Fillable PDF; may not open correctly in some browsers (i.e., Adobe Acrobat Reader might be needed). Also see Instructions for 2021 Form 8955-SSA, issued January 4, 2022.  MORE >>

"The key takeaways regarding adding or maintaining an asset allocation fund including PE investments are: [1] Ensure adequate disclosure of the fund's investment objectives and risks to plan participants and beneficiaries. [2] Review and analyze, with respect to any PE investments, the investment valuations, the extent of investment illiquidity and fees, conflicts of interest, and other SEC-raised concerns. [3] Enlist the assistance of a registered investment advisor to evaluate the PE investments and the fund as a whole. [4] Carefully consider whether members of the committee have experience in evaluating PE investments in a defined benefit pension plan, which appears to be a de facto requirement of the Supplemental Statement."  MORE >>

"Is cryptocurrency legally permitted as a 401(k) plan investment option under ERISA and the Code? ... What are the risks for plan fiduciaries that permit cryptocurrency as a 401(k) plan investment option? ... If a plan sponsor wants to offer cryptocurrency as an investment option, what steps should it take? ... Are there any additional considerations for plan sponsors that offer cryptocurrency as a 401(k) plan investment option?"  MORE >>

43 presentation slides covering cryptocurrency, IRS taxation guidance of convertible virtual currencies and other cryptocurrency-related compensation issues.  MORE >>

44 pages. "PBGC should work to integrate their information security architecture with its systems development lifecycle. PBGC should implement updated policies and procedures surrounding the sourcing of hardware and software in accordance with new Supply Chain Risk Management (SCRM) standards.... PBGC should continue to implement improvement throughout segregation of duties to minimize risk throughout PBGC."  MORE >>

"[T]he plaintiffs assert that DOL has sought to expand the scope of who is an ERISA fiduciary beyond those who have a 'relationship of trust and confidence' with an ERISA plan or IRA holder, thereby sweeping back in functions like regular sales activities.... While a victory for FACC in the case would not invalidate PTE 2020-02, it would likely mean the exemption wouldn't be necessary for many transactions, including rollovers." [Federation of Americans for Consumer Choice Inc. v. DOL, No. 22-00243 (N.D. Tex. complaint filed Feb. 2, 2022)]  MORE >>

"Although the ruling ... limits defendants' monetary exposure, it allows for broader and potentially impactful non-monetary relief, such as the removal of a plan fiduciary or a particular plan investment option.... [An] appeal of the district court ruling could give rise to a split between the Eleventh and Seventh Circuits regarding the application of the effective vindication exception." [Holmes v. Baptist Health South Florida Inc., No. 21-22986 (S.D. Fla. Jan. 20, 2022)]  MORE >>

"At minimum, the language of the Hughes decision gives plan fiduciaries additional arguments to support their motion to dismiss. However, because the parameters of the pleading standard remain unsettled, litigants remain adrift." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

"The decision underscores that defense lawyers can no longer categorically argue that all excessive fee cases are unfair. The tactic of filing motions to dismiss in all cases -- even in cases like Northwestern with problematic fact patterns -- has not worked.... [T]he defense of excessive fee cases must now distinguish legitimate from illegitimate excessive fee cases based on actual plan expenses." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

"In conjunction with the reopening, the SEC has proposed several additional disclosure requirements in an effort to provide heightened transparency for investors. The new disclosure requirements, however, require registrants to generate more detailed reports, which raises concerns as to increased reporting costs and decreased efficiency."  MORE >>