"While DOL's cautionary statements in the 2022 guidance also encompassed participants' ability to invest in digital assets through brokerage windows, CAR 2025-01 makes no mention of the potential availability of cryptocurrency investments through brokerage windows."  MORE >>

"Although the warning's gone, fiduciary duties of loyalty and prudence still apply, and additional issues may exist.... This new normal requires fiduciaries to take prudent steps as they navigate ongoing assessments surrounding digital assets. Cryptocurrencies pose ongoing challenges for fiduciaries, despite lacking clear guidance, due to volatility, valuation, security, regulations, and investor suitability."  MORE >>

"[T]he suit alleges that the TIAA Defendants have kept in the Plans their proprietary in-house managed funds with a higher-cost share class when a lower-cost share class was readily available, resulting in the Plans paying higher fees than they otherwise would have paid for investing in the exact same funds.... [T]he suit claims that since 2009, this fund has underperformed its stated benchmark by over 186%." [Byrne v. Teachers Insurance and Annuity Association of America (TIAA), No. 25-4228 (S.D.N.Y. complaint filed May 20, 2025)]  MORE >>

"Several macro trends are forcing defined contribution record keepers and advisors to significantly change their business models, with the most prevalent being the decline of plan fees while the costs of technology and service rise. Unless they adapt moving ... from a 'product' to 'participant' centric model, they face heavy headwinds, unlikely to compete with scaled providers with unique distribution models, with proprietary investments and the ability to cross-sell to participants."  MORE >>

"From the perspective of a private equity manager, accessing the $12.4 trillion defined contribution marketplace would be nitrous to an already explosive market, and the fees and deal opportunities it would unlock for private equity managers are undeniable. The benefits to the fiduciaries who bear the risk of poor disclosure, obtuse valuations, and high fees are far less clear."  MORE >>

"The aggregate funded ratio for U.S. corporate pension plans is estimated to have increased by 2.6 percentage points in May, ending the month at 100.2% ... Although the aggregate funded ratio is estimated to have increased by 2.5% year to date, it is estimated to have decreased by 1.0% over the trailing twelve months."  MORE >>

"Cultural resistance, administrative concerns, and fear of employee pushback are the top reasons for avoiding automatic features.... [It's] not easy making a change that will impact your employees. However, we should ask ourselves, are we holding them back from a more financially secure retirement?"  MORE >>

14 pages. "Defined Contribution (DC) plans, which are the predominant employment-based retirement plans for today's workforce, do not provide the same spousal consent protections for withdrawals and distributions as those provided in Defined Benefit (DB) plans. In a divorce, a spouse can gain access to a portion of a participant's employer- sponsored retirement benefit with a [QDRO], but the process is complex. Model QDRO language and communication of administrative procedures could improve the process."  MORE >>

"Whether ... navigating this wildly volatile market, uncertain legislation, or economic shifts that make plan sponsors uneasy, ... clients crave leadership. They want clarity, not chaos. Guidance, not guesswork.... Here's why right now is the time to double down -- not pull back -- on the three pillars that grow and retain business: visibility, relationships, and communication."  MORE >>

"The recently passed so-called Fairness in Benefits Act compels school districts to allow private companies to 'educate' employees about their 401(k), 403(b) and 457(b) products. Tellingly, the law only applies to teachers and state workers participating in the Tennessee Consolidated Retirement System (TCRS)."  MORE >>

"The [DOL] announced the launch of its opinion letter program. This expands the department's longstanding commitment to providing meaningful compliance assistance that helps workers, employers and other stakeholders understand how federal labor laws apply in specific workplace situations.... To support this effort, the department has launched a landing page ... [which] allows users to explore past guidance and provides an easy way to submit new requests to the appropriate agency."  MORE >>

"DOL opinion letters are not legally binding, but they can provide helpful guidance, particularly for plan sponsors, on how the DOL applies the law to the circumstances at hand."  MORE >>

"The ruling aligns Puerto Rico with U.S. Supreme Court decisions, marking a shift from blind deference to administrative 'expertise.' ... After this ruling, courts may freely reexamine legal determinations made by agencies, such as: [1] Whether a worker is an employee or independent contractor; [2] Whether a termination constitutes 'just cause'; and [3] Whether certain benefits or wages are owed under applicable statutes." [DACO v. Consejo de Titulares del Condominio Los Corales, 2025 TSPR 56 (P.R. May 21, 2025)]  MORE >>