"The Draft Amendments include new minimum requirements for the cybersecurity policies and governing bodies of covered entities.... Covered entities may need to invest significant time and resources to implement the final Part 500 amendments and, if adopted, most of these changes would take effect only 180 days following their adoption."  MORE >>

"The [Staff Bulletin] defines conflict of interest ... as an interest that might incline a broker-dealer or investment adviser -- consciously or unconsciously -- to make a recommendation or render advice that is not disinterested. The Staff further states that firms need to take a proactive approach that is not only robust and ongoing but is tailored to each conflict and not merely a 'check the box' exercise."  MORE >>

"[C]onsider the following from the court's decision, requiring production of that client identifying information: 'If Alight were to redact the names of its clients and the corresponding plan names, as the company advocates, the Department could not identify which employers may have violated ERISA.' ... Clearly, the target of this subpoena is not (or not just) Alight, it is Alight's sponsor clients." [Walsh v. Alight Solutions LLC, No. 21-3290 (7th Cir. Aug. 12, 2022)]  MORE >>

"The court found that the 401(k) plan documents gives Greebel the right to withdraw funds in his retirement account. To enforce restitution under the MVRA, the Government steps into the shoes of the defendant and acquires the rights the defendant possesses with respect to the balance of the 401(k) accounts. The court remanded to the district court to determine whether the Government's right to the funds is limited by the ten-percent early withdrawal tax, and if so, the amount subject to garnishment." [United States v. Greebel, No. 21-993 (2d Cir. Aug. 24, 2022)]  MORE >>

"Members of the African Methodist Episcopal Church have filed a consolidated class action complaint alleging retirement plan fiduciary breaches under [ERISA].... The complaint follows a proposed class action lawsuit against named plan fiduciaries that was filed earlier this year.... Plaintiffs allege that the church plan is an ERISA plan because the summary plan document clearly states that it is." [In Re: AME Church Employee Retirement Fund Litigation, No. 22-3035 (W.D. Tenn. complaint filed Aug. 19, 2022)]  MORE >>

"This article summarizes state and city retirement initiatives for private-sector workers and rounds up relevant ... resources. This listing will be updated periodically and may not always reflect the latest developments in every state."  MORE >>

"Texas Comptroller Glenn Hegar on [August 24] included BlackRock on a list of 10 financial companies he has determined 'boycott energy companies' ... [A 2021 state law] restricts the state's pension funds and other state entities from investing in companies that divest from fossil fuels."  MORE >>

"Most people assume their taxable income in retirement will be very low because they're not working, and will be receiving only Social Security benefits and perhaps some interest and dividend income. But clearly, if you've saved a lot in tax-deferred accounts, your RMD income can be frighteningly large. Meet your retirement tax bomb."  MORE >>

"[The authors] use a dynamic microsimulation model to project how various forces might play out over the next 30 years to shape the retirement security of US residents born in the 1980s. [Their] projections show that median age-70 income will be higher for Millennials than previous generations, but this cohort faces a higher risk of seeing falling living standards in retirement."  MORE >>

"Competitive pay and benefits will continue to play a major role in attracting and retaining key talent, but a one-size-fits-all approach is no longer effective. The time has come for HR to embrace the personalization of benefits, driven by technology that connects employees to relevant content in the moments that matter, making it easy for them to focus on what's important."  MORE >>

"[The Employee and Retiree Access to Justice Act (HR 7740 and S 4219)] would upend the Firestone exception that grants deference to a fiduciary's benefits determination. Instead, the Act would prevent a court from extending deference to a fiduciary's benefits determination and require a de novo review of all benefit claim lawsuits. The only exception to this standard would be for multi-employer plans[.]"  MORE >>