"The DOL's proposal is much broader than anticipated and represents a new interpretation by the DOL of ERISA's duty of prudence.... Managers of alternative investments should consider the proposal's implications on fee transparency, liquidity management, and valuation processes.... The DOL anticipates issuing separate interpretive guidance relating to the duty to monitor. Public comments on the proposal are due on June 1, 2026[.]"  MORE >>

"[T]he Proposed Rule provides a welcome roadmap to plan fiduciaries responsible for selecting all of a plan's designated investment alternatives, not only those that relate to alternative assets. The regulation, when finalized, will allow fiduciaries to demonstrate their compliance with ERISA's fiduciary duty of prudence. However, it remains to be seen whether the Proposed Rule will deter ERISA litigation."  MORE >>

Slide Deck. "[1] Background -- executive order: Democratizing access to alternative assets for 401(k) investors ... [2] Summary of proposed rule: Fiduciary duties in selecting designated investment alternatives ... [3] Safe harbor factors when selecting designated investment alternative ... [4] Specific requests for comments within 60 Days ... [5] Topics explicitly not addressed ... [6] Considerations for plan fiduciaries."  MORE >>

"The Ninth Circuit recently issued a pair of decisions clarifying how the rules governing withdrawal liability apply to employers in certain industries. In [one case] the Court held that an employer did not withdraw from a multiemployer pension plan, and thus did not owe withdrawal liability, because the employer's asbestos abatement work qualified for the 'building and construction industry' exemption. And in [a second decision], the Court held that the plan primarily covered employees in the entertainment industry because the majority of employees in the plan performed at least some entertainment-related work." 
[Walker Speciality Constr. Inc. v. Bd. of Trustees of the Constr. Ind. and Lab. Jt. Pension Trust for S. Nev., No. 24-1560 (9th Cir. Jan. 5, 2026); Nevada Resort Ass'n-Int'l Alliance of Theatrical Stage Emps. & Moving Picture Mach. Operators of the US & Canada Loc. 720 Pension Tr. v. JB Viva Vegas, LP, No. 24-2791 (9th Cir. Jan. 6, 2026)]  MORE >>

"[1] Find the 'forfeiture' language in your plan document. It will likely either have a specific order for the use of forfeitures or will give the plan administrator discretion to make that decision.... [2] Determine if plan operations currently follow the plan's provisions.  ... [C]ontact your plan service provider (record keeper, third party administrator, counsel) for help with this. If your plan provision provides discretion, consider if that is still the direction you want to take or if that provision should be clarified in a written policy.... [3] Check with your insurance broker on the status and adequacy of your fiduciary insurance."  MORE >>

"In 401(k) administration, a plan review is often most valuable when the employer’s business changes, even if the plan document itself has not. A plan that worked well last year can drift out of alignment when ownership, payroll, compensation, or workforce patterns shift. Periodic reviews help TPAs catch issues before they become failed testing, correction projects, or participant problems."  MORE >>

21 pages. "At year-end 2023, 97% of participants held some portion of their assets in equities ... This compares with 87% of participants at year-end 2007.... On average, younger 401(k) plan participants allocate a higher share of their assets to equities than older participants.... At year-end 2023, 77% of 401(k) plan participants were in plans allowing loans, but only 15% of participants who were eligible for loans had loans outstanding against their 401(k) plan accounts." [Also available: Supplemental Tables (XLSX)]  MORE >>

"[I]ndividuals and businesses in Tennessee affected by Winter Storm Fern that began on Jan. 22, 2026 ... now have until May 22, 2026, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Cheatham, Chester, Clay, Davidson, Decatur, Dickson, Hardeman, Hardin, Henderson, Hickman, Lawrence, Lewis, Macon, Maury, McNairy, Perry, Robertson, Rutherford, Summer, Trousdale, Wayne, Williamson and Wilson counties qualify for tax relief."  MORE >>

"71% of benefits teams report limited or no access to internal AI skills and resources, even when enterprise AI capabilities exist elsewhere. Risk concerns are most acute where financial and fiduciary exposure is highest, including data privacy, AI errors and compliance risk. Only 1% of employers report having a fully developed AI roadmap or governance framework specific to benefits. This creates a fundamental challenge: expectations for rapid acceleration are rising faster than the foundations required to scale."  MORE >>

"The White House requested a discretionary budget of $9.9 billion for the DOL as a whole. The DOL enacted budget for 2026 was $13.7 billion.... [EBSA] would receive $181.1 million in funding, a cut of $10 million from 2026 enacted levels, and the same as the requested level from last year by the White House.... The IRS requested $9.8 billion in funding, a cut of $1.4 billion from the enacted level for 2026. The White House blueprint adds that ... agency staffing was reduced by 27%."  MORE >>