On March 30, the Department of Labor (“DOL”) issued its long-anticipated proposed regulation, “Fiduciary Duties in Selecting Designated Investment Alternatives”, that is intended to address the dual aims of (i) expanding 401(k) designated investment alternatives (“DIAs”) to funds that include alternative assets and (ii) limiting litigation risk. The impetus for the proposed regulation
Potentially signaling a new wave of litigation, AT&T Inc. and AT&T Services, Inc. (AT&T) were hit with a class-action lawsuit on March 11, 2024 filed in the United States District Court for the District of Massachusetts relating to the 2023 transfer of $8 billion of their pension liabilities – covering approximately 96,000 participants in AT&T’s
On September 29, 2023, the Department of Labor (DOL) issues Advisory Opinion 2023-01A (Opinion) approving Citibank’s Diverse Asset Manager Program (Program) as it relates to plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The Opinion provides a road map primarily for pension and 401(k) plan sponsors who wish to increase the