"Broker-dealers, investment advisers, banks and trust companies, and insurance companies need to ... have rollover recommendation solutions specifically designed for pooled plans such as defined benefit pension plans.... [W]hile many firms have rollover strategies for participant-directed plans, they do not for pooled plans. The differences in the information needed and the analytical approach are day-and-night."  MORE >>

"Read in conjunction, Hawkins and Dorman indicate that an effective practice for plans wishing to arbitrate all ERISA Section 502 claims may be to expressly consent to arbitration within plan documents. Absent such consent, defendants run the risk of inadvertently excluding from arbitration derivative and representative claims under Section 502(a)(2)." [Hawkins v. Cintas Corp., No. 21-3156 (6th Cir. Apr. 27, 2022); Dorman v. The Charles Schwab Corp., No. 18-15281 (9th Cir. Aug. 20, 2019; also unpub. memo. opinion)]  MORE >>

"The tone of the [DOL's] Compliance Assistance will undoubtedly serve to chill most plan sponsors from recommending and offering crypto in their investment lineups. However, as the regulatory landscape becomes more established, and the ability to value crypto becomes more consistent and reliable, it is possible that the DOL may have a change of heart similar to its position on the inclusion of ESG-related investments as plan assets."  MORE >>

"Fiduciary liability insurers have taken note of the recent surge in lawsuits leveled against employers and their executives for allowing service providers to charge excessive fees to the retirement plans they sponsor and manage.... Changes in insurers' qualification examinations threaten liability coverage for thousands of plan sponsors and their plans' fiduciaries, adding a whole new dimension to their legal exposure. [The authors] explore in this article the new underwriting standards used by executive liability insurers and discuss ways to align with their requirements."  MORE >>

"The baseline premise of DC plan oversight -- making decisions for the sole benefit of plan participants -- is a significant undertaking in and of itself. Adding to the level of responsibility in no small measure is the increased fiduciary scrutiny of legislators and regulators, as well as the ongoing evolution of the retirement landscape.... [This article offers a series of themes] to help committees reflect on their own plan facts and circumstances.... [T]aking the time to consider these factors can be informative in assessing a DC Plan Consultant partner and selecting one that will enhance your plan's oversight activities."  MORE >>

"As of April 30, the funded status for [the 100 largest U.S. corporate pension plans] improved by $48 billion, despite a monthly investment loss of 4.66%. A 78 basis-point increase in discount rates -- from 3.62% to 4.30% during April -- drove the improvement."  MORE >>

"You spend your whole life earning money that goes to buying things. In addition, you've become accustomed to saving excess cash flow. When you retire, you flip the switch from being a saver to a spender.... After spending all this time fundamentally worrying about money, it turns out retirement is defined by much more than the size of one's checking account."  MORE >>

"[Some retirees] like to make adjustments in their spending budget as the year progresses to avoid a larger change at the beginning of next year.... [The authors have added] several new items to [their Actuarial Financial Planner (AFP)] ... If you assume that all the investment losses from stock market decreases will occur in the Upside Portfolio, you can multiply the expected actuarial loss for the year by the Expected EOY Accumulated Savings (Upside) to get a feel for the present value of discretionary expenses that may need to be reduced as a result."  MORE >>

"[S]ingling out climate-related financial risk for mandatory consideration and reporting, regardless of the actual presence or degree of its risk, [1] undercuts a plan fiduciary's authority and duty under ERISA to appropriately consider and manage all relevant risks, [2] imposes unnecessary costs to plans and their participants, and [3] undermines ERISA standards and Department regulations on investment duties that require deference to the judgment of the plan fiduciary rather than the substitution of the Department's judgment."  MORE >>

"Firms that offer the best platforms, experiences and [user experience] will enhance the value of their benefits, increase employee engagement and drive better financial outcomes. [This article examines] five best practices that workplace benefits firms must follow to create a best-in-class digital experience."  MORE >>