"One of the most consequential features of the Proposed Rule is its breadth. Although the rulemaking was prompted by the Order's directive to facilitate access to alternative assets, the safe harbor's detailed fiduciary process framework is designed to apply to the selection and monitoring of all designated investment alternatives on a plan's menu -- not only to products offering exposure to private equity, private credit, real estate, or other alternative strategies."  MORE >>

"The Proposed Rule identifies six non-exhaustive factors that a plan fiduciary must objectively, thoroughly, and analytically consider when selecting DIAs.... Each factor's applicability depends on the particular facts and circumstances, though the DOL believes all six are integral to the selection of the vast majority of DIAs."  MORE >>

"The Proposed Rule establishes a safe harbor process rather than mandating the selection of specific designated investment alternatives.... Under the safe harbor process, when a plan fiduciary objectively, thoroughly, and analytically considers any of the six factors and makes a determination following the described process, its judgment regarding that factor is presumed to satisfy section 404(a)(1)(B) of ERISA and should be entitled to significant deference."  MORE >>

"Evaluating alternative assets through this framework would be new to many 401(k) plan sponsors who have avoided going beyond stocks and bonds in plans due to risk of lawsuits under [ERISA]. The DOL estimated that among the roughly 721,000 plans affected by the proposed rule there would be 51,307 instances each year where target date funds with alternative investments are added to plan menus. The plans would have approximately $178 billion and 4.5 million participants annually flowing into these TDFs, the DOL projected."  MORE >>

"[T]he judge ruled that the decision to releverage was a corporate decision appropriately made by the board of directors. The fiduciary obligation rests with the ESOP trustee, GreatBanc, to make sure that the price that the ESOP pays is at fair market value and that the terms of the deal are not harmful to the plan participants." [Shipp v. Central States Mfg., Inc., No. 23-5215 (W.D. Ark. Mar. 30, 2026)]  MORE >>

"Last year ... the Supreme Court resolved a circuit split on pleading standards for prohibited transaction (PT) claims under [ERISA]. This article provides an overview of how that decision has affected motions to dismiss those claims."  MORE >>

"[R]ecently there has been an uptick in litigation questioning the selection of particular stable value funds.... [S]ome of these lawsuits have suggested that stable value funds may not be safe investments at all, citing potential default risks that plan fiduciaries should take into account when selecting and monitoring these investments. This article summarizes a few of the key risks that may make stable value funds less stable than you once thought."  MORE >>

"[1] Automation is helpful -- but it's not a substitute for human oversight and alignment with the plan document.... [2] 'Comp' is not a casual HR term -- it has a technical definition that must line up across your plan document, payroll codes, and recordkeeper/TPA setup.... [3] [Y]ou can delegate tasks, but you can't delegate responsibility. Even if someone else is signing your Form 5500 or managing your plan, ultimately, the buck stops with you."  MORE >>

"The path to changes to rules governing life insurance and annuity illustrations is sure to be a long one.... The new Life Insurance and Annuities Illustrations Working Group, established by the National Association of Insurance Commissioners, held its second call to discuss the 11 comment letters it received ... Regulators highlighted examples of annuity illustrations suggesting annual returns between 10% and 27%, prompting questions about whether consumers are receiving an accurate picture of potential performance at the point of sale."  MORE >>

"Recent statements by the EBSA leadership and Assistant DOL Secretary, Daniel Aronowitz, frame ERISA litigation as abusive,' 'frivolous,' and in need of increased structural restrictions.... This position ... is inconsistent with ERISA's statutory design, controlling Supreme court precedent, and the legislative history of ERISA itself. Properly understood, ERISA depends upon participant-driven litigation as a primary enforcement mechanism.... [E]fforts to restrict access to the courts undermine -- not further -- ERISA's core purposes."  MORE >>

12 pages. "The external executive compensation landscape is shifting less through new [SEC] rulemaking and more through evolving expectations around disclosure quality, proxy advisor methodologies and investor scrutiny. Set out [in this article] are nine key issues and reminders to help compensation committees, in-house legal teams and human resources leaders plan for 2026 program design and executive compensation proxy disclosure."  MORE >>