News & Analysis as of

Benefit Plan Sponsors Department of Labor (DOL)

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Private Markets in 401(k) Plans: An Opportunity or a Pandora’s Box?

A new Empower survey has made some waves in the retirement plan industry. According to their July 2025 survey, a striking 68% of advisors already use private market investments—things like private equity, private credit, and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The DOL is Right to Scrap the Annuity Safe Harbor

The Insured Retirement Institute (IRI) is once again carrying water for the annuity industry, this time urging the Department of Labor to retain a regulatory safe harbor that’s already obsolete. The safe harbor in question,...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - August 2025

The August Monthly Minute brings you the latest guidance on ERISA retirement plan investment in alternative assets and highlights a recent ruling in mental health parity nonquantitative treatment limitation (NQTL) litigation....more

Carlton Fields

New Kids on the Blockchain: Cryptocurrencies in 401(k) Accounts

Carlton Fields on

Department of Labor (DOL) watchers have experienced regulatory whiplash in recent years. During the Biden administration, for example, the DOL issued Compliance Assistance Release (CAR) No. 2022-01, which flouted its...more

Snell & Wilmer

Ninth Circuit Weighs Employer’s Use of Non‑Vested 401(k) Funds

Snell & Wilmer on

What can employers do with non-vested employer contributions? Under the Employee Retirement Income Security Act of 1974 (“ERISA”), employers may require an employee to work for a set number of years before any company...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Just Push Play: The Fiduciary Reality Check For 401(k) Plan Sponsors

I t was 2001 when Aerosmith dropped Just Push Play, and while it was no Rocks or Toys in the Attic, it packed a punch. That title track? A distorted, energetic anthem about dropping the hesitation and just going forward. No...more

Morgan Lewis - ML Benefits

DOL Rescinds Guidance on ERISA Plan Sponsor Vendor Diversity Program

The US Department of Labor (DOL) has withdrawn prior guidance from 2023 supporting racial equity programs aimed at increasing racial diversity in a plan’s asset manager pool. That prior guidance had provided comfort to plan...more

Snell & Wilmer

Opening the Door to Alternatives: What Fiduciaries Should Know About the New 401(k) Executive Order

Snell & Wilmer on

On August 7, 2025, President Trump signed an Executive Order titled Democratizing Access to Alternative Assets for 401(k) Investors. The directive marks a significant policy shift by encouraging regulators to make it easier...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

In a Rare Move, the DOL Backs the Employer in a Forfeiture Allocation Case—But Don’t Pop the Champagne Just Yet

Sometimes, in the strange world of ERISA litigation, you get a surprise. And in Hutchins v. Hewlett Packard, we got one: the Department of Labor, yes, that DOL, the one whose name alone strikes fear into the heart of many...more

Patterson Belknap Webb & Tyler LLP

Pooled Employer Plans: DOL Issues New Interpretive Guidance and Tips for Employers

On July 29, 2025, the Department of Labor (the “DOL”) published limited interpretive guidance regarding pooled employer plans, or “PEPs,” in the Federal Register (the “New Guidance”). Although PEPs are available to all sizes...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When 401(k) Contributions Disappear: The Harsh Lessons of Micone v. iProcess Online, Inc.

You can cut corners in business. You can play fast and loose with your vendor contracts. You can even get away with sloppy recordkeeping—at least for a while. But when you mess with employee 401(k) contributions, you’re not...more

ArentFox Schiff

EO Seeks to Expand Access to Alternative Asset Investments in Retirement Plans

ArentFox Schiff on

On August 7, the White House issued an Executive Order (EO) aimed at broadening Americans’ access to alternative asset investments within employer-sponsored defined-contribution retirement plans, such as 401(k) plans....more

Cooley LLP

Private Equity and Venture Capital Investments for 401(k) Plans?

