Since the first quarter of 2024, 10 plan sponsors (along with named and independent fiduciaries) have been sued in 13 putative class actions challenging pension risk transfers (PRTs), which are transfers to insurance companies of a portion or all of a defined benefit pension plan’s liabilities through the purchase of a group annuity contract. Generally
On November 4, 2025, the U.S. District Court for the District of Rhode Island in Williams v. Bally’s Management Group, LLC dismissed a participant challenge to an employer’s tobacco surcharge under ERISA, rejecting both statutory discrimination and fiduciary breach theories. The court held that the plaintiff failed to state a claim that the surcharge violated