I"n line with the DOL's philosophy of motivating plan sponsors and fiduciaries to voluntarily correct any issues they discover as a result of the amendments, the VFCP will be easier to navigate and more user-friendly by simplifying and expanding the correction program under which plan sponsors and fiduciaries may seek relief for prohibited transaction errors."  MORE >>

"While federal retirement plan mandates are still a long way off, 20 U.S. states have enacted state-sponsored retirement savings programs, 13 of which are open to eligible employers and workers and are required by law."  MORE >>

"Former participants of insurance company Swiss Re's retirement plan also accused the firm of allowing the plan to pay excessive recordkeeping fees, offering underperforming investments and under-utilizing forfeiture funds." [Rudasill v. Swiss Re American Holding Corp., No. 25-1403 (S.D.N.Y. complaint filed Feb. 19, 2025)]  MORE >>

"Siding with the DOL, the district court held that Loper did not impact the APA's arbitrary and capricious standard or the major questions doctrine. Accordingly, the court concluded that its review on remand was limited to determining whether the 2022 Final Rule was contrary to ERISA." [Utah v. Micone, No. 23-0016 (N.D. tex. Feb. 14, 2025]  MORE >>

"To give new [DOL] officials time determine their next steps, a federal circuit court judge has granted the DOL its motion to pause two federal court cases challenging the so-called fiduciary rule, but the department won't have too much time to act.... The DOL had requested the pause on Feb. 11." [FACC. v. DOL, No. 24-0163 (E.D. Tex. Jul. 25, 2024; on appeal to 5th Cir. No. 24-40637); ACLI v. DOL, No. 24-0482 (N.D. Tex. Jul. 26, 2024; on appeal to 5th Cir. No. 24-10890)]   MORE >>

"The freeze memo ... may ring a death knell for the 2024 Retirement Security Rule, also known as the fiduciary rule ... Another indicator of things to come is the arrival of Daniel Aronowitz ... with 30 years of experience in the professional liability industry. The president recently nominated Aronowitz to serve as assistant secretary of labor for the []EBSA.... [O]ne can hope that the ongoing ping-pong match surrounding the proposal, withdrawal, and re-proposal of the fiduciary regulation over the last 15 years will finally be put to rest."  MORE >>

"cybersecurity policy is essential for protecting participant information, ensuring compliance, and most of all, keeping your employees' hard-earned retirement savings safe. With cyber threats constantly evolving, it's imperative to implement a 401(k) cybersecurity strategy. Failing to do so could lead to data breaches, fraud, and serious financial consequences."  MORE >>

"Beginning in 2027, low-wage earners contributing to employer-sponsored retirement savings plans or individual retirement accounts will be eligible for a matching contribution of up to $1,000 from Uncle Sam.... Record keepers and other industry stakeholders will need to work with the Treasury Department to figure out how to transfer money from the Treasury to an individual's account within a retirement plan[.]"  MORE >>

"While former employees can no longer make employee contributions, they can still manage their investment mix, transfer eligible money into their account and allow their investments to grow while taking advantage of the TSP's low expenses."  MORE >>

"In contrast to traditional retirement accounts such as 401(k)s and IRAs, [Life Insurance Retirement Plans (LIRPs)] use the cash value from permanent life insurance policies to provide tax-advantaged income. This article examines LIRPs, their benefits, and why they may be valuable to your retirement plan."  MORE >>

"Most public pensions benefited significantly from strong equity returns in 2024. According to Reason Foundation's data, the average total asset return reached 9.9%, compared to the average assumed rate of return of 7%. This positive financial momentum for most public pension plans provides a critical opportunity for policymakers to address unfunded liabilities, safeguard retirement benefits, and reduce the potential burden on taxpayers."  MORE >>

"[To] determine whether an employee is an additional covered employee, the proposed regulations define compensation as compensation that would but for Section 162(m) be allowable as a deduction. This is a departure from the definition of compensation applicable to the original covered employees, which is defined as the total compensation required to be disclosed in the Summary Compensation Table under [SEC] rules. This means that a separate methodology for calculating compensation under Section 162(m) will be required for additional covered employees."  MORE >>