36 pages. "This final rule makes miscellaneous technical corrections, clarifications, updates, and improvements to several of the [PBGC's] regulations.... The major provisions of this rulemaking amend PBGC’s regulations on:

• Premium Rates, by codifying the changes of the [SECURE Act] applicable to cooperative and small employer charity (CSEC) plans and certain community newspaper plans; 
• Payment of Premiums, by revising the due date for the final premium for terminating plans to be the earlier of the normal premium due date or 45 days after the date the post-distribution certification is filed;
• Termination of Single-Employer Plans, by setting due dates for the standard termination notice and notice of intent to terminate where the plan administrator has not provided a proposed termination date, and by adding additional criteria majority owners must meet to waive their benefits if they are owners through constructive ownership; and
• Termination of Multiemployer Plans, by eliminating a requirement for terminated and insolvent multiemployer plans to file withdrawal liability information."

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"[T]his policy shift does not change the scope of any fiduciary duties and could easily add to the ever-evolving list of litigation concerns that plan sponsors and fiduciaries must consider.... Alternative assets present unique considerations that require careful evaluation, and a solid foundation in these concepts will make future guidance on expanding access to alternative investments more actionable."  MORE >>

"One area where the DOL would have authority to regulate would be qualified default investment alternatives (QDIA) ... QDIA regulations require that a participant have the right to transfer their money from the default to a new investment at least once every three months. This would suggest that the default fund in question must have the liquidity to accommodate this requirement, which many funds with illiquid private assets might struggle to comply with."  MORE >>

"Revenue Ruling 2025-15 confirms that a payor is not entitled to unwind required withholding or otherwise make an adjustment or obtain a refund of tax withholding because a check has not been cashed. Nevertheless, because the IRS had not previously summarized these principles together in a single release, the Ruling provides helpful clarity to payors and plan administrators."  MORE >>

"[1] Engage independent experts ... to assist in evaluating prospective insurers and an actuary early in the planning phase. [2] Build in at least four to six weeks for RFP responses, provider Q&A, and internal reviews. [3] Use a standardized scorecard ... [4] Maintain a decision file ... [5] For ongoing plans, schedule annual or biennial reviews of active contracts to confirm ongoing performance and cost competitiveness and re-benchmark quotes every three to five years."  MORE >>

"In addition to permitting contractors to participate in retirement plans like single pension IRA plans and pooled employer plans (PEPs), the Independent Retirement Fairness Act (S 2217) ... would simplify the auditing requirements for GoPs by amending the SECURE Act (as amended by SECURE 2.0) to permit GoPs subject to the annual audit requirement to perform a consolidated audit similar to the rules for PEPs."  MORE >>

"Retirees are likely to see only a modest rise in Social Security benefits next year ... The Senior Citizens' League (TSCL) has raised its prediction to 2.7% in July from 2.6% in June based on creeping inflation rates. The TSCL has raised its projection by 0.1% every month since its estimate for March[.]"  MORE >>

62 pages. "[T]his report ... illustrate[s] how this social safety net plays a vital role in helping Americans achieve a more secure retirement. The report examines people's beliefs, expectations, and reliance on Social Security. It also sheds light on their views on how to address its funding shortfalls."  MORE >>

"it's going to be a long time, a very long time, before private investments go airborne.... 'Fiduciary' is one problem. Liquidity is probably a bigger one.... [L]ogistical issues around liquidity and other alts limitations are big reasons why the executive and DOL guidance is specific to asset allocation funds versus standalone alts."  MORE >>

"ISS and Glass Lewis are private companies that dominate the proxy advisory market, influencing how institutional investors, including public pension funds, vote on matters like executive pay, board elections, and environmental proposals. These votes shape corporate policy, impact stock performance, and ultimately affect the financial stability of the retirement systems that millions of public employees depend on.... [N]either ISS nor Glass Lewis has any fiduciary duty to the pensioners or taxpayers whose financial futures are affected by their recommendations."  MORE >>

"[P]oint number one for plan sponsors: take fiduciary liability insurance very seriously, and don't treat it like just another part of the corporate insurance program.... Point number two for plan sponsors is to pro-actively understand the coverage.... Point number three for plan sponsors and fiduciaries is to consider how much control of lawsuits against them that they want to have under their fiduciary liability insurance policies. "  MORE >>

"In the FINRA award dated Aug. 8, a three-person panel ruled against former Morgan Stanley rep Patrick T. O'Neill.... In the arbitration, [O'Neill] argued that Morgan Stanley's deferred compensation plan forfeiture for advisors who leave is 'impermissible under ERISA.' " [O'Neill v. Morgan Stanley, No. 24-00358 (FINRA Aug. 8, 2025)]  MORE >>