"Fiduciaries may find value in having access to a tool that can connect participants and beneficiaries to their plan benefits and conclude the disclosure is in their best interests. However, there are several critical countervailing considerations. First, the scope of the information requested goes well beyond what was reflected in SECURE 2.0.... Second, the notice leaves the DOL's cybersecurity measures to your imagination, simply noting that 'multiple security measures will be in place' to protect the data provided.  ... Third, the DOL did not establish a fiduciary safe harbor or any protections in the event the information the fiduciary volunteers is ultimately compromised, incomplete, or incorrect."   MORE >>

"The [IRS] recently issued final regulations concerning 'minimum present value requirements' for tax-qualified defined benefit plans. There are three primary changes for sponsors of DB plans to note and consider in their plan design. [1] Expansion of anti-cutback relief for changes to code Section 417(e) interest rate ... [2] Lump sum distributions of employee after-tax contributions ... [3] Social Security level income options."   MORE >>

"The [DOL's] final retirement security rule ... covers many of the same elements as the initial proposal, but contains key changes, such as exemptions for educational materials and the removal of discretionary authority as an automatic trigger of fiduciary status.... The final rule also does not require contract modifications nor require insurance companies to accept fiduciary responsibility over independent agents who sell their products[.]"   MORE >>

"Now that it's released, what changes does the final rule make to the proposed rule? ... [1] Regular basis test ... [2] Sophisticated investors ... [3] 'Hire me' ... [4] Timing of disclosure ... [5] Robo-advice ... [6] Web disclosure ... [7] Severability."   MORE >>

"Under the new rule , the definition of ERISA level fiduciary 'investment advice' is broadened significantly. This change means that more types of advice, including one-time advice which was previously exempt, now require advisors to meet fiduciary standards.... The updated rule removed the requirement that the advice must be on a 'regular basis.' "   MORE >>

"Though it was not clear to the Seventh Circuit on what grounds the district court dismissed the breach-of-duty arguments, it considered three possible explanations and dismissed each one." [ Appvion, Inc. Ret. Sav. & Emp. Stock Ownership Plan by & through Lyon v. Buth , No. 23-1073, (7th Cir. Apr. 23, 2024)]   MORE >>

"The court reasoned that the proposed amended complaint contained 'substantively the same defects' as its predecessor. Former Montefiore employees [had] challenged the healthcare center's management of its 403(b) retirement plan, alleging that plan fiduciaries [1] selected underperforming funds charging excessive management fees; [2] failed to offer the least expensive share classes of funds; and [3] failed to control the plan's recordkeeping costs." [ Boyette v. Montefiore Med. Ctr. , No. 22-5280 (S.D.N.Y. Apr. 5, 2023)]   MORE >>

"68% of workers and 74% of retirees are confident they will have enough money to live comfortably throughout retirement.... [T]his is not a significant increase from last year.... Most workers (88%) expect Social Security to be a source of income in retirement.... Half of Americans have tried to calculate how much money they will need in retirement. In reaction to their calculation, 52% of workers and 44% of retirees started to save more.... Workers would like help saving for emergencies through their retirement plan.... Workers are more likely this year to want to purchase a guaranteed income product with their retirement savings."   MORE >>

"Biden administration officials met with leaders of five pension funds, representing more than $1 trillion in assets, that are requiring strong labor standards from their private equity investments, suggesting other pension funds should do the same."   MORE >>

"Gordon Hartogensis, the first director to serve the full five-year term, will conclude his appointment at the [PBGC] on April 30, 2024.... During Hartogensis' tenure, PBGC's insurance programs have grown stronger than at any time in the agency's 50-year history. In 2023, for the third consecutive year, both PBGC's Multiemployer and Single-Employer Insurance Programs reported positive net positions. The overall net financial position from 2019 to the present has improved $102.6 billion."   MORE >>

"[1] Be realistic and informed before attempting negotiations ... [2] Understand compensation trends in your industry ... [3] Evaluate equity grants you are leaving behind ... [4] Know the best times to negotiate ... [5] Choose what to focus on in negotiation ... [6] Seek protections at termination ... [7] Know how private companies differ."   MORE >>