"[T]his bulletin is focused primarily on the Care Obligation of Regulation Best Interest (Reg BI) for broker-dealers and the duty of care enforced under the Investment Advisers Act of 1940 for investment advisers ... Whether a recommendation or advice satisfies the care obligations is an objective evaluation, turning on the facts and circumstances of the particular recommendation or advice and the investment profile of the particular retail investor at the time the recommendation is made or when the advice is provided. When adopting and implementing reasonably designed policies and procedures regarding their care obligations, broker-dealers and investment advisers should tailor those policies and procedures, taking into consideration their particular business models and relationships with retail investors." [20 Q&As, with 79 footnotes  MORE >>

"[1] Roth matching and nonelective contributions ... [2] Hardship self-certification ... [3] Employers can treat student loan payments as elective deferrals for matching purposes ... [4] Catch-up contributions must be Roth contributions ... [5] Part-time employee eligibility."  MORE >>

"The Court articulated the pleading standard for an excess fee claim to prevail on a motion to dismiss. Under this standard, a plaintiff must allege enough facts to show that a prudent fiduciary would have taken steps to reduce fees and remove imprudent investments.... Northwestern argued that the institutional class shares were 'not necessarily available'. But the Court said that the plaintiffs were only required to plead that the cheaper institutional fund shares were 'plausibly available'." [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 23, 2023)]   MORE >>

"At Thursday's hearing, Su briefly discussed the implementation of SECURE 2.0 ... Su said she looks forward to providing guidance in a 'timely manner' and specifically highlighted the lost-and-found provision of the legislation, which requires the [DOL] to create a database in which participants can be matched with old plans they may have lost or forgotten."  MORE >>

"[J]ust offering a program designed to help employees manage their financial lives better is not enough. Employers must be prepared for employee skepticism about participating.... By intentionally focusing on underserved populations, employers might see a 30 percent initial enrollment grow to 50 percent after a few months as more people become aware of the program."  MORE >>

13 pages. "his report provides participant and funding data from the [DOL's] 2020 Form 5500 dataset for [1] all multiemployer DB plans and [2] those not meeting eligibility criteria to apply for SFA." [R47512 Apr. 20, 2023]  MORE >>

"Ageism is driving older individuals out of the workforce just when the current economy needs people to work longer ... In a panel discussion led by Arianna Huffington ... experts said there is a disconnect between firms forcing workers out in a time when there may not be the talent to replace them, and they may need to income to support longer lives. Huffington told an audience at the Founders Summit that companies should evaluate the age limits set on their employees’ work lifespan."  MORE >>

"It appears PBGC is ignoring the serious nature of the risk advisory by continuing to approve supplemented SFA applications without a contingency plan if the agency is found to be making improper payments."  MORE >>

"[C]hoosing among the various options is akin to navigating a confusing, shifting maze. There are cross-cutting considerations regarding out-of-pocket costs, the level of monthly premiums, the level of access to preferred doctors offices and hospitals, the coverage of regular prescription drug costs and various other factors to throw in the mix."  MORE >>