"The fourth remedial amendment cycle (RAC) list is for defined contribution plans submitted from February 1, 2024, to August 25, 2025, and covers the 2023 Cumulative List.... Once the reviews are complete the list will contain the letter serial numbers and date. The list ... includes: [1] the name of the Pre-approved Plan Provider, [2] the file folder number (FFN) assigned to each plan, [3] the plan type of each document submitted, [4] A letter serial number (LSN) and date. Please note that virtually all opinion letters will be issued at the same time."  MORE >>

"The following questions from DOL give us a feel for the sort of safe harbor(s) it is considering: [1] Is an employer safe harbor necessary? ... [2] How should the employer safe harbor be framed? ... [3] Should the safe harbor specify investments (e.g., require a TDF)? [4] Should it specify a permitted range of fees?"  MORE >>

"[PBGC] has published a final rule making miscellaneous corrections and improvements to its regulations on plan terminations and on premium rates and due dates. Notably, one amendment fixes the methodology for calculating the expense load for a terminating plan, making it possible for PBGC to publish inflation-adjusted amounts for the assumption. Other amendments set due dates for various filings for terminating plans and codify existing policies and procedures established in accordance with recent law changes."  MORE >>

"[If] the DOL attempts to provide a fiduciary 'safe harbor' for selecting alternative assets, that safe harbor would likely be set aside by the courts. On the other hand, the DOL could express its views on what a prudent process might look like and perhaps even provide a checklist as a tool. But it would be unrealistic to expect the DOL to provide guidance or a regulation that specifies steps that would lead to automatically deemed fiduciary compliance."  MORE >>

"The Sixth Circuit held that the Operators Local 324 Pension Fund did not comply with ERISA by using the [PBGC] rate of 2.27% as its discount rate given that the fund's best estimate that the rate of return on investments would be 7.75%.... The court held that the actuary did not use their best estimate of the discount rate but stopped short of mandating use of a rate equivalent to the best estimate of rate of return.' [Ace-Saginaw Paving Co. v. Operating Eng"rs Loc. 324 Pension Fund, Nos. 24-1288, 24-1305 (6th Cir. Aug. 6, 2025)]  MORE >>

"[R]ules relating to the company's benefit plans are commonly not the M&A folks' strong suit, and, as a result, are not given the attention needed ... and the problems that arise as a result of not handling the plans correctly can be very expensive to resolve.... Here are some examples of bad things that could happen if the plan issues are not addressed when a company transaction occurs."  MORE >>

"Companies looking to maximize their retirement savings may require a new approach to their plan strategies.... [This article outlines] a laddering system to help you navigate different plans, with each option offering a more advanced structure and increased annual tax-deferred contribution limits. Some structures also offer combined plans to provide even more savings, particularly for high earners."  MORE >>

"[1] Challenges of in-house retirement plan administration ... [2] Core benefits of outsourcing retirement plan administration ... [3] Outsourcing models ... [4] Critical considerations when selecting an outsourcing provider ... [5] The business case for outsourcing."  MORE >>

"The federal Thrift Savings Plan, the nation's largest, is required by law to have five specific funds ... Congress would almost certainly need to amend the TSP's current governing statute to add investments that include exposure to private investments."  MORE >>

"Retirement plan sponsors continue to shift plan administration to external service providers at a rapid rate. The primary drivers? Cost reduction, improved efficiency and the ability to free up internal resources. As retirement plan complexity grows and fiduciary liability increases, employers are turning to [total retirement outsourcing] to simplify plan management and gain more value from their benefits investment."  MORE >>

"The funded status of the 100 largest corporate defined benefit pension plans improved by $8 billion during August ... As of August 31, the funded ratio rose to 106.2% from 105.5% at the end of July. This marks five consecutive months of improvements in the pension funding ratio[.]"  MORE >>

"While judicial flexibility in favor of plaintiffs has been most apparent in how courts have applied the pleading standards to the wave of fee and performance claims that have plagued plan sponsors in recent years, this trend has also expanded into other areas of ERISA litigation ... with dramatic consequences for impacted employers.... As one particularly stark example of this phenomenon, last year, a federal court in Texas bent one important litigation rule -- the Constitution's 'standing' requirement -- and one important ERISA rule -- ERISA's statute of repose -- in such a way that will, if not corrected, force a plan sponsor -- in this case, BP -- to reform a cash balance plan conversion that occurred in 1989." [Guenther v. BP Retirement Accumulation Plan, No. 16-0995 (S.D. Tex. Mar. 28, 2024; on appeal to 5th Cir. No. 24-20551)]  MORE >>

"Cases have examined virtually every portion of the phrase 'maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees.' ... [W]hile it would appear that the factors of 'primarily', 'select group', 'management' and 'highly compensated' seem to be independent, courts often merge them in their analysis. [This article] will examine each of these factors and the case law addressing them ... [DOL Opinion Letter 90-14A] has led to a split in the federal circuits as to the test for top hat group status.... [A] forum selection clause might be used to avoid the lack of certainty in the area."  MORE >>

"As perceptions of performance-based LTI continue to evolve among investors and companies, if ISS responds with a policy change modifying its performance-based LTI policy to credit long-horizon restricted stock as performance-based, we will likely see an uptick in the use of restricted stock at the top officer level.... [This may be] accompanied by a resurgence in companies using stock options for top officer grants. Stock options would enable companies to maintain higher levels of LTI program upside leverage, while still appealing to a broader range of investors evaluating a company's LTI program as performance-based."  MORE >>