no valid basis for ... contradicting the Treasury Department's position by adopting this novel approach.... The Court should reject Plaintiff's efforts to require employers to offer purported benefits ... that have no basis in the text of ERISA or the Plan documents." [Matula v. Wells Fargo & Co., No. 24-3703 [D. Minn. Jun. 18, 2025; on appeal to 8th Cir. No. 25-2441)] MORE >>
"Pursuant to ERISA Section 515, duress is among the defenses that cannot be used as a defense in an action by trust funds to collect delinquent contributions. A claim for economic duress may be preempted by ERISA. A violation of ERISA's claims procedures rule could constitute duress.... While duress can be alleged with respect to a designation of beneficiary or with respect to an agreement to arbitrate, or a forum selection clause, it arises most frequently in the employee benefits context in connection with the validity of releases." MORE >>
