2. Courts Differ On What Is Required To Support Fiduciary Breach Claims
Required Roth Catch-Up Goes Live in 2026
The IRS has issued long-awaited final regulations regarding the requirement included in the SECURE 2.0 Act of 2022 that catch-up contributions made during a plan year under a 401(k) or 403(b) plan by participants with FICA wages from the employer sponsoring the plan during the prior calendar year that exceed a specified dollar amount may
Shutdown Showdown: What to Expect if the Government Goes Dark Again
With a potential government shutdown as early as October 1, plan sponsors and fiduciaries should be aware of how a lapse in federal funding could affect both retirement and health and welfare plan operations, IRS filings, and regulatory oversight of plans. While some government functions are expected to continue during a shutdown, others may be
Trump Seeks to Encourage PE and Crypto 401(k) Plan Investments
On August 7, 2025, President Trump issued an Executive Order (“Order”) directing the Department of Labor (“Department”) and U.S. Securities and Exchange Commission (“SEC”) to, no later than February 3, 2026, issue rules or guidance – potentially including a safe harbor – intended to encourage the inclusion of alternative assets, such as private equity, cryptocurrency
DOL Guidance Looks to Boost PEPs, Signals Potential PEP Fiduciary Safe Harbor
The Department of Labor’s (“DOL”) Employee Benefits Security Administration recently issued Pooled Employer Plans: Big Plans for Small Businesses, which contains interpretive guidance that seeks to encourage the establishment and adoption of pooled employer plans (“PEPs”) by demonstrating how DOL currently believes that PEPs can minimize employers’ fiduciary risks. The
A “Big, Beautiful” New Benefit? What Employers Need To Know About Trump Accounts
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”). Among other things, the OBBBA created a “starter” individual retirement account called a “Trump Account” and authorized a program under which an employer can make non-taxable contributions to an employee’s Trump Account. Employers considering the new Trump
Fiduciary Claims May Leave Health Plans on Life Support
A rapidly growing line of ERISA cases seeks to impose fiduciary standards of conduct—developed by courts largely in the retirement plan context—to health plan design choices. The most recent, Barbich et al. v. Northwestern University et al., No. 1:25-cv-06849 (N.D. Ill.) filed on June 20, 2025, involves a new and potentially disruptive twist: plaintiffs
Supreme Court To Decide Whether Withdrawal Liability Assumptions May Be Set After an Employer’s Withdrawal
On June 30, 2025, the Supreme Court granted certiorari in M&K Employee Solutions, LLC et al. v. Trustees of the IAM Nat’l Pension Fund to address whether the requirement under ERISA section 4211 that multiemployer pension plans compute withdrawal liability based on the plan’s unfunded vested benefits “as of the end” of the plan year
Avenues for Benefit Plan-Related Relief in Response to the California Wildfires
The California wildfires were officially declared a federal disaster by the Federal Emergency Management Agency (FEMA) on January 7, 2025. Plan sponsors and participants continue to navigate the financial and administrative impacts of these events. During this unpredictable time, plan sponsors may be able to provide various forms of relief to impacted participants. Plan sponsors
A Tale of Two Decisions: District Courts Diverge on Constitutional Standing to Bring Pension Risk Transfer Claims
On March 28, 2025, two neighboring district courts issued sharply contrasting decisions on constitutional standing in lawsuits challenging pension risk transfers under the Employee Retirement Income Security Act of 1974 (“ERISA”). The United States District Court for the District of Columbia, in Camire et al. v. Alcoa USA Corp. (“Alcoa Decision”)