"While VFCP cannot be used to absolve the breaching fiduciary of criminal activity ... an innocent fiduciary may still use this program if they have also reported the crime to the appropriate authorities. If all goes well, and [the innocent fiduciary] successfully completes the VFCP program, [they] will receive a No Action Letter from the DOL stating that it will not initiate an investigation or impose any additional penalties."  MORE >>

"[T]he key point is that the INDB Strategy can potentially extend the distribution period by up to 50%, giving heirs more time and flexibility in managing cash flow and taxes. And because the strategy's success depends on understanding the IRS timing and rule constraints, financial advisors can play a critical role in both determining when it's appropriate and helping clients implement it effectively!"  MORE >>

"A group of cases, all having been dismissed by district courts, are on appeal in the U.S. Courts of Appeal for the Sixth and Eleventh Circuits ... What remains at stake is whether sponsors may rely on legacy mortality tables and interest assumptions embedded in plan documents or whether, as plaintiffs contend, ERISA compels the use of reasonable and contemporary assumptions for the two forms of benefit have equal present value when payments begin."  MORE >>

"[T]he absence of monetary damages is potentially a big deal and may take away some of the economic fuel for copycat cases.... One takeaway ... is that ERISA plan fiduciaries should continue to ensure that all investment decisions, proxy voting, and shareholder engagement in general are driven by pecuniary objectives in the exclusive interest of plan participants." [Spence v. Am. Airlines, Inc., No. 23-0552 (N.D. Tex. Sep. 30, 2025)]  MORE >>

"The complaint alleges a months-long scheme in which [two employees], working as junior inside sales representatives at Human Interest, systematically funneled their employer's most sensitive intelligence, including partnership leads, customer data, and internal strategy documents, directly to Guideline. But not just to anyone at Guideline; Human Interest alleges the brothers were sharing it directly with the company's chief executive ... and its chief financial officer[.]" [Human Interest Inc. v. Sterri, No. 25-0149 (D. Utah complaint filed Oct. 2, 2025)]  MORE >>

"Proponents have hailed opening up the private markets as an overdue 'democratization' of alternatives that have long provided wealthy and institutional investors with potential for higher returns -- and higher risk. Exactly how 401(k) plans might construct and manage private allocations remains to be seen. Small investors hoping to take part in high-powered strategies, like funds with Blackstone and Apollo Global Management, may want to temper their expectations."  MORE >>

"The lack of formal guidance does not mean cryptocurrency is without challenges in the retirement plan space. Several factors continue to weigh heavily on fiduciary decision-making: Volatility and loss potential ... Participant demographics ... Unsettled regulatory landscape ... Alternative access points."  MORE >>

20 pages. "This paper examines the unique challenges confronting Gen-X, including gaps in protected income, inadequate financial literacy, and shifting work and caregiving dynamics. It also explores policy solutions and tools -- such as annuities, improved access to financial advice, and innovative income frameworks -- that can help this generation achieve greater security."  MORE >>

"Although [tokenized money market funds (TMMFs)] differ from traditional funds in trading mechanics, they remain securities subject to standard regulations. Key principles -- such as precise NAV calculation, secure Letter from Investment Company Institute redemption processes, and regulatory compliance -- still apply. As tokenized securities become more common, it is important that the SEC does not increase regulatory burdens or costs solely because a security is in tokenized form."  MORE >>

"Coverage itself, because it’s basically at heart a contract based inquiry, is reasonably consistent – to at least some extent – from one jurisdiction to the next. But bad faith, when an insurer has to settle and what are the penalties for failing to settle when it was required, vary greatly from one state to the next. ... [H]ere are the key highlights of the duty of an insurer to settle claims in Massachusetts, and the liabilities that can run with breaching it."  MORE >>