"[U]nder the Racial Equity Program, Citi pays 'all or some' of the investment management fees for 'Diverse Managers' if they are retained by Citi's own ERISA covered employer-sponsored benefit plans.... Advisory Opinion 2023-01A assumed that the Racial Equity Program was lawful and went on to discuss fiduciary issues that follow from that assumption. But the Racial Equity Program is not lawful -- its allocation of benefits on the basis of race clearly and unambiguously violates the civil rights laws.... Citi should take immediate action to end all illegal activity within its Racial Equity Program and any other initiative, plan, program, or scheme it operates under the banner of diversity, equity, and inclusion. ERISA does not shield Citi or the fiduciaries of the Plans from the application of the civil rights laws."  MORE >>

"Contributions to Trump Accounts are not permitted until July 2026, giving plan sponsors time to evaluate their approach and prepare accordingly.... [G]overnment entity and employer contributions are fully taxable upon withdrawal, while parent contributions require basis tracking.... Employers may contribute up to $2,500 (indexed) per employee on a tax-free basis.... [C]ontributions from states, local governments and charitable organizations ... will not count toward the $5,000 annual limit. "  MORE >>

"Nevada established the NEST Program to allow private-sector workers to make payroll deductions into Roth IRAs if their employer does not offer retirement benefits. Nevada joined nineteen other states that have established retirement savings programs for private-sector workers. Employers in Nevada must register with the NEST Program by September 1, 2025, or certify that they have an exemption because they already provide a qualified retirement plan."  MORE >>

"The Federation of Americans for Consumer Choice [FACC] will appeal a mixed ruling that keeps alive the [DOL's] fleeting attempts to reinterpret fiduciary duty.... [The district court] order vacated specific rollover-related provisions, including the rule allowing a single IRA rollover to be considered the start of an ongoing fiduciary relationship ... [but] did not dismiss the DOL's entire rule." [FACC v. DOL, No. 22-0243 (N.D. Tex. Jul. 9, 2025)]  MORE >>

"A recent case by the Tennessee Court of Appeals highlights the importance of changing one's insurance and retirement policy beneficiaries after divorce. This is true no matter what the divorce documents say and no matter what any order signed by a Judge says." [Estate of Birdwell v. O'Dell, No. M2024-00025-COA-R3-CV (Ct. App. Tenn. Feb. 24, 2025)]  MORE >>

The SEC"s 2025 crypto regulatory reforms clarify staking, stablecoins, and custody rules ... 401(k) integration gains momentum as Fidelity and major asset managers launch crypto retirement options, supported by improved custody solutions.... ERISA fiduciaries face risks from high volatility and evolving regulations."  MORE >>

"President Donald Trump is expected to sign an executive order allowing for the inclusion of private market investments in defined-contribution plans ... The specifics are still unknown, but it seems likely that this will formalize the 2020 Pantheon Ventures/Partners Group opinion letter from the [DOL] that stated private markets could be included in a qualified plan as part of either a target-date fund or some other managed solution. The letter made clear that such investments should not be directly accessible to plan participants."  MORE >>

"One [incentive] ... allows smaller firms that establish an ESRP to claim a tax credit to offset part of their costs during the initial years.... [O]nly 1 percent (pre-policy expansion) to 5.5 percent (post-policy expansion) of apparently eligible firms claim the credit.... [T]ake-up among a tax preparer's clients increases after that preparer files their first credit.... [M]ost firms only claim the credit for one year despite being eligible to do so for up to three years."  MORE >>

"Life expectancy is an estimate of how long you're likely to live. Longevity, on the other hand, refers to the actual age to which you could live. Longevity can be far greater than average life expectancy, and flawed planning could mean insufficient income to support the desired quality of life after retirement. You can outlive life expectancy by five, 10, 15 or more years, but if you haven't planned accordingly, you could find yourself with a significant shortfall."  MORE >>

"The foreseeability of loss, a core principle of Palsgraf, is relevant and probative in fiduciary litigation. The plan sponsor's decision to offer an annuity product that actuarially cannot provide a commensurate return -- and predictably results in a participant financial loss absent exceptional longevity -- is a breach of both the duty of prudence and loyalty. The financial harm to the participant was not a remote or unexpected event, but rather an inherent, foreseeable outcome of the annuity's structure."  MORE >>

"[E]xpanded flexibility for health savings accounts (HSAs) and new restrictions on premium tax credit eligibility ... may reduce the risk of triggering an employer shared responsibility penalty under the [ACA].... Limiting the deduction of excessive remuneration.... Expanding the application of excise tax on excess compensation within tax-exempt organizations."  MORE >>

"The company signed a memorandum of agreement adopting a union collective bargaining agreement and the terms of the Fund's trust agreement. That trust agreement included a personal liability clause providing that 'officers and directors' of signatory employers would be personally liable for underpayments caused by willful violations of the agreement.... The court emphasized that this presented a textbook factual dispute: the signature in a representative capacity suggested no personal liability, while the clause implied the opposite." [R.R. Maint. & Indus. Health and Welfare Fund v. Mahoney, Nos. 24-2704, 24-2817 (7th Cir. Jul. 17, 2025)]  MORE >>