"For most plans, no required changes under law or guidance need amendments by Dec. 31, 2025.... [S]ponsors of calendar-year plans may need to update their plan documents before the end of the year to reflect discretionary changes that took effect earlier in 2025.... [M]ost sponsors have until the end of 2026 to amend their plans for several significant law changes enacted in recent years. However, tax-exempt sponsors of 457(b) plans must amend their plans by Dec. 31, 2025, for certain provisions of [both SECURE 1.0 and SECURE 2.0]."  MORE >>

"[1] Understand the catch-up elections ... [2] Roth catch-up identification ... [3] Participant communication ... [4] Errors and corrections ... [5] Plan sponsor action checklist ... [6] Detailed examples."  MORE >>

"Employers should begin working with plan administrators and legal counsel now to ensure their plans are updated and compliant before the January 1, 2026, effective date. Employees should review their 2025 income projections and plan contributions to avoid surprises in the new year."  MORE >>

"While it is helpful to have the DOL clarify this conclusion, many lawyers in the industry have already determined that including lifetime income in an investment option that otherwise meets the definition of QDIA will not impact its qualification as a QDIA. It is also helpful to have the DOL confirm that a fiduciary that meets one of the safe harbors applicable to selecting an insurance company to provide annuities in a defined contribution plan will satisfy such fiduciary's duties under ERISA."  MORE >>

"[W]hile motions to dismiss are still pending in dozens of cases, the growing majority of courts that have ruled on motions to dismiss have ruled in favor of plan sponsors ... (a 75 percent win-rate for plan sponsors). These dismissals have resulted in a growing number of appeals, with eight appeals now pending in four US Courts of Appeals.... [T]he plaintiffs' bar continues to file new forfeiture lawsuits, including six in September, for a total of 75 forfeiture lawsuits filed since September 2023."  MORE >>

"Expanding financial wellness programs ranked first as the primary focus; ensuring regulatory compliance and reducing plan costs were close seconds.... 70% are also pursuing cost reduction strategies, including plan design changes and exploring multi-employer or pooled employer plan (MEP/PEP) structures.... Two thirds of organizations are actively exploring or beginning to implement AI and advanced analytics to support their retirement programs."  MORE >>

"When benefit payments regularly surpass incoming contributions, trustees encounter a structural issue that may affect a plan's funded status. This paper explores the mechanics of sequence of returns risk -- a phenomenon where poor investment performance early in the decumulation phase can trigger forced asset sales at depressed prices, compounding losses and accelerating funding deterioration."  MORE >>

36 pages; Sep. 29, 2025. "Following a brief description of each provision, [the authors] provide ... [1] the change in the 75-year long-range actuarial balance, [which] indicates the financial effect of the provision over the entire long-range (75-year) period.... [2] the change in the annual balance as of the 75th year, [which] gives an indication of the year-by-year expected gain or shortfall after the provision has been in place for a long period of time." [Detailed estimates for each category of change also available.]  MORE >>

"Despite these advantages, ESOP formation has slowed in recent years, largely due to legal uncertainty and post-closing litigation risk, particularly around valuation practices. That may be about to change, as bipartisan efforts in Washington seek to lower barriers and provide greater certainty, paving the way for a more ESOP-friendly environment."  MORE >>

"Most plans with 100 or more eligible participants at the beginning of the plan year must include an accountant's audit report when filing Form 5500. There is a general exception which allows some smaller plans to avoid attaching an audit to their filing.... For sponsors of health and welfare plans, the good news is that ERISA's audit requirement generally only applies if the plan is funded through a trust (for example, a VEBA), or if participant contributions are otherwise segregated from the employer's general assets."  MORE >>

"NQDC plans lack some of the safeguards of qualified retirement plans, and they are governed by complex tax rules ... Making decisions strategically, relevant to each plan participant's situation, is essential for achieving optimal results. By making education, resources, and personalized support available to the employees participating in NQDC plans, plan sponsors can help guide participants through this important decision-making process."  MORE >>