"Whether an individual is an 'employee' or an 'independent contractor' determines whether the individual must be enrolled in CalPERS under certain circumstances and whether a CalPERS retiree can return to work with a CalPERS agency without being subject to post-retirement work restrictions. The difficulty for CalPERS employers is that there is no single, absolute factor that distinguishes an 'employee' from an 'independent contractor.' "  MORE >>

"[T]he district court decided that Plaintiffs' claims accrued on the date when each Plaintiff received a pension projection statement from IBM.... Using those dates as the dates when Plaintiffs' claims accrued, the district court found Plaintiffs' claims untimely.The district court ... erred in relying on the accuracy of the dates in those statements without providing the parties with the opportunity to submit additional materials." [Knight v. International Business Machines Corp., No. 24-1281 (2d Cir. Apr. 3, 2025; unpub., on appeal from S.D.N.Y. No. 22-4592 Apr. 4, 2024)]  MORE >>

"[T]wo Federal District Courts decided cases in Athene-related risk transfer cases, reaching opposite conclusions on what is likely to be the key issue in this litigation: whether participants in defined benefit plans have standing to sue on a claim of an ERISA fiduciary breach with respect to a pension risk transfer when they are (currently) receiving all benefits promised under the plan from the annuity carrier to whom those benefits have been transferred." [Konya v. Lockheed Martin Corp., No. 24-0750 (D. Md. Mar. 28, 2025); Camire v. Alcoa U.S.A. Corp., No. 24-1062 (D.D.C. Mar. 28, 2025)]  MORE >>

"On March 28, 2025, two neighboring district courts issued sharply contrasting decisions on constitutional standing in lawsuits challenging pension risk transfers ... These decisions may be an early indication of a future circuit split on what is required to establish constitutional standing with respect to claims brought under ERISA." [Konya v. Lockheed Martin Corp., No. 24-0750 (D. Md. Mar. 28, 2025); Camire v. Alcoa U.S.A. Corp., No. 24-1062 (D.D.C. Mar. 28, 2025)]   MORE >>

"Companies should organize all plan documentation, ensuring participant data (contributions, distributions, loans) is accurate and aligns with payroll and third-party administrator (TPA) statements.... Effective internal controls are crucial ... Companies should employ detailed narratives around key cycles to define roles and responsibilities.... Effective communication with TPAs and auditors is crucial."  MORE >>

"[A]bout half of employers plan to have a comprehensive financial program in place by next year.... [B]enefits employers are now prioritizing to achieve that goal: [1] Holistic financial support for all ... [2] Rethinking emergency savings in the broader context of financial health ... [3] Student loan guidance based on the full financial picture ... [4] Confidential, judgment-free partners ... [5] Front door to the benefits ecosystem ... [6] Access to solutions that solve real problems."  MORE >>

"Regardless of how long the current state of economic uncertainty lasts or what kind of impact it may have, financial wellness benefits remain a vital part of any competitive benefits package for today’s workforce. If you would like to improve your employees’ financial health – and their productivity on the job – here are some of the key points you’ll need to consider to get started."  MORE >>

"The aggregate funded ratio for U.S. corporate pension plans is estimated to have decreased by 1.0 percentage points in March, ending the month at 103.0% ... Although the aggregate funded ratio is estimated to have decreased by 0.6% in the first quarter, the aggregate funded ratio has increased by 3.3% over the trailing twelve months."  MORE >>

"Sen. Tommy Tuberville (R-Ala.) and Rep. Byron Donalds (R-Fla.) reproposed the Financial Freedom Act [S 1222] ... The legislation would prohibit the Secretary of Labor from restricting the investments available in self-directed 401(k) brokerage windows."  MORE >>

"The employee benefits world is evolving rapidly, with new priorities emerging for both employers and employees.... While innovative benefits can attract and retain talent, compliance remains the cornerstone of any successful employee benefit plan.... [E]mployee ownership will play a pivotal role in reshaping the American workplace."  MORE >>

"[T]his year may be the most pivotal since 2020’s COVID-19 relief guidance. Affecting the way plan sponsors need to think about their plan design, administration, and compliance are a new presidential administration, and plenty of executive orders (some with retirement and welfare plan implications), new agency guidance on retirement and welfare plan compliance, as well as benefits-related tax issues, and increased litigation activity. Adding to the mix are more state and local benefits-related regulation[.]"  MORE >>