Rev. Dec. 2025; 18 pages. "What's New: [1] Financial institution that is a disqualified person ... [2] Direct deposit and electronic payments."  MORE >>

"Over the last decade, a line of US Supreme Court decisions ... have pushed fiduciary risk away from a focus on investment results and squarely onto the quality of the process and the paper trail that supports it. Together with regulatory guidance, these cases send a simple message: Under ERISA, prudence is a living, documented process, not a scoreboard of quarterly returns."  MORE >>

"[T]he [DOL] recently filed its fourth amicus brief supporting employers in 401(k) forfeiture disputes.... The DOL's active involvement in these cases is good news for plan sponsors. These types of suits, which challenge acts permitted under current law, are designed simply to force a quick 'nuisance' settlement. It is the hope that the DOL's continued support and legal involvement will curb these suits quickly."  MORE >>

"While a surplus signals strong funding health, it also raises questions about how best to deploy excess assets within regulatory constraints. To make informed choices, plan sponsors need clear insight into what drives pension surpluses, how excess assets can be applied effectively and the compliance requirements that protect both organizational financial goals and employees' long‑term retirement security."  MORE >>

"This emphasis on process means sponsors may be better positioned to demonstrate prudence when they keep clear records describing how decisions were made, who participated, and what information was considered at the time. A well‑organized process can support a plan's ability to respond to regulatory inquiries, even when market conditions create challenges."  MORE >>

32 pages. "Retirees who received a lump sum report an average balance of around $100,000.... The pace of depletion has accelerated over time: in 2017, retirees who depleted their lump sum did so in 5½ years, on average; by 2022, that timeframe had shortened to 5 years; and, today, lump sums are being depleted in just 4½ years. This rapid drawdown leaves many retirees vulnerable, especially given that those with remaining funds estimate they have only 11 years of money left on average -- far short of the 20-plus years many will spend in retirement"  MORE >>

"[M]any workers still lack access to employer-provided retirement plans, have minimal savings, and face growing tradeoffs between saving for retirement and meeting basic financial needs ... [F]ew people contribute to IRAs on their own.... [A]lmost half of American workers do not participate in any employer-sponsored retirement plan, and that percentage has held steady for nearly half a century."  MORE >>

"Financial advisers are evolving from stock pickers to relationship builders ... 42% of advisers surveyed in September 2025 and October 2025 said they were using model portfolios more in the last two years than they had previously, compared with 29% who said the same in 2023."  MORE >>

61 pages. "As Bitcoin, regulated stablecoins, and crypto-linked equities have gained legitimacy in institutional finance through recent federal actions, a handful of public pension funds have begun taking limited exposure, and many more have been quietly exploring the possibility of entering the market. This report finds that Bitcoin's growing institutional and monetary adoption, its fixed supply, and historical performance indicate that it can be a legitimate -- though highly volatile -- return and diversification instrument for public pensions."  MORE >>

"The funded status of the 100 largest corporate defined benefit pension plans increased by $10 billion during January ... The funding surplus improved to $109 billion during the month ... Pension liabilities fell during the period due to a small increase in the benchmark corporate bond interest rates used to value those liabilities. As of January 31, the funded ratio climbed to 109.0%, up from 108.2% at the beginning of the year."  MORE >>

"When workers set one up through brokerages like Fidelity or Voya, they learn that their 'choices' are limited to mutual funds, target-date funds, and perhaps a bond fund.... Such limits don't come from brokerages or technological barriers. A federal law called [ERISA] regulates 401(k)s. Passed a half-century ago, it imposes a mindset that's both infantilizing and outdated, and in practice is designed less to empower workers than protect employers from lawsuits."  MORE >>

"By taking an integrated approach to managing health and retirement programs, employers can unlock meaningful tax efficiencies across health savings accounts (HSAs), flexible spending accounts (FSAs), transportation benefits, and retirement plans like 401(k)s and 403(b)s. The real driver of these savings? Increasing employee participation in tax-advantaged plans."  MORE >>

"Seven in ten eligible executives maintain an NQDC account balance, the highest level recorded by PSCA.... Nearly 86% of employers cite maintaining a competitive benefits package as a top reason for offering an NQDC plan.... Participants deferred an average of 10% of base salary and 23% of bonus pay in 2025.... Nearly 80% of employers contribute to NQDC plans, with almost half offering a 'restoration match' to replace benefits lost due to qualified plan limits."  MORE >>