"The retiree argued that his post retirement work was not performed in the 'same industry,' nor the same 'trade or craft.' However, the court upheld both rulings as the retiree was [1] performing work for an employer who was required to make contributions to the fund on behalf of its employees, and [2] operating under a similar job classification as he was prior to retirement." [Helgemo v. Operating Engineers Local 324 Pension Fund, No. 21-2951 (6th Cir. Mar. 7, 2022; unpub.)]  MORE >>

"A number of recent cases have addressed the issue of which participants have 'standing' to bring an ERISA fiduciary action against plan fiduciaries. The cases generally focus on the issue of whether the participant-plaintiffs have a 'concrete stake' in the dispute. [This article discusses] two recent cases involving participant-plaintiffs in defined contribution plans that did not invest in all the funds with respect to which they are suing." [Boley v. Universal Health Serv. Inc., No. 21-2014 (3d Cir. Jun. 1, 2022); Brown v. The Mitre Corp., No. 21-11605 (D. Mass. Apr. 28, 2022)]  MORE >>

"While the ForUsAll complaint does not address the vagueness of [the Compliance Assistance Release 2022-01 (CAR)] statements that it applies to cryptocurrency-related investments, derivatives, and investments whose value is determined by reference to cryptocurrency, that could also be a basis for challenging the CAR.... [T]he CAR does not distinguish at all between direct investment by participants and investment through funds managed by investment professionals and even traded on the New York Stock Exchange or NASDAQ." [ForUsAll v. DOL, No. 22-1551 (D.D.C. complaint filed Jun. 2, 2022)]  MORE >>

"Historically reserved for institutional or high net worth investors, offering alternative investment vehicles may help democratize a plan by providing plan participants with more choice. · Alternatives can help mitigate lower-return expectations of traditional asset classes, but they involve complexities that hinder their implementation. · Today's plan sponsors deserve a modernized ecosystem that facilitates the adoption of alternative investments."  MORE >>

"This post describes fifteen common 403(b) mistakes (in no particular order) and, more importantly, workarounds, action steps, and resources to address each one. It concludes with three “need-to-knows” and six take-away action steps."  MORE >>

"Imagine ... the IRS audits the plan and determines that the corporation's total disregard for the law means it will disqualify the plan ... [S]ince the employer didn't maintain a qualified plan, it was required to register for CalSavers and failed to do so, now it is subject to penalties.... Another nightmare scenario involves misclassified workers.... These situations demonstrate how noncompliance with one law can trigger a prior obligation to comply with CalSavers."  MORE >>

"The city of Providence's pension fund, which is among the most underfunded in the country, just got one step closer to approving $515 million in pension obligation bonds. A majority of voters cast ballots in favor of the mayor's proposal to issue $515 million in bonds in a non-binding referendum.... [T]urnout was low: Only 4% of city residents voted."  MORE >>