"[T]he amendment would codify the DOL's interpretation that foreign crimes substantially equivalent to the enumerated U.S. offenses result in disqualification. The amendment would also add categories, short of actual crimes, permitting the DOL to strip a manager of QPAM status. The Amendment would require QPAM management agreements to indemnify plan clients against losses resulting from the QPAM's disqualification, and impose a mandatory one-year winding down period following disqualification to help plans mitigate disruptions from changing advisors."  MORE >>

"[T]he court found that whether Alight is a fiduciary does not impact the DOL's investigatory authority under 29 U.S.C. Section 1134(a)(1).... The court also found that Alight's estimate that complying with the subpoena 'would require thousands of hours of work' did not demonstrate undue burden.... Lastly, the court found that the district court did not err by denying Alight's protective order ... Alight did not show how its disclosure to the DOL would result in disclosure to a third party." [Walsh v. Alight Solutions LLC, No. 21-3290 (7th Cir. Aug. 12, 2022)]  MORE >>

"Even though we are using the retirement plan for improving retention, some of the solutions are not just for older more experienced employees. There are useful tools for retaining early and mid-career employees as well."  MORE >>

"The average Annuity Purchase Interest rates slightly dipped this past month, with the average duration 7 rate at 3.78% and average duration 15 at 3.93%.... [A]nnuity purchase costs relative to pension accounting value (GAAP PBO) has narrowed ... Pension Risk Transfer market activity is at a record high in the first half of 2022, with the number of transactions nearly double than the first half of 2021."  MORE >>

"Since June 1, when the TSP moved its recordkeeping services to a new provider ... participants have reported difficulty setting up and logging into their accounts, finding account information and historical documents, and confirming their beneficiary choices ... Officials have said the contractor that operates the ThriftLine greatly underestimated the influx of calls they would receive and didn't have enough staff to handle demand."  MORE >>

"Changes in your present value of essential expenses, your present value of non-financial floor plan assets or your accumulated savings can affect how you allocate your accumulated savings between risky and non-risky investments."  MORE >>

"When those running an ESOP are acting in good faith, mistakes may happen, but overall, the goals of the ESOP structure ... are accomplished.... Valuation is a regulated activity ... but it also is, in many ways, subject to the honor system -- with much of the litigation involving ESOPs originating from someone trying to manipulate valuation[.]"  MORE >>

"BlackRock and other giant firms use your money to advance ESG ideas you may not agree with, even if you own index funds. Vivek Ramaswamy has brought an alternative to the market."  MORE >>

"[I]nstead of plenary hearings, ERISA claims are mostly conducted as record review proceedings. That means courts generally disallow the introduction of any evidence not previously introduced during the claim process. On July 29, a federal appellate court ruled that a district court's preclusion of additional evidence proffered by the plaintiff in an ERISA benefits case was erroneous." [Harris v. The Lincoln National Life Ins. Co., No. 21-13186 (11th Cir. Jul. 29, 2022)]  MORE >>

"With so many people opting to strike out on their own, ... some professional groups are setting up systems ... offering group health insurance and, in some cases, retirement funds. Similarly, the Freelancer's Union has arranged health, dental, disability and liability insurances (among others) for members. And various popular workforce management services offer health insurance options as well."  MORE >>