"The Proposed Rule does not by itself resolve all of the structural questions that private funds and other nonregistered products face in DC plans. It does, however, offer a clearer framework for fiduciaries' prudent process and highlights where the operational features of these products (particularly liquidity, valuation, benchmarking, fees, and complexity) may have to evolve. For managers and sponsors, the near-term focus is likely to be both on vehicles such as target date funds, balanced funds, and CITs and other delivery structures that can satisfy the Safe Harbor's expectations, and on targeted comments aimed at ensuring that the final rule can be applied to nonregistered structures on workable terms."  MORE >>

"The [DOL's] proposed regulation on selecting designated investment alternatives ... reflects an effort by the DOL to bring greater structure and clarity to how fiduciary decisions are evaluated under ERISA. For plan committees and advisors, that shift creates a number of practical opportunities.... [1] A clearer playbook for fiduciary decisions ... [2] Stronger documentation and defensibility ... [3] More confidence to evaluate broader investments ... [4] Reduced pressure to default to lowest cost ... [5] Better alignment with participant outcomes."  MORE >>

"Qualified long-term care distributions, established by the SECURE 2.0 Act, are plan distributions made after December 29, 2025, that satisfy specified criteria ... [IRS Notice 2026-33] explains that qualified long-term care distributions are considered to [1] satisfy the Code Section 401(k)(2)(B) distribution rules (and similar rules under Code Sections 403 and 457), [2] are not subject to the additional 10% tax on early distributions under Code Section 72(t), and [3] are not eligible rollover distributions."  MORE >>

"[U]nlike certain other SECURE 2.0 permitted distribution, QLTCDs are not eligible for the extended three-year repayment period and are subject to several reporting and disclosure requirements, including a long-term care premium statement that must be filed with the plan by the insurance issuer. For plan sponsors that do choose to offer QLTCDs, [Notice 2026-33] provides relief by extending the amendment deadline."  MORE >>

"Although the Proposed Rule is framed as a relatively narrow set of amendments implementing SECURE 2.0, it could require meaningful operational adjustments for plan sponsors and service providers ... The Proposed Rule also may create incentives for some employers to reconsider which safe harbor they use. In particular, the DOL requested comments on whether plans may shift from the 2020 notice-and-access framework back to the 2002 wired-at-work Safe Harbor for active employees in light of the new paper statement requirements."  MORE >>

"The [DOL] continued its active defense of employers against claims they violated fiduciary duties in their use of forfeited funds when department lawyers made brief oral arguments in three separate appeals, having already filed amicus briefs siding with the employers in each."  MORE >>

"Forty percent of respondents indicated [litigation] occasionally influences decisions, while nearly a quarter of respondents stated it frequently shapes their approach. While it's clear that litigation risk has an impact of decisions, many in the comments indicated that they feel pretty good about their documented processes for making plan design and administrative decisions."  MORE >>

"While about 84% of respondents to a recently released ACA Group survey reported using AI, they also reported that 'active AI use' occurred, on average, in only two of 20 compliance and operations sub-functions. Only 18% of firms that responded said they used AI in compliance tasks, compared with 5% in operations."  MORE >>

39 pages. "Aon conducted a study of the investment policy statements of the 50 largest U.S. public pensions.... There is no single 'right' way to write an IPS, but it should be structured and worded with intention to provide clear guidance for implementation Especially with an evolving investment environment -- it is important that IPS documents evolve with the markets while maintaining appropriate risk management."  MORE >>

"[This] article examines how multi-layer asset allocation ranges can help institutional investors close unintended risk gaps in their investment policy statements. Aon's review of public pension investment policy statements found an even split between single-layer and multi-layer asset allocation ranges, despite the fact that single-layer approaches can allow significant risk drift without violating policy."  MORE >>

24 pages. "This report addresses the OIG's accomplishments for the semiannual reporting period from October 1, 2025, through March 31, 2026.... Investigative activities [in this time period included]: 737 Complaints received; 4 Criminal investigations referred for prosecution; 1/0 Indictments/Convictions; 23 Subpoenas issued."  MORE >>

"[T]his Essay argues that administrative and financial disclosure are not necessarily equivalent to fiduciary intelligibility. ... [It] identifies a participant-facing practice of fiduciary justification potentially latent within ERISA’s disclosure architecture itself. In a post-Loper Bright environment emphasizing statutory interpretation over accumulated administrative convention, the Essay argues that ERISA’s SPD framework may reveal a continuing commitment to participant-facing fiduciary stewardship rather than technical disclosure alone."  MORE >>