"The guidance ... clarifies that proxy advisers 'regularly fit the definition of functional fiduciaries' under ERISA if they exercise control over shareholder votes or provide investment advice for a fee to retirement plans. At the same time, the agency signaled support for certain state-level regulations of the industry, saying laws that require disclosures when advice is not based on financial considerations would 'generally not be preempted' by ERISA."  MORE >>

"While the Proposed Regulation acknowledges the fiduciary duty to monitor DIAs at regular intervals, the DOL opted not to include a monitoring safe harbor ... The Proposed Regulation's safe harbor protects the selection of individual DIAs but does not extend to overall investment menu curation ... [T]his gap leaves fiduciaries without safe harbor protection for an actively litigated aspect of plan governance.... The Proposed Regulation expressly excludes brokerage windows, self-directed brokerage accounts, and similar arrangements from the definition of DIA."  MORE >>

"Advisors should remember -- and remind clients -- that process is the key to fiduciary responsibilities.... [T]he understanding of product neutrality will be a nice complement to a prudent process.... Advisors can buy some time (while the DOL finalizes the regulation) before making changes to investment policy statements and related processes by gaining an understanding of the ways in which their current processes take into account these six factors."  MORE >>

"The FAB represents a meaningful recalibration of EBSA's enforcement posture.... [T]he emphasis on loyalty over prudence as an enforcement priority ... underscores the importance of maintaining robust fiduciary governance processes and thoroughly documenting decision-making.... [T]he explicit mention of ESG objectives as an example of goals 'unrelated to participants' best interests' signals continued scrutiny of ESG-related investment strategies and activities (including proxy voting) for ERISA plans.... [T]he commitment not to regulate by enforcement should provide an opportunity for fiduciaries to defend good faith processes.... [T]he new investigation timelines and quarterly review requirements reflect a welcome commitment to efficiency."  MORE >>

"Employee stock ownership plan (ESOP) fiduciaries, sponsors, and service providers should be particularly interested in the new guidance [FAB 2026-01], which rejects certain past practices that many in the ESOP space have long considered abusive."  MORE >>

"Advisors who wish to make available a managed account solution should either negotiate this service (and any resulting fees) at the outset of the relationship, or, for existing plan clients, should be careful that they are not making fiduciary recommendations that would increase their fees, unless they are relying on PTE 2020-02. Plan sponsors who are considering offering a managed account solution also should be aware of these PT issues and related considerations in evaluating the fiduciary advisor's services and fees."  MORE >>

"[Y]our 401(k) plan may permit suspension of loan repayments for the entire period of the military leave even if that period exceeds one year, and the term of the loan may be extended to the maximum permissible term of the loan plus the period of military leave."  MORE >>

"As employers prepare for a fresh crop of summer interns, they should review their 401(k) plan documents to determine whether summer interns would be eligible to participate in the plan. Often, employers incorrectly assume that summer interns are excluded, which can result in costly plan corrections."  MORE >>

"The construction industry exemption has several criteria, some of which are poorly defined even after 45 years. It often comes as an unpleasant surprise to construction employers that they are not eligible for the exemption ... Most funds take the position that off-site work does not usually qualify.... [W]ithdrawal liability can be triggered by reductions in force, location closures, mergers and acquisitions, asset sales and other circumstances."  MORE >>

"[This] limits forecast is projected using two assumption sets. One is based on the current trailing 12 months of CPI and the second assumes that year-to-date CPI (since September 30, 2025) will continue to increase each month through September 30, 2026, by an estimated 25 basis points (3.0% annual).... Projecting monthly increases of 0.25% through September 2026 results in an annual increase of about 3.2% for our 6-month actual/6-month forecast projection."  MORE >>

55 pages. "[This] report ... offers clear principles and policy-relevant guidelines to help ingrain lifetime income as a core default feature of modern retirement systems ... [1] Ensure that the different tiers of the retirement system in combination provide sufficient guaranteed income for life.... [2] If a DC retirement savings system is mandatory, make annuitization mandatory.... [3] Provided that a minimum level of lifetime income is assured, require partial rather than full annuitization to allow for spending flexibility.... [4] Protect against inflation risk by providing for variable annuities ... [5] Protect against interest rate risk by allowing retirees to spread the purchase of lifetime income over more than one year[.]"  MORE >>

Video of April 16 hearing. Opening Statement: Rep. Rick Allen (R-GA); Witness: The Honorable Daniel Aronowitz, Assistant Secretary, Employee Benefits Security Administration (EBSA).  MORE >>

"To provide clarity and expand access to these flexible contribution options, the [Optimizing Participant Tax Incentives through Optional Noncash Selections -- or OPTIONS -- Act (HR 8314)] would amend Section 125 of the Internal Revenue Code to establish a 'qualified benefits option plan' allowing participants to elect to allocate employer contributions among qualified benefits. The legislation further stipulates, however, that participants may not elect to receive cash or any other taxable benefits instead of qualified benefits."  MORE >>

"Receiving equity from a U.S. company if you are not a U.S. citizen or resident alien can raise questions about how and when that equity is taxed in the United States.... One common consideration is whether to file an 83(b) election, a time-sensitive U.S. tax election that can significantly affect how restricted stock or similar property is taxed.... This FAQ outlines when a non-U.S. person may benefit from an 83(b) election, what's required to make one and how the process works."  MORE >>