55 pages. "The [Council's] examination focused on: [1] the prevalence of brokerage windows (the number of plans that have them and the extent to which assets are invested in them); [2] which types of plans have brokerage windows; and [3] which plan participants use brokerage windows and in what manner."  MORE >>

72 pages. "The Council has formulated specific recommendations ... [which] fall into five categories: [1] Lack of retirement plans for 50 percent of American workforce ... [2] Current U.S. retirement system is fragmented ... [3] Real need exists to enhance education and outreach ... [4] Women are more likely to have lower retirement benefits ... [5] Opportunities for EBSA to update Regulations, Technical Bulletins, and Rules."  MORE >>

"The plaintiffs allege the [DOL's] new interpretation, which broadens the scope of professionals who are considered fiduciaries, will 'directly and adversely' affect them. Under [ERISA], fiduciaries cannot collect commissions from a third party or compensation that varies based on the advice given." [Federation of Americans for Consumer Choice Inc. v. DOL, No. 22-00243 (N.D. Tex. complaint filed Feb. 2, 2022)]  MORE >>

"The Court's decision is disappointing to many plan sponsors and fiduciaries of defined contribution plans, leaving them to navigate ERISA's 'Sargasso Sea of obfuscation' without much guidance. It remains unclear as to whether this decision will likely lead to more 'excessive fee' litigation across the country. However, within days of the decision, several district courts have denied fiduciaries' motions to dismiss and allowed those cases to proceed to the next stage of litigation." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

"Though many of the deadlines for various forms and reports are the same as last year, there are a couple of dates that have changed to reflect this year’s calendar. As always, the year starts off with relatively few things due, but requirements begin picking up in March."  MORE >>

"[This] chart provides an explanation of key plan events and deadlines for Section 401(a) and 401(k) defined contribution plans with a plan year ending December 31, 2022. Off-calendar year plans should adjust the deadlines accordingly based on the time frames described in the chart."  MORE >>

"Against the backdrop of this massive discharge of debt, the accrued pension benefits of 167,000 government retirees are fully protected from any reductions. This result is particularly remarkable considering the Commonwealth's three retirement systems were essentially completely broke (average of 1.5% funding level) as of the commencement of the Title III case."  MORE >>

"[T]he Supreme Court stated that the mere availability of adequate investment options does not prevent ERISA plaintiffs from stating a plausible claim for breach of the duty of prudence. In other words, courts cannot simply dismiss breach of fiduciary actions because participants can pick from a wide array of investment options that include prudent options. If the fiduciaries fail to remove an imprudent investment option from the plan within a reasonable time, they breach their duty." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

"Don't assume the buyer's plan is the better plan.... Take a hard look at the seller's plan and make sure that there doesn't appear to be any potential compliance issues that you might take on.... Before you consider terminating the seller's plan, consider the ERISA impact of merging the plan into the buyer's plan.... [C]onsider terminating the plan prior to the acquisition and let [the other party] handle all of the heavy lifting.... f you're a fiduciary of the acquiring plan, ... make sure you're not burdened with any unknown liabilities."  MORE >>

"If a TDF provider could generate net returns four times more than the cost associated with delivering those incremental returns while keeping volatility constant, 89% of plan sponsors and 97% of advisors would be interested in this feature. There is also significant interest -- 86% of plan sponsors and 94% of plan advisors -- in a feature that could maintain comparable returns, net of fees, while reducing volatility by approximately 40%."  MORE >>