Published Sep. 4, 2025.  Changes from the Fall 2024 PBGC Regulatory Agenda:

Added to Proposed Rule Stage:   Technical Amendments: Special Financial Assistance [1212-AB61]

Moved from Proposed Rule Stage to Final Rule Stage: Miscellaneous Updates, Clarifications, and Improvements [1212-AB51]

Added to Final Rule Stage:

• Interest Assumptions for Valuing Benefits [1212-AB62]
• Valuation of Benefits and Assets; Expected Retirement Age; Missing Participants Mortality Assumption [1212-AB63]

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"So far, in the absence of final regulations, the requirement that after Dec. 31, 2025, catch-up contributions made on behalf of certain eligible participants be designated as Roth contributions stands. But some uncertainty remains."  MORE >>

"[1] Consider what a PEP has to offer you and your employees.... [2] Make sure you understand the type of PEP under consideration.... [3] Make sure you consider the experience and qualifications of the PPP.... [4] Make sure you ask questions about the PEP's fees.... [5] Make sure you understand the investment options.... [7] Ask questions about your exposure to fiduciary liability should you join the PEP.... [8] Don't forget to monitor your PEP on an ongoing basis.... [9] Make sure you fully inquire about the implications of exiting the PEP."  MORE >>

"ERISA plans face relatively few instances that involve mailing checks to the DOL. Currently, penalties under the DOL's Delinquent Filer Voluntary Compliance (DFVC) Program for Form 5500 filing failures may be paid electronically or via mail. After September 30, filers should plan to pay these penalties using the DFVC Penalty Calculator and online payment system[.]"  MORE >>

"[The magistrate judge] found there was no basis to conclude that Athene's annuities were riskier than other insurers' annuities in the context of a fiduciary breach allegation. This finding led to a mixed result: The plaintiffs have standing to sue but did not sufficiently allege a fiduciary breach.... The plaintiffs' conflict of interest prohibited transaction claims were also dismissed, as ... AT&T acted as a settlor, not a fiduciary, when it contracted Athene to provide annuities." [Piercy v. AT&T Inc., No. 24-10608 (D. Mass. complaint filed Mar. 11, 2024; magistrate judge report Aug. 29, 2025)]  MORE >>

"The court's review will be limited to one question: Must the plan use the actuarial assumptions most recently adopted before the 'measurement date' for determining withdrawal liability, or can the plan use assumptions adopted after the measurement date based on information that was available as of that date? The decision may have a significant effect on the calculation of withdrawal liability for all multiemployer plans across the country." [M & K Employee Solutions, LLC v. Trustees of the IAM National Pension Fund, No. 22-7157 (D.C. Cir Feb. 9, 2024; cert. pet. granted Jun. 30, 2025 No. 23-1209)]  MORE >>

"Plan fiduciaries should [1] understand the services their 401(k) plan recordkeeper is providing in its capacity as recordkeeper and any ancillary 'non-plan' services it intends to provide.... [2] understand how their recordkeeper is compensated for any ancillary 'non-plan' services ... [3] understand how their 401(k) plan's recordkeeper can utilize plan and participant data.... [4] negotiate to restrict the recordkeeper's use of plan and participant data for non-plan purposes to the extent the recordkeeper's use of the data will not benefit participants." [Williams‑Linzey v. Empower Advisory Group, LLC, No. 25‑14660 (D.N.J. complaint filed Aug. 15, 2025)  MORE >>

12 pages. "Although the PBGC routinely performs death matches using the SSA's DMF, the Director sought to determine whether the OIG had access to additional resources that could help identify deceased individuals not captured by the DMF -- particularly participants within the old cohort aged 100 or older.... A review of the Single-Employer Program's participant data revealed that PBGC made improper pension payments to six deceased individuals that might have been prevented if it had used Treasury's DNP system as a verification tool."  MORE >>

"Offering personalized, impartial financial education doesn't just support employee wellbeing, it strengthens your business outcomes too.... Make education personalized ... Start with the basics ... Automatic enrollment, auto-escalation, and clear guidance can make saving feel less overwhelming.... Don't let retirement be a once-a-year topic."  MORE >>

"Growth in the pension risk transfer (PRT) industry is accelerating, with new research forecasting insurance companies will secure more than $335 billion of liabilities across the U.K. and the U.S. markets over the next three years. But with many insurers now looking at opportunities in both countries, it is vital to recognize the differences between the U.K. and the U.S., particularly when it comes to deferred lives."  MORE >>

Published Sep. 4, 2025.  Changes to benefits-related items from the Fall 2024 DOL Regulatory Agenda:

Added to Proposed Rule Stage:

• Improving Transparency into Pharmacy Benefit Manager Fee Disclosure [1210-AB37]
• Transparency in Coverage [1210-AC30]
• Default Electronic Disclosures by Employee Welfare Benefit Plans Under ERISA [1210-AC35]
• Employee or Independent Contractor Classification Under the Fair Labor Standards Act [1235-AA46]

Moved from Final Rule Stage to Proposed Rule Stage:

• Performance Benchmarks for Multi-Asset Class Investments [1210-AC26]

Added to Final Rule Stage:

• Removal of Interpretive Bulletins Relating to [ERISA] of 1974 [1210-AC32]
• Selection of Annuity Providers -- Safe Harbor for Individual Account Plans [1210-AC33]
• Removal of 2550.401c-1, Definition of 'plan assets'-insurance company general accounts [1210-AC34]
• Investment Advice Fiduciary Under ERISA [1210-AC36]
• Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights [1210-AC37]

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Published Sep. 4, 2025.  Changes from the Fall 2024 IRS Regulatory Agenda:

Added to Proposed Rule stage:

• Indian Tribal Governmental Plans [1545-BI19]
• Minimum Vesting Standards [1545-BN49]
• Electronic Furnishing of Payee Statements Regarding Digital Asset Sales by Brokers [1545-BR47]
• Modification to Section 415(c) Compensation Definition Relating to Back Pay [1545-BR49]
• Determination of Target Normal Cost and Funding Target for Single-Employer Defined Benefit Pension Plans [1545-BR50]
• Transparency in Coverage (CMS-9882) [1545-BR51]

Moved from Proposed Rule stage to Final Rule stage:

• Regulations Governing Practice Before the Internal Revenue Service [1545-BQ12]
• Automatic Enrollment Requirements under Section 414A [1545-BR08]
• SECURE 2.0 Act Updates to Catch-up Contribution Rules Under Section 414(v) [1545-BR11]

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"Milliman this week reported that a healthy 65-year-old couple enrolled in Medicare and with supplemental Medigap Plan G Plus Part D coverage will need to save an average of $388,000 for healthcare costs -- a $7,000 decrease compared to last year's estimate of $395,000. This includes prescription drug coverage, hearing, vision, and dental benefits, and out-of-pocket costs."  MORE >>

"When you exercise ISOs, no federal income tax is withheld, and you never owe Social Security and Medicare taxes. What matters for ISO taxes is how long you hold the shares that you acquire after exercise. The best tax treatment occurs when you meet the two holding periods for the stock: at least [1] two years from the date of grant and [2] one year from the date of exercise."  MORE >>