"The amendments ... update the requirements under Regulation S-P for broker-dealers (including funding portals), investment companies, registered investment advisers, and transfer agents to address the expanded use of technology and corresponding risks that have emerged since the Commission originally adopted the regulation in 2000."  MORE >>

"From a practical perspective, the new transaction-based approach will create a facts-and-circumstances test where investment professionals will need to be noticeably clear as to the nature of the customer interactions to avoid claims for breach of fiduciary duty or claims that the professional engaged in a prohibited transaction."  MORE >>

"[PTE 84-24] can be used by independent insurance agents who recommend annuities and life insurance policies that only require an insurance license ('independent producers').... [U]nder PTE 84-24 the independent producer is a fiduciary, but the insurance company is not. However, insurance companies will have significant oversight responsibilities, including the review of each application for compliance with the new requirements."  MORE >>

"[The judge] rejected Yagy's assertion that she should be allowed to seek monetary relief for the entire plan, saying that nothing in ERISA establishes a plan participant's guaranteed right to bring a collective action. According to the court, Section 502(a)(2) allows a participant to sue a fiduciary for 'appropriate relief,' which doesn't necessarily include the ability to seek restitution for the whole plan." [Yagy v. Tetra Tech, Inc., No. 24-1394 (C.D. Calif. May 17, 2024)]  MORE >>

"The retirement industry has seen the power of automated workplace retirement saving and auto-escalation of deferral rates. But how else might automation be used as a reasonable tool to help workers save more?"  MORE >>

"[R]esearch found that DC managed account users have a stronger appreciation for the 'time, energy, and stress' saved by delegating management of their 401(k) and retirement planning to a professional, the human advice component, and the fact that the solution is vetted by their employer. In contrast, many non-users are seemingly unaware of the human advice component."  MORE >>

"After two straight months of positive market performance, April's investment losses caused the Milliman 100 PPFI funded ratio to drop from 79.7% as of March 31 to 77.6% as of April 30. In aggregate, the PPFI plans saw estimated investment returns of -2.1% in April ... These losses caused the plans to shed approximately $110 billion in market value for the month ... The deficit between estimated plan assets and liabilities widened from $1.271 trillion on March 31 to $1.404 trillion as of April 30."  MORE >>

"A lot has been written about the so-called 'retirement income' crisis, including whether such a crisis exists at all.... Whether the so-called retirement income crisis does or does not exist is totally irrelevant from a plan sponsor's fiduciary responsibilities under ERISA and fiduciary law. Annuities and other retirement income products and strategies are essentially a liability trap for plan sponsors."  MORE >>

"A significant barrier to appreciating the value of pensions is the widespread lack of financial literacy among Americans.... Instead of exploiting this knowledge gap to advance their agendas, lawmakers and pension critics should prioritize enhancing financial education. The goal should be to empower workers with the necessary skills to secure their financial futures[.]"  MORE >>

"This legislative season, many states are seeing the recruitment and retention of police, teachers, and other public workers at the forefront of policy agendas. Some lawmakers propose leaning into antiquated defined-benefit pension plans to appeal to an increasingly mobile pool of workers. While attracting and maintaining a high-quality workforce is important, academic research does not support using these old-fashioned pension plans as a solution."  MORE >>

"The sparse statutory and common-law plan-management performance requirements that Ohio offers its STRS participants substantially pale when compared to those that ERISA ... provides. And these performance requirements under ERISA are given teeth by ERISA's enforcement provisions, which are markedly missing from Ohio's statutory schema."  MORE >>

"[I]ndividuals and businesses in Iowa that were affected by severe storms and tornadoes that occurred on April 26, 2024 ... now have until Oct. 15, 2024, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Clarke, Harrison, Mills, Polk, Pottawattamie, Ringgold, Shelby, and Union counties qualify for tax relief."  MORE >>

"If it becomes effective, ... the final rule may cause employers to move towards ... [1] Longer time-based vesting periods. [2] More cliff-based vesting or otherwise requiring workers to be employed at payment to earn a benefit and forfeiture of benefit upon terminations prior to such time. [3] More 'buy outs' as replacement compensation for forfeited equity and incentive compensation for new hires as a result of the above. [4] 'Garden leave' replacing severance."  MORE >>