"The proposed regulation is responsive to [EO 14330] and, in fact, goes beyond it by describing the criteria that apply to all investments for participant-directed plans, including both alternative assets and traditional assets. That means that fiduciaries of plans that don't include alternative investments need to pay attention to this proposal as well. Also, while the EO limited itself to allocations to alternative investments as parts of asset allocation investments and strategies, the proposal is much broader -- it covers the selection of standalone alternative investments."  MORE >>

"This article outlines the history of the DOL's alternative investment guidance, provides an overview of the proposed regulation, and identifies certain provisions that should be clarified in the final regulation to further the goal of creating a workable fiduciary safe harbor."  MORE >>

"Recordkeepers can expect a greater amount of review activity from plan sponsors through 2026 ... 27% of plan sponsors will conduct a new recordkeeper search this year and 56% plan to run a due diligence review to benchmark recordkeeping fees and services. All plan segments, aside from large employers, said they expect to perform a review of their recordkeeping partners."  MORE >>

"Key results for 2025: The funded percentage increased from 101.1% to 103.8%. The funded status surplus improved from $13.4 billion to $48.1 billion. The average return on investments was 8.80%. The average discount rate decreased from 5.39% to 5.31%. The average expected return on assets assumption increased from 6.54% to 6.61%."  MORE >>

"The rule gives plan sponsors a defensible process framework they've never had before, brings real scrutiny to fee practices that have long harmed participants, and could help fiduciaries make better-documented decisions regardless of where they land on the active-versus-passive spectrum.... Key provisions are either unenforceable from a participant's perspective, built on a fee disclosure framework that remains broken, or unlikely to produce real-world change despite the regulatory machinery behind them."  MORE >>

"Once annuitization occurs, the remaining capital is no longer accessible, transferable, or responsive to changing circumstances. That decision locks in a terminal wealth outcome at the moment of conversion, often eliminating residual value altogether unless specific (and typically costly) riders are in place. A fiduciary evaluating whether to recommend or include such an annuity must therefore weigh not just the stability of income provided, but the impact on total terminal wealth."  MORE >>

"Technical Release 2026-01 has been framed as a narrow clarification on proxy voting.... It is something far more consequential: [1] A major expansion of fiduciary status -- mostly for consultants. [2] A political intervention into ESG and proxy voting.... [3] [A] quiet weakening of ERISA's federal protections by deferring to weak state regulatory regimes on annuities and CITs."  MORE >>

"Reason's '2025 Pension Solvency and Performance Report' characterizes public pensions as operating continuously on a precipice, one market downturn from falling into an abyss and sending their sponsoring governments to fiscal ruin. Reason relies on specious comparisons of public pension plans and selective data while ignoring industry standards and practices, to present a pessimistic image of public pensions that are in financial and actuarial peril and investing at an inappropriately high level of risk."  MORE >>

"[FAB 2026-01] is a positive development for plan sponsors and fiduciaries, as on the whole it suggests a more restrained and targeted enforcement approach: Likely fewer investigations overall, particularly those based on novel or unsettled legal theories or on ESOP valuations. Greater focus on clear-cut violations, especially those involving conflicts of interest or significant participant harm. Increased focus on fiduciary duty of loyalty and reduced emphasis on standalone prudence claims, absent loyalty concerns. More centralized decision-making within EBSA, leading to greater consistency across regions."  MORE >>