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Advisers Still Headed for More Fee Transparency

Excerpt: Fee disclosure regulations did not make it into the Federal Register before the new administration stepped in, but that is not necessarily a signal for advisers to relax about fee disclosure. In general, the industry is moving toward being more disclosure-oriented, said Roberta Ufford, principal at Groom Law Group, speaking with PLANADVISER.com. One of the drivers behind the move toward transparency is a fear of litigation from participants, she said. In general, the regulatory environment is shifting toward disclosure. 'If you've been waiting for 408(b)(2) regulations to update your disclosures, stop waiting,' Ufford said .... It's still a good time to re-examine your fee disclosure.

Former Morgan Stanley Advisers Sue DOL Over ERISA Ruling

"Three former Morgan Stanley financial advisers ... [allege] the agency acted unlawfully when it issued an advisory opinion siding with Morgan Stanley about whether certain deferred compensation plans are protected under [ERISA]. The lawsuit ... claims the DOL's [Advisory Opinion 2025-03A] violated the Administrative Procedure Act and unfairly interfered with ongoing arbitration proceedings." [Sheresky v. Chaves-DeRemer, No. 25-8935 (S.D.N.Y. complaint filed Oct. 28, 2025)]

How Advisers Set Right Retirement Plans Gone Awry

"While only 19% of respondents' recent retirement decisions were influenced by a professional, 83% of those working with an adviser said they felt confident in managing investments.... Advisers are now using wealth management technology to gain visibility into all client's accounts -- not just those held at their own firm. This shift allows for more personalized, effective advice and a stronger financial strategy overall."

HSA Limits Rise, But Frustrated Users Leave Money Behind

"When employees use their HSA regularly, they are more likely to contribute funds, which, in turn, increases tax savings for both employee and employer ... Despite that mutual benefit, many employers may not realize that their employees are not only frustrated with the HSA experience, but also leaving money on the table."

Cash Balance Plans Top $1T

"Companies with fewer than 10 employees own more than half of all cash balance plans, a group of retirement plans outpacing 401(k)s in growth."

Forfeiture Complaint Against WillScot Dismissed

"[T]he plaintiff alleged that WillScot breached its fiduciary duties under [ERISA] because the plan's documents 'required' WillScot to use the forfeitures to pay for the administrative expenses before later using them to reduce contributions. However, [the judge] ruled that WillScot did not violate its duty to act in accordance with the plan or its duty of loyalty, since 'the plan terms and the law allow WillScot to reallocate forfeitures for plan contributions.' " [Armenta v. WillScot Mobile Mini Holdings Corp., No. 25-0407 (D. Ariz. Sep. 15, 2025)]

Daniel Aronowitz Confirmed to Lead EBSA

"The newly confirmed Assistant Secretary of Labor and head of the Employee Benefits Security Administration has pledged to streamline retirement plan oversight and end the ‘war on ESOPs.’... During his confirmation hearing, he stressed that he intends to make clear that fiduciaries, not the DOL or plaintiffs’ lawyers, should decide what is best for retirement plan participants."

Empower Accused of Pushing Excessive Costs, Underperforming Investments

"According to the filing, Empower leveraged its role as recordkeeper for employer-sponsored retirement plans to harvest confidential participant data and then target individuals, particularly those nearing retirement or with large balances, for sales pitches. The plaintiffs allege sales representatives falsely portrayed Empower's 'managed account' program ... as the only recommended investment option."' [Williams‑Linzey v. Empower Advisory Group, LLC, No. 25‑14660 (D.N.J. complaint filed Aug. 15, 2025)

Plan Forfeiture Complaint Filed Against Aldi Tries New Allegation

"[T]he plaintiffs allege that the grocery company breached its fiduciary duties under the Employee Retirement Income Security Act by using participant–forfeited funds to reduce company contributions, rather than pay down administrative fees, which many similar complaints have already argued, to mixed success." [Castillon v. Aldi, No. 25-8321 (N.D. Ill. complaint filed Jul. 21, 2025)]

Rollovers May Reach $1.1 Trillion by 2030

"By 2030, U.S. retail retirement plan rollovers are expected to reach $1.15 trillion ... That would represent a 34% increase from the estimated $855 billion in retail rollovers expected in 2025 and nearly double the $612 billion in retail rollovers in 2020.... The average size of rollovers for people aged 50 to 74 more than doubled since 2007, increasing from $101,400 to an estimated $220,00[.] "