Cooley LLP on

On August 7, President Donald Trump signed an executive order (Democratizing Access to Alternative Assets for 401(k) Investors) that has been widely – and mistakenly – reported to open 401(k) plan assets to “alternative...more

Verrill

Coming Soon to Your 401(k) Plan: Tontines and Other Exotic Investments!

Verrill on

Participants in 401(k) plans and other defined contribution retirement plans may soon have the opportunity to invest their plan accounts in a variety of high-risk and potentially high-return assets. Touted as an effort to...more

Mayer Brown

US Department of Labor Solicits Feedback and Provides Guidance to Smaller Employers on Pooled Employer Plans

Mayer Brown on

On July 28, 2025, the US Department of Labor (DOL) issued a Request for Information (RFI) regarding the current usage and operations of pooled employer plans (PEPs), as well as obstacles that are discouraging smaller...more

Carlton Fields

Plan Sponsor and Asset Manager Considerations Under 401(k) Alternatives Executive Order

Carlton Fields on

On August 7, 2025, President Trump signed an executive order titled “Democratizing Access to Alternative Assets for 401(k) Investors,” designed to open the use of alternative investments, including private equity and actively...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The New Priorities: Why Plan Sponsors Are Shifting Focus from Cost-Cutting to Cybersecurity and AI

For years, if you asked a 401(k) plan sponsor what their top concern was, you’d get a predictable answer: cost. Cutting expenses. Reducing fees. Pinching pennies. And it made sense. In a post-fee lawsuit world, with advisors...more

Haynes Boone

DOL Approves the Use of Forfeitures to Offset Employer Contributions

Haynes Boone on

In a lawsuit currently under appeal at the U.S. Court of Appeals for the Ninth Circuit, the court has been asked to decide whether the plan administrator violated its fiduciary duties of prudence and loyalty under ERISA when...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Forfeiture Fiasco: Why the DOL and Common Sense are on the Right Side of the HP Case

It’s not often you see the U.S. Department of Labor jumping into the legal ring to back plan sponsors, but when they do, you know something bigger is at stake than just one plan participant’s gripe. That’s exactly what...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Quick Tips for Plan Sponsors Who Want to Stay Out of Trouble

If you’re a 401(k) plan sponsor, you don’t need to be an ERISA expert—you just need to avoid doing dumb things. Here are a few quick tips to help you stay on the right side of your fiduciary duties and keep your participants...more

Holland & Knight LLP

Department of Labor Weighs in on 401(k) Forfeiture Class Actions

Holland & Knight LLP on

Since September 2023, plaintiffs have filed numerous class action lawsuits alleging that the use of 401(k) forfeitures to offset future employer contributions violates the Employee Retirement Income Security Act of 1974...more

Bricker Graydon LLP

The Uncashed Check Conundrum - What Employers Need to Do

Bricker Graydon LLP on

A terminated employee moves and doesn’t tell you and the check for the small benefit forced out of your retirement plan gets returned. A participant requests a distribution and the check gets delivered, but it is never...more

Bond Schoeneck & King PLLC

401(k) Forfeiture Litigation: Implications for Plan Sponsors

Background - In a wave of class-action litigation beginning around 2023, plaintiffs have alleged violations of fiduciary duties under the Employee Retirement Income Security Act (ERISA) and prohibited transaction rules in...more

Goodwin

DOL Abandons ESG Rule in Investment Duties Regulation; Rescinds Cryptocurrency Guidance

Goodwin on

On May 28, 2025, the U.S. Department of Labor (DOL) took two major steps that signal a shift in its approach to fiduciary oversight under the Employee Retirement Income Security Act of 1974, as amended (ERISA)....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

10 Things Every 401(k) Plan Sponsor Should Be Doing To Stay On The Right Side Of ERISA

When you sponsor a 401(k) plan, you’re not just handing out a shiny benefit to help employees save for retirement. You’re stepping into a role that carries legal weight, personal responsibility, and—if you’re not careful—...more

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