News & Analysis as of

Defined Contribution Plans Fiduciary Duty

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

2026: The Year That Will Test Every 401(k) Plan Sponsor

When I look ahead to 2026, I can’t help but think of Rocky Balboa. Not the invincible Rocky from Rocky III strutting around in silk robes, but the older one, in the later films, the guy who knows every punch is going to hurt...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

2026 Is Coming — And It’s a Stress Test for Plan Sponsors

2025 has already been a roller coaster for plan sponsors—regulatory change, cybersecurity threats, shifting fiduciary standards. But—brace yourselves—2026 is going to test all the work you thought you had under control....more

Ropes & Gray LLP

Flip a Coin?—New Congressional Efforts to Prohibit ESG in ERISA Plan Investment Selection and Proxy Voting

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This year, there has been a continued increase in initiatives promoting an anti-ESG approach to investment selection and proxy voting for ERISA plans. The U.S. Department of Labor (DOL) announced in May that it will no longer...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Merged Assets Mess: Why Reconciliation and 5500 Accuracy Matter More Than Ever

Mergers are great when you’re talking about chocolate and peanut butter. But when you’re talking about merging 401(k) plan assets, it’s not always a smooth combination. Plan mergers, whether due to acquisitions, company...more

Mayer Brown

The Evolution of Defined Contribution Plan Class Action Litigation in 2025

Mayer Brown on

We are entering the home stretch of a memorable year. While benefits litigation may not be the first thing that comes to mind, it has been a very busy year for ERISA class actions, particularly for defined contribution plans...more

Ropes & Gray LLP

[Podcast] Practical Considerations for Retirement Plan Sponsors Evaluating Alternative Assets in 401(k)s

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On this Ropes & Gray podcast, benefits consulting principal David Kirchner is joined by Sharon Remmer, an ERISA and benefits partner, and Elliot Saavedra, a senior benefits consultant, to discuss the implications of President...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

$46 Trillion and a Match to Be Reckoned With

When Pew reports that U.S. retirement assets crossed nearly $46 trillion in Q2 2025, it’s easy to be awed by scale. But what really caught my eye was their spotlight on the Saver’s Match, set to launch in 2027, and how it...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When Default Rates Spike — Don’t Let Your Plan Be the Next Headline

We’ve all kept an eye on default rates creeping upward lately. But here’s what catches my attention: rising defaults don’t just affect participants, they test the backbone of a plan’s design, governance, and fiduciary...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Why Every 401(k) Plan Sponsor Needs Policies

When I first started my practice, I thought a 401(k) plan was just a plan document, a custodian, and some mutual funds. Over the years, I realized that the plan is like a baseball team—you can’t just put nine guys on the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Assets Hit Record Highs — But Don’t Get Complacent

The Investment Company Institute reports that U.S. retirement assets bounced back in Q2 2025, setting record highs. That’s good news — but it’s also a reminder to stay sharp....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Forfeiture Suit Mostly Dismissed — What Plan Fiduciaries Should Know

The latest chapter in the wave of forfeiture reallocation lawsuits comes from Armenta v. WillScot / Mobile Mini. The good news: most of the claims were dismissed. The caution: one prudence claim survived, and the court gave...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - Private Markets, Public Plans: What Sponsors Need to Know

Williams Mullen on

On this episode of Williams Mullen’s Benefits Companion, host Brydon DeWitt talks with Sarah Parker of SageView Advisory Group about the growing interest in private markets within defined contribution retirement plans. They...more

Groom Law Group, Chartered

DOL Issues Lifetime Income Guidance for Default Investments

In welcome news for plan sponsors and other fiduciaries considering lifetime income solutions for their defined contribution (“DC”) plans, the Department of Labor (“DOL”) recently issued Advisory Opinion 2025-04A (“AO”) to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Committees and the Ego Problem

Whenever I sit with a retirement plan committee, I can’t help but be reminded of my experiences with nonprofit boards — both as a member and as legal counsel. The dynamics are eerily similar. On paper, everyone is there for...more

Morgan Lewis

US Department of Labor Greenlights Managed Account-Based Lifetime Income Offering

Morgan Lewis on

The US Department of Labor recently issued an advisory opinion clarifying whether a managed account–based lifetime income offering could qualify as a qualified default investment alternative....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors: What the 2025 T. Rowe Price DC Consultant Study Means for Your Practice

Let’s cut through the marketing fluff and look at what the 2025 T. Rowe Price Defined Contribution Consultant Study is really telling us, and more importantly, what it means for financial advisors who want to stay relevant,...more

Ropes & Gray LLP

Final Judgment in Spence v. American Airlines: Judge Denies Monetary Damages but Imposes Targeted Equitable Relief

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On September 30, 2025, following a bench trial and earlier findings that American Airlines and its Employee Benefits Committee (“EBC”) breached ERISA’s duty of loyalty but not the duty of prudence, Judge Reed O’Connor of the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Another Forfeiture Suit, This Time at RTX

Just when you think the forfeiture reallocation litigation wave can’t get any bigger, another suit drops. The latest target? The 401(k) plan of RTX, the company formerly known as Raytheon Technologies Corp....more

King & Spalding

DOL Issues Advisory Opinion on Default Investment in Guaranteed Lifetime Income Products in Defined Contribution Plans

King & Spalding on

On September 23, 2025, the Employee Benefits Security Administration (“EBSA”) of the Department of Labor (“DOL”) issued Advisory Opinion 2025-04A (the “Opinion”) to AllianceBernstein L.P. (the “Manager”) relating to whether...more

Pillsbury Winthrop Shaw Pittman LLP

Can I Invest My 401(k) Account in Private Equity?

An executive order seems to allow 401(k) and other defined contribution plans to offer cryptocurrency, gold and private equity but leaves in place fiduciary rules that are less permissive....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Lessons in Arrogance: What We Can Learn from the Mistakes of Overconfident Plan Providers

There’s an old saying I’ve always loved: Pride goeth before destruction, and a haughty spirit before a fall. You don’t need to be a biblical scholar to understand that it’s just another way of saying arrogance will sink you....more

Holland & Hart - The Benefits Dial

Beer Never Broke My Heart … Recent 401(k) Lawsuit Challenges Stable Value Fund

A recently filed proposed class action lawsuit against Molson Coors’ 401(k) plan fiduciaries highlights the importance for 401(k) plan fiduciaries to carefully select and continually monitor all 401(k) plan investment...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Northwell Health 403(b) Case Settles After Five Years

Another excessive fee case is wrapping up, this time involving the $5.6 billion Northwell Health 403(b) Plan. After five years of motions, amendments, and appeals, the parties have agreed to a $2.75 million settlement....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Empower Under Fire: Another Reminder That Providers Aren’t Immune from Fiduciary Scrutiny

When most people think about ERISA lawsuits, the usual suspects are plan sponsors. They’re the fiduciaries who pick the investments, hire the service providers, and have the crosshairs on their backs when plaintiffs’ firms go...more

Nutter McClennen & Fish LLP

Second Circuit Rules on Plaintiffs’ Standing and Prohibited Transaction Issues in 401(k) Class Action

The Second Circuit recently made two rulings of interest to ERISA litigators and to fiduciaries of 401(k) or other defined contribution plans. In the first ruling, the court held that individual plan participants did not have...more

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