"Before plan administrators can default a participant into electronic delivery, they must first notify the individual by paper that some or all plan documents will be furnished electronically. The participant also retains the right to request and receive paper copies of some or all of the covered documents."  MORE >>

45 pages. "In 2024, the Office of the Advocate observed larger interrelated themes occurring across multiple departments at PBGC that affected participant and plan sponsor experiences with the agency.... [1] Strengthen escalation procedures and increase supervisory involvement in complex issues ... [2] Improve written procedures to document existing practices and procedures, clarify employee discretion, and promote transparency ... [3] Evaluate and enhance communication practices."  MORE >>

"The IRS and the [PBGC] have updated the membership of advisory bodies that provide them with recommendations and feedback from industry sectors, employers, employees, and the public in general."  MORE >>

"Starting in 2025, a new provision under SECURE 2.0 will allow individuals aged 60 to 63 to contribute even more to their retirement plans through enhanced catch-up contributions. Here's what you need to know to take advantage of this opportunity."  MORE >>

"An uptick in Treasury rates fueled increases in liability discount rates and higher funded ratios for many U.S. corporate pension plans in the fourth quarter of 2024. ... Total-return plans saw a significant increase in funded status while LDI-focused plans saw a modest rise due to their hedged position. Estimated discount rates for pension liabilities, based on long-duration fixed-income yields, increased around 61 basis points during the quarter."  MORE >>

"This controversial 'disloyal, not imprudent' decision draws a distinction that is not contained in ERISA since both prudence and loyalty are inextricable measures of a fiduciary's statutory standard of care contained in ERISA section 404(a)(1)(A). The drafters of ERISA would consider a violation of the duty of loyalty to also be a breach of fiduciary duty and it is inconceivable to me as a participant in the ERISA drafting process that the drafters would conclude that a decision can be prudent and still violate the duty of loyalty." [Spence v. Am. Airlines, Inc., No. 23-0552 (N.D. Tex. Jan. 10, 2025)]  MORE >>

"President Donald Trump [on January 21] named Vince Micone acting Secretary of Labor, while his nominee for the position, former Representative Lori Chavez-DeRemer, R-Oregon, awaits Senate confirmation.... Micone assumes the role from his previous role as deputy assistant secretary for operations in the [DOL's] Office of the Assistant Secretary for Administration and Management."  MORE >>

"Excessive fee filings pick up, as existing lawsuits are increasingly resolved at summary judgment and trial.... Forfeiture litigation picks up steam.... The Supreme Court is expected to provide guidance on pleading requirements for prohibited transaction claims.... Health plan fee litigation continues to develop.... Plaintiffs test tobacco use premium surcharges.... [A]ctuarial equivalence lawsuits slow following a 2023 surge, and a new wave of lawsuits challenges pension risk transfer transactions.... Litigation continues against the DOL regarding investment advice fiduciaries."  MORE >>

60 pages. "[H]ealthcare costs pose significant risks to retirees. Individual medical risks are well-insured, but retirees still face fast-rising costs of medical care, which erode the quality of insurance and result in premiums that will take up an increasing share of their income over time. While LTC costs have not grown as fast as medical costs, individuals ...[H]ouseholds have a poor perception of their risks and costs and very few have taken steps to insure themselves against these risks. Advisors have a better sense of their clients' costs and risks but households with advisors are not better prepared[.]"  MORE >>

"[C]ompanies are required to report the first transfer of legal title to any share purchased under an ESPP plan where the purchase price paid for the share was [1] less than 100% of the fair market value on the date of grant or [2] not fixed or determinable on the date of grant.... Participant information statements may either be delivered or mailed to the participant's last known address or, if the participant has given his or her consent to receive the statement electronically, provided in electronic format."  MORE >>