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Two recent court cases reflect a potential new way for plaintiffs’ attorneys to challenge fiduciary decisions.

A new fiduciary case, Kelley v. TIAA,  has been filed against TIAA and Morningstar. This case is different than the typical “fees are too high and returns are too low” type of case –it contains some significant new accusations against TIAA and raises new issues. If this case succeeds, it could have some far-reaching implications. Core Claim: Stacking the (Asset...

The IRS has recently released Notice 2024-55, providing guidance on provisions of SECURE 2.0 dealing with certain emergency distributions from retirement plans and distributions to victims of domestic abuse.

The U.S. Department of Labor (DOL) has issued new guidance narrowing when a group of unrelated employers can join together and form an association health plan (“AHP”)—a plan that is treated as a single employer plan under ERISA. The new guidance narrows the circumstances under which an AHP can be considered an employer-sponsored plan under ERISA. This ruling may also foretell changes to the rules governing multiple employer retirement plans (MEPs).

The United States Department of Labor has finalized new rules defining who is an investment fiduciary under ERISA. These new final rules mark the latest effort (started in 2010) to update a fiduciary definition that was initially adopted in 1975. The DOL also issued a new exemption allowing these fiduciaries to engage in certain transactions (such as accepting commissions) that would otherwise be prohibited.

The IRS ended 2023 with new guidance on the SECURE Act and SECURE 2.0. These included proposed regulations on the new requirements for long-term part-time employees and a grab-bag of Q&As on miscellaneous provisions of SECURE 2.0. This guidance can help employers start the process of planning their responses to this legislation.

The U.S. Court of Appeals for the Ninth Circuit recently clarified fiduciaries’ obligation to consider all revenue received by a provider—even indirect revenue from third parties. The ruling relies heavily on 2012 DOL regulations and could prompt fiduciaries to be more insistent in obtaining comprehensive disclosure from providers on all their sources of income.

The DOL has proposed regulations updating the definition of investment fiduciary. The proposed regulation seeks to create a uniform standard applicable to all investment advice provided to ERISA plans and to IRAs

The IRS has issued guidance granting plan sponsors expanded opportunities to self-correct inadvertent errors. This guidance implements a provision in SECURE 2.0 and marks the beginning of IRS guidance on SECURE 2.0—and a new phase in Congressional efforts to make plan sponsorship less burdensome.

DOL seeks to treat ESG considerations as just another investment factor.