"The Proposed Regulations are based around three key principles. First, they affirm that ERISA is a law grounded in process ... Second, the Proposed Regulations emphasize that ERISA gives plan fiduciaries maximum discretion and flexibility in selecting designated investment alternatives ... Third, they establish that when fiduciary decision-making follows a prudent process ... courts and other adjudicators should give deference to such fiduciaries under a presumption of prudence."  MORE >>

"For plan sponsors, the takeaway is not that immediate action is required, but that the regulatory environment is shifting in a way that may eventually reduce litigation risk in expanded investment menu options -- provided fiduciaries follow a careful, well‑documented process and engage appropriate expertise.... Despite its breadth, the proposal leaves important issues unresolved: [1] No statutory immunity ... [2] No securities law guidance ... [3] No monitoring framework ... [5] No current obligation to act."  MORE >>

"[A]sset managers and ERISA plan fiduciaries should consider the following actions: [1] audit existing proxy advisor arrangements against each prong of the DOL's five-part investment advice test as interpreted under TR 2026-01 to determine whether the arrangement may create an inadvertent fiduciary relationship -- and whether restructuring to avoid fiduciary status is appropriate; [2] assess potential exposure under ERISA Section 405 (as a co-fiduciary) where the proxy advisor may be deemed to be a fiduciary; and [3] monitor for future rulemakings that may amend the regulations to take a harder line on the use of non-pecuniary factors and the tiebreaker test."  MORE >>

"Finance companies are expanding their offerings of pooled employer plans, a relatively new 401(k)-style retirement arrangement that allows multiple small businesses and nonprofits to participate in a single, jointly administered system.... [A]ccess to retirement plans is uneven in the nonprofit sector for many of the same reasons small employers struggle to offer them."  MORE >>

"41% of middle-class households haven't looked for information or guidance about planning for retirement in the past year. Of those who haven't looked, 56% lack confidence that they will have enough savings to live comfortably throughout retirement.... When seeking retirement guidance, middle-class households are turning primarily to digital sources rather than professional advice. 30% used online research, while only 20% consulted a financial advisor or insurance agent."  MORE >>

"The Pew Charitable Trusts in a new report takes issue with the notion that the establishment of state-run programs established to make sure those who have no access to a plan through their employer have some kind of retirement plan coverage happens at the expense of private-sector plans. Complement, not detriment. Evidence from seven states -- California, Colorado, Connecticut, Illinois, Maryland, Oregon, and Virginia -- 'continues to indicate' that state auto-IRAs actually complement, rather than detract from, private-sector retirement plans, says Pew."  MORE >>

"Microsoft is offering a one-time voluntary retirement program for the first time in its 51-year history, giving thousands of long-serving U.S. employees a chance to leave with a financial payout and extended healthcare as it works to control costs amid a massive buildup in AI infrastructure. An estimated 7% of Microsoft’s 125,000-person U.S. workforce, or about 8,750 employees, would be eligible based on a formula that takes into account their years at the company and their age. It’s a highly unusual move in the tech world."  MORE >>

"[T]he Department is also proposing to amend provisions in its regulations implementing the Family and Medical Leave Act (FMLA) and Migrant and Seasonal Agricultural Worker Protection Act (MSPA) to provide that joint employer status under those laws be determined using the Department's FLSA analysis, as the FMLA and MSPA both incorporate the FLSA's employment definitions."  MORE >>

"(EBSA) is seriously prioritizing cybersecurity audits in 2026, according to an update on national enforcement projects.... To stay compliant, the following activities must be reviewed and approved annually (or more frequently, as noted): [1] written policies, [2] role-based access controls, [3] security awareness training, [4] independent assessments of cybersecurity program effectiveness and [5] vendor assessments."  MORE >>

"Two unpublished decisions involving the same change in control severance plan went in opposite directions on the standard of review. In 2026, the Fifth Circuit applied abuse of discretion based on plan language delegating interpretive authority to the administrator. In 2025, the Tenth Circuit applied de novo review to similar facts involving the same plan because it viewed the delegation as triggered only by textual ambiguity. The divergent results underscore the importance of carefully drafted discretionary authority clauses in top hat severance plans, particularly for employers seeking to avoid de novo review of factual eligibility disputes." [Miller v. Anadarko Petroleum Corporation Change of Control Severance Plan, No. 25-20113 (5th Cir. Feb. 26, 2026; unpub.); Hoff v. Amended and Restated Anadarko Petroleum Corporation Change of Control Severance Plan; No. 23-1361 (10th Cir. Feb. 4, 2025; unpub.)]  MORE >>