"The return to the Five-Part Test narrows who is treated as a fiduciary. In general, an adviser is only considered an ERISA fiduciary if they provide investment advice on a regular basis under a mutual understanding that the advice will serve as a primary basis for investment decisions.... [An] adviser who recommends that a departing employee roll over a 401(k) balance into an IRA may not be acting as an ERISA fiduciary."  MORE >>

"Due in part to litigation pending in other Circuits and the lengthy dissent in the Sixth Circuit decision, the plans may seek to settle the cases or may request a re-hearing before the entire Sixth Circuit court of appeals. Even if the re-hearing request is not granted, the cases will still go back to the relevant district court for a determination of whether the actuarial assumptions are unreasonable.... Note that the decision pertains only to the QJSA determination, and does not address early retirement calculations." [Reichert v. Kellogg, No. 24-1442, consol. Watt v. FedEx, No. 24-5945 (6th Cir. Mar. 16, 2026)]  MORE >>

"The court emphasized that ESOP trustees must actively investigate red flags and advocate for plan participants, rejecting arguments that a trustee may simply rely on process formalities. Although this litigation remains in the early stages, the court's refusal to dismiss most ERISA fiduciary claims reinforces the judiciary's expectation that ESOP fiduciaries must actively safeguard participant interests." [Sawlaw v. GreatBanc Trust Co., No. 25-0624 (W.D. N.C. Mar. 2, 2026)]  MORE >>

"More than a dozen suits have been filed against holders of a specific target-date fund in recent weeks -- with participant-plaintiffs represented by a variety of law firms[.]"  MORE >>

"[SEC] Commissioner Mark Uyeda argued ... that it is essential for defined contribution (DC) plan investors to have access to private securities. This would help the diversification of their portfolios and put them on an even keel with defined benefit (DB) plan participants."  MORE >>

"When Congress created the Federal Employees Retirement System (FERS) in the mid-1980s, it fundamentally changed how federal retirement works. The earlier Civil Service Retirement System (CSRS) relied almost entirely on a large government pension. FERS replaced that approach with a three-part system that resembles private-sector retirement programs. For today's federal employees, retirement planning under FERS requires careful coordination of three sources of income: the basic annuity, Social Security, and the Thrift Savings Plan (TSP)."  MORE >>

"In a given year, 83 percent of all households will face at least one type of spending shock, and on average, these unexpected expenses equal about 10 percent of annual income. To cover these expenditures over a 25-year retirement requires a fund of $200,000 to $400,000. The need for an emergency fund, combined with the fact that the very wealthy can self-insure against running out of money, limits the potential market for annuities."  MORE >>

"The Department of the Treasury (Treasury Department) and the [IRS] invite the public to submit recommendations for items to be included on the 2026-2027 Priority Guidance Plan.... Please submit recommendations for guidance by Friday, May 29, 2026, for possible inclusion on the original 2026-2027 Priority Guidance Plan."  MORE >>

"West Virginia legislators passed a bill (HB 4009) that permits companies to provide portable benefit accounts for workers without needing to classify those workers as employees. Governor Patrick Morrisey has not signed or vetoed the bill yet. If enacted, the bill would take effect for taxable years starting on January 1, 2026, or later."  MORE >>