"On August 15, 2025, PBGC published a final rule that made improvements to its regulation on termination of single-employer plans. PBGC explained in the preamble of the final rule that it was amending the criteria majority owners must meet to waive their benefits by modifying its application of the constructive ownership rules.... PBGC is making a technical correction to clarify that individuals who are majority owners through constructive ownership must meet all of the requirements under Section 4041.21(b)(2)."  MORE >>

"[DOL AO 2025-04A] analyzes an in-plan custom target date account program that gradually allocates participant funds to a 'secure income portfolio,' which is offered through a variable annuity contract that provides a guaranteed lifetime withdrawal benefit (GLWB). The AO concludes that the program qualifies as a QDIA."  MORE >>

"[Advisory Opinion 2025-04A] specifically also notes availability of the two annuity safe harbors, and that they will apply to that 3(38)'s insurer and product selection if all of the requirements of those safe harbors are met. EBSA's specific reference to those two, distinct, safe harbors is notable, given its recent withdrawal of the withdrawal of one of those safe harbors."  MORE >>

"Final regulations also provide some clarity on the optional 'super' catch-up contributions that were permitted starting on 2025. Plan sponsors have several design and administrative decisions to make before implementing these changes, and plan amendments reflecting these changes are due by December 31, 2026."  MORE >>

"The final regulations confirm that employers can rely on a catch-up eligible employee's social security wages reported on box 3 of the Form W-2 to determine if the Roth mandate applies.... The final regulations include several new provisions on the use of deemed Roth catch-up elections.... Several new provisions address the correction of pretax deferrals that should have been Roth catch-up contributions under the mandate."  MORE >>

"Action Items for Plan Sponsors: [1] Ensure that the plan has processes in place to (i) identify participants who may be high earners subject to the Roth catch-up requirement and (ii) track FICA wages. [2] If the plan allows for Roth contributions, ensure that the plan has a system to implement deemed Roth catch-up elections for participants who are subject to the Roth catch-up requirement. [3] If the plan does not provide for Roth contributions, ensure that the plan does not allow participants subject to the Roth catch-up requirement to make catch-up contributions, or consider amending the plan to allow for Roth contributions."  MORE >>

"The plaintiffs argued Athene was 'not the safest annuity choice available' and that the decision diminished the value of their promised benefits....The decision noted that the plaintiffs continue to receive all payments owed to them under the insurer-provided annuity and did not allege any imminent risk of nonpayment." [Bueno v. General Electric Company, No. 24-0822 (N.D.N.Y. Sep. 24, 2025)]  MORE >>

"[R]eframing the conversation -- from 'annuities' to 'protected income' -- has helped shift public perception. Consumers may not love the word 'annuity,' but they value guaranteed income and financial protection. Even younger investors are paying attention. LIMRA research shows that: Nearly 60% of emerging affluent investors (ages 25 -- 45) are familiar with annuities. 7 in 10 would consider converting savings into lifetime income."  MORE >>

"The looming threat of costly, prolonged legal challenges discourages companies from exploring innovative solutions -- even those that might objectively serve participants' best interests. The primary concern is not an absence of fiduciary expertise, dedication or substantial regulatory ambiguity; rather, it is a litigation environment that inhibits constructive and meaningful dialogue.... Trump's executive order calls on agencies to clarify guidance and facilitate innovation and, importantly, to relieve the litigation risk currently faced by prudent fiduciaries."  MORE >>

"One of the central substantive issues with adding alternative investments into 401(k) plans concerns the disjunct between sloganeering and the substantive purpose of 401(k) plans.... [T]here is one central and absolute starting point -- where is the evidence, and what is the data, showing the potential improvement to investment outcomes, and at the cost of what extent of additional volatility, for plan participants?"  MORE >>

"This decision reinforces the Ninth Circuit's narrow interpretation of Section 104, limiting disclosures to documents directly relevant to participants' understanding of their benefits and procedures. It also highlights the role of COVID-19 disaster relief orders in excusing compliance delays, where plan administrators act in good faith and provide documents as soon as practicable." [Zavislak v. Netflix, Inc., No. 24-4156 (9th Cir. Sep. 24, 2025; unpub.)]  MORE >>

"As savings have become the leading financial priority for Americans amid stubbornly high prices and a weaker labor market -- and as employers look to boost productivity by improving workers' financial well-being -- a growing number of employers are introducing emergency-savings accounts, or ESAs, as a dedicated benefit alongside established workplace savings programs such as 401(k)s and health savings accounts."  MORE >>

"Plan Sponsors: Start with simple, broadly appealing features like retirement income estimation and financial goal tracking before introducing more complex tools. Positioning AI as a complement to human advisors can reinforce that AI use increases -- not replaces -- engagement with financial professionals."  MORE >>

"[H]alf of survey respondents see equity compensation as a vital tool to attain retirement goals. According to the research, company stock encompasses nearly one-third of participants' investment portfolios. As a result, 72% of participants believe they'll very likely reach their retirement savings goals, while 44% plan to use the benefit to finance retirement."  MORE >>