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"This notice requests public comment on the Department's proposed collection of information from plan administrators of retirement plans subject to ERISA for the purpose of establishing the Retirement Savings Lost and Found online searchable database to reunite workers with retirement benefits earned over their working lives and to help the Department assist them in that effort."

"Consultants and researchers acknowledged the markets' impact last year boosted assets under administration, but they said record keepers will need more consistent sources of future growth. They predict more consolidation among record keepers, more educating sponsors to adopt auto enrollment, greater emphasis on keeping participants' assets in plans and accelerated efforts in pursuing startup and smaller DC plans."

"SECURE 2.0 and its predecessor bills have expanded the system well beyond its goal of helping the middle class. Today, wealthy taxpayers can protect up to $452,500 per year in tax-advantaged accounts in a single year, saving up to $203,600 on their taxes.... [T]op retirement industry lobbying groups have increased their PAC spending to lawmakers between six to eight times since the early 2000s, with the PACs and executives of member companies of one industry juggernaut providing $98.6 million to lawmakers in the 2022 election cycle leading up to SECURE 2.0."

"In its new 2024 24th edition of the small-plan recordkeeping fee survey, the 401k Averages Book changed how it documents the recordkeeping fee for smaller plans by including indirect, asset-based recordkeeping fees from investments in the fee benchmark. This should eliminate the deceptive claims used in many excessive fee lawsuits that mispresent the 401k Averages Book benchmarks by excluding the substantial indirect fees paid by smaller plans."

"Strong equity returns in March and throughout the first quarter of the year contributed to pension surpluses. Strategists are recommending corporate pension sponsors consider making liability-matching allocations to maintain funding levels when anticipated rate cuts materialize later this year."

"[The district court judge ruled] that allegations by current and former participants of two 401(k) plans about excessive record-keeping fees and poor-performing investments could proceed.... The judge complained that the legal process took too long -- 21 months from the initial complaint to his ruling. 'This entire summary judgment exercise has been a monumental waste of time,' he wrote. The Boston College case 'would have benefitted everyone from a direct march to trial.' " [Sellers v. Trustees of Boston College, No. 22-10912 (D. Mass Apr. 11, 2024)]

"The final amendments confirm the DOL's desire to limit the use of so-called 'rent a QPAM' arrangements, where a QPAM is provisionally hired to evaluate a proposed transaction for an ERISA Client involving a 'party in interest.' ... [T]he DOL's amendments make clear that [1] the QPAM Exemption is available only for the investment activities of ERISA Clients that are actually negotiated (rather than merely 'approved') by the QPAM and [2] the QPAM Exemption is not available for transactions that are planned, negotiated or initiated by parties in interest to ERISA Clients."

"[N]ew Morningstar research takes a deep dive into the new wave of target-date strategies trying to make the transition from saving to spending easier by including annuities as part of their glide path.... For investors who plan to annuitize some of their assets, this package deal eliminates having to sort through myriad complicated options. Providers choose the type of annuity, which varies by series, and do the due diligence on insurance companies."

"The average annuity purchase interest rates in April have remained consistent with the ongoing trend, with the average duration 7 rate at 4.80% and the average duration 15 rate at 4.74%, making it an opportune time to purchase annuities."

"[PBGC] has approved the application submitted by the United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan. The plan, based in Mount Laurel, New Jersey, covers 10,252 participants in the service industry.... The plan was projected to become insolvent and run out of money in 2029."

"The Fourth Circuit's decision in Rose is significant. The opinion contains one of the most detailed analyses of the types of relief that were typically available in equity courts of any circuit or district court decision since Mertens. It is certainly the most detailed analysis since Montanile.... Ultimately, Rose provides a strong basis for pushing back on claims for monetary relief that do not include situations where there is an identifiable fund." [Rose v. PSA Airlines, Inc., No. 21-2207 (4th Cir. Sep. 11, 2023; cert. pet. denied Apr. 15, 2024)]

"[PBGC] has approved the application submitted ... by the Teamsters Union Local No. 73 Pension Plan. The plan, based in Valley View, Ohio, covers 529 participants in the transportation industry.... The plan was projected to become insolvent and run out of money in 2038."

"To invest in annuities one must look the other way at one of most basic investment principals -- diversification ... Excessive monopolistic profits through secret spread fees have remained hidden with no U.S. Federal regulation or oversight.... This paper shows the drawbacks, weaknesses, and pitfalls of annuities as investments for retirement plans as well as the injustices of such plans toward lower income workers."

"As SECURE 2.0 is drafted, both the part-time exclusion and the student-employee exclusion are subject to the LTPT rule.... IRS issued proposed regulations about the LTPