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In Memoriam: Peter E. Haller

"It is with great sadness that the partners, counsel, associates and staff of Willkie Farr & Gallagher LLP mourn the untimely passing of our partner, colleague and friend, Peter E. Haller. Peter was a partner in the Executive Compensation & Employee Benefits Department and leader for the ERISA fiduciary practice."

SEC Commissioner Endorses Retail Investors' Access to Private Markets Through 401(k)s (PDF)

"Many pension funds, endowments and sovereign wealth funds that are longstanding investors in private funds have seen the benefits of diversification and have also seen these investments contribute to their return profiles. Commissioner Uyeda's speech takes the position that retail investors should be able to share in this growth opportunity as well, but currently have limited opportunities for participation. Allowing retail investors to enter the private markets through 401(k) plans would significantly increase ease of access."

DOL Approves Lifetime Income Product as a Default Investment Option in ERISA 401(k) Plans (PDF)

"[Advisory Opinion 2025-04A] applies only to the facts set forth therein and to the party to whom the AO was addressed. However, it is significant in that it resolves the uncertainty in the QDIA rules regarding whether this type of managed account could be a QDIA."

Plaintiffs Face Multiple ERISA Consequences After Cornell Ruling

"ERISA plaintiffs have previously sought six- or seven-figure settlements upon clearing dismissal ... The Cunningham decision may disrupt that formula.... [T]he decision may incentivize defendants to skip motions to dismiss and go straight to discovery.... [E]ven when a motion to dismiss is filed, a ruling that preserves a weak prohibited transaction claim may not dispose defendants toward settlement.... [C]ourts may begin to manage discovery in retirement plan class actions more actively." [Cunningham v. Cornell Univ., No. 23-1007 (S.Ct. Apr. 17, 2025)]

The Year in ERISA Litigation: 2024 Trends and What We're Watching in 2025 (PDF)

"ERISA litigation has rapidly expanded over the past few years, and 2024 was no exception. Defined contribution plan litigation picked up even more steam, defined benefit plan litigation took off, and health plan fiduciary breach claims were also on the rise. And the 2025 outlook is even busier."

House Oversight Committee Hearing Addresses SIGTARP's Report on Treasury's Role in the Delphi Pension Bailout

At the link are video of the September 11, 2013, hearing, along with links to testimony by witnesses: The Honorable Christy L. Romero, Special Inspector General for the Troubled Asset Relief Program; Barbara D. Bovbjerg, Managing Director, Education, Workforce and Income Security, U.S. Government Accountability Office; A. Nicole Clowers, Director, Financial Markets and Community Investment, U.S. Government Accountability Office; Matthew A. Feldman, Partner, Willkie Farr & Gallagher, LLP; Steven Rattner, Chairman, Willett Advisors, LLC; Harry J. Wilson, Chairman & CEO, MAEVA Group, LLC; and Harvey R. Miller, of Weil, Gotshal & Manges LLP.

SECURE 2.0 Brings Significant 401(k) Plan Changes (PDF)

7 pages. "[A]ll 401(k) plans will be impacted by the Act in some way. Although many of the changes in SECURE 2.0 are not effective until 2024 or 2025, some changes will affect plans in 2023.... [P]lan sponsors should begin examining operational compliance considerations  ... Plan sponsors will have until the last day of the plan year beginning on or after January 1, 2025 (i.e., December 31, 2025 for a calendar year plan) to adopt SECURE 2.0 plan amendments."

Small Employers in Illinois, California and New York Prepare for State-Mandated Automatic IRA Programs in 2022 (PDF)

"In Illinois and California, certain employers who do not offer a retirement plan have already been required to start participation. In 2022, the laws will apply to increasingly smaller-sized employers, including those who traditionally have not offered a retirement plan to their employees. In New York, a new law has been implemented requiring participation for the first time from small employers."