"This memorandum addresses the definition of an 'investment advice fiduciary' under ERISA, the USDOL's official interpretation o­f the definition from 1975 through 2024, the policies underlying the USDOL's transition to the new Retirement Security Rule, the requirements of the rule, and the impact thereof on businesses, investors, and plan sponsors. The memorandum also examines the Retirement Security Rule's chance of survival in the face of current legal challenges."  MORE >>

"The operative complaint now alleges that the sponsors of plaintiffs' benefit plans breached their fiduciary duty of prudence by failing to detect or address TIAA's cross-selling activities.... [P]laintiffs also aver that the sponsors should have investigated how much money TIAA was indirectly generating through its cross-selling strategy, and that they breached their duty ... by not factoring in this significant source of revenue.... In the end, the court was satisfied that TIAA's alleged actions, and the plan sponsors' alleged inactions, together exposed TIAA to ERISA liability, even if it was not a fiduciary, because it had knowingly participated in breaches by the sponsors." [Carfora v. TIAA, No. 21-8384 (S.D.N.Y. May 31, 2024)]  MORE >>

"Under the new legislation, Rhode Island private-sector employers with five or more employees would be required to offer a retirement plan to their employees. The mandate can be satisfied with any type of retirement plan, such as a 401(k)."  MORE >>

"[1] Assessment of solution features against requirements ... [2] Assessment of insurance company or companies ... [3] Assessment of solution track record ... [4] Quantitative assessment of benefits relative to costs ... [5] Review of solution resources to assist plan participants ... [6] Analysis of the solution's ability to fulfill operational criteria."  MORE >>

"[M]ost of the plans now coming to market have large numbers of deferred lives -- employees or former employees yet to begin taking their benefits. This adds significant uncertainty for insurers.... [P]ricing a PRT deal that includes significant numbers of deferred lives is challenging. Some insurers have simply opted to steer clear of such transactions.... [S]everal sources of data can help insurers move forward with greater confidence."  MORE >>

"Although the IRS has indicated in its plan correction guidance ... that it will accept 457(b) plan correction filings on a provisional basis, such corrections are generally limited to governmental plan sponsors. However, it is within the IRS's authority and discretion to review submissions from non-governmental 457(b) plans."  MORE >>

"[T]he lack of retirement confidence among average Americans comes as the plethora of tools, products, and solutions aimed at improving defined contribution (DC) participants' financial wellness nears oversaturation.... [M]ost financial wellness tools and services see usage rates of less than 20%. 41% of 401(k) participants rate the tool or service they used as very helpful, but most (57%) are more neutral about the experience."  MORE >>

28 pages. "The improvement in outcomes is simulated for each of eight race/gender categories by age, eligibility status, and behavioral assumptions. When results are combined for all ages from 25-64, ... for those individuals eligible for the new program when it begins in 2027, the increase in the account balance/salary ratios at age 65 can be as high as 21.4% to 33.7%"  MORE >>

"[PBGC] has approved the application submitted ... by the Pension Plan of Local 102. The plan, based in Cherry Hill, New Jersey, covers 508 participants in the transportation industry ... [and] will receive approximately $12.4 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2030."  MORE >>

"[PBGC] has approved the application submitted ... by the CWA/ITU Negotiated Pension Plan. The plan, based in Mount Laurel, New Jersey, covers 24,288 participants in the printing industry ... [and] will receive approximately $545.6 million in special financial assistance ... The plan was projected to become insolvent and run out of money in 2029."  MORE >>