"The decision ... rejected arguments by plaintiffs and by a [DOL] amicus brief over the controversial issue of loss causation. The plaintiffs and the DOL said the defendants had to disprove allegations that plan management caused participants' losses." [Pizarro v. Home Depot, No. 22-13643 (11th Cir. Aug. 2, 2024)]  MORE >>

"[T]he court noted that Loper Bright 'upended the legal landscape' ... With the removal of the Chevron duty to defer, the Fifth Circuit held that it was required to remand the case to the district court to make an independent determination of whether the rule was within the DOL's authority to pass." [Utah v. Su, No. 23-11097 (5th Cir. Jul. 18, 2024)]  MORE >>

"[The lawsuit] accuses TIAA and Morningstar of developing an investment advice tool that has improperly steered clients toward profitable proprietary investment vehicles, including the TIAA Traditional Annuity and the TIAA Real Estate Account.... [T]he tool was allegedly developed in response to a drop in market share for TIAA’s retirement plan services business." [Kelley v. TIAA, No. 24-5945 (S.D.N.Y. complaint filed Aug. 5, 2024)]  MORE >>

"Since a technical corrections discussion draft was distributed in December, there has not been any major legislative updates.... The most optimistic timeline for a technical corrections bill would be in September, when it could be attached to a budget bill, or more likely, a continuing resolution to keep the government funded."  MORE >>

"The Helping Young Americans Save for Retirement Act [HR 9281] would require employers to offer 401(k) plans to employees as young as 18 and would seek to reduce regulatory burdens that discourage employers from offering these retirement plans to workers under 21."  MORE >>

"[Any] understanding of the coverage testing rules cannot be considered complete without some appreciation of: [2] The rules for aggregating and disaggregating plans for coverage testing purposes. [2] The transition rule for certain business acquisitions and dispositions."  MORE >>

"The PNC complaint is another in a long-line of excessive fee claims in which the fees alleged were false.... Comparisons to four to six random plans out of thousands of jumbo plans is not reliable evidence of what plans actually pay....This is the third recent case in which we have seen plaintiffs use the results of RFPs in order to argue that the sponsor's RFP validated their excessive fee claims.... [If] you conduct a RFP, you need to understand that it will be used against you as proof that you were negligent in prior years." [McCauley v. The PNC Financial Serv. Group, Inc., No. 20-1493 (W.D. Penn. Jun. 21, 2024)]  MORE >>

"This quarter, more participants, nearly 9 in 10, kept their savings rate consistent. More participants took a loan and slightly more took a hardship distribution, but average amounts withdrawn were consistent with last quarter.... While nearly 4 in 10 participants contributed more than they withdrew from their health savings account, more participants could benefit by taking advantage of the investment feature to grow long-term health care savings. "  MORE >>

"According to the bill, the DOL would receive $13.8 billion in discretionary funding, and EBSA will receive $206 million, an increase of $15 million, for fiscal year 2025.... Acting Secretary of Labor Julie Su had testified before the House Committee on Appropriations in April, requesting a $13.9 billion total budget for 2025. Her request also included a plan to set aside $4.7 million to implement provisions from the SECURE 2.0 Act of 2022."  MORE >>