"The [DOL] has issued an advisory opinion rescinding its 2023 approval of Citigroup Inc.'s Diverse Asset Manager Program, through which the bank commits to pay all or part of the fees of diverse asset managers for [ERISA] benefits plans it sponsors.... EBSA also stated that Citi's claim that its racial equity program may benefit the company because certain stakeholders might look favorably upon it is not a justification for violating the law."  MORE >>

"Generally, adjustments or refunds of income tax withheld on a retirement plan distribution are not available when the retirement check goes uncashed.... Form 1099-R reporting for a subsequently reissued check is only required when the reissued check is greater than the original check amount and the difference is $10 or more."  MORE >>

"Can the tax withheld on Check 1 be recovered? ... How is tax withholding handled on Check 2? ... How are the two checks reported to the IRS? ... How this affects plans from a practical standpoint."  MORE >>

"If a plan fiduciary is looking for little or no services for the participants and the simplest of investments, then lowest cost may be the right cost. But if they are looking to provide a robust set of services ... and to offer investments that will provide, for example, guaranteed retirement income, then lowest cost isn’t right.... [Of] six key retirement assumptions, decreasing fees has the least impact on the investor’s retirement readiness ratio."  MORE >>

"Pension fund members can learn that maintaining up-to-date participant information is essential for ensuring the stability and accuracy of their plans. By implementing proactive governance strategies -- such as routine data checks, regular communication, and systematic death audits -- administrators can reduce fiduciary risks, improve compliance, and safeguard long-term pension sustainability."  MORE >>

"[A 2024 article] concludes that Rev. Rul. 2008-45 prohibits the 'sale' of overfunded plans to a third-party buyer.... [T]he facts and legal issues discussed in Rev. Rul. 2008-45 are not square with those involving overfunded sale transactions; it does not prohibit such transactions. At worst, there is enough ambiguity to support a business decision to engage in such a transaction."  MORE >>

"As employers increasingly focus on in-person office mandates, reimbursements for relocation expenses have once again become a key component of attracting top talent. If not carefully structured, however, such expense reimbursements may inadvertently trigger significant adverse tax consequences under Section 409A of the Internal Revenue Code."  MORE >>

"Lars Golumbic, principal at Groom Law Group, testified that ... his firm found evidence of collusion between EBSA and plaintiff attorneys, in which trial lawyers were able to receive case information from [EBSA] ... Others expressed concerns over the length of EBSA's investigations and its approach in probing plan sponsors.... ERIC members have also complained of a lack of responsiveness by [EBSA] and variations in modes of operation depending on EBSA's regional offices."  MORE >>

"[T]he 2025 tax law ... [includes] changes that influence the calculation of the alternative minimum tax (AMT), most notably in the significantly raised cap on state and local tax (SALT) deductions. Other provisions in the law concern the special tax treatment for startup company stock and tax planning around charitable donations. Some of these new provisions will become effective in 2026. Others take effect sooner."  MORE >>

"With respect to the fact that top hat plans are exempt from ERISA's fiduciary duties, the court said 'The statutory regime shows that Congress 'deliberately omitted' these duties because high-level employees can protect themselves through contract.... The preemption provision thus continues to apply to these plans even though ERISA exempts them from many rules.' " [Aldridge v. Regions Bank, No. 24-5603 (6th Cir. Jul. 17, 2025)]  MORE >>

"The Sixth Circuit was called upon to answer two questions: [1] whether ERISA preempts the managers' state law contract-based claims; and [2] whether ERISA Section 502(a)(3) ... allows them to seek the value of their lost claims in the form of equitable surcharge. It answered yes to the former question and no to the latter." [Aldridge v. Regions Bank, No. 24-5603 (6th Cir. Jul. 17, 2025)]  MORE >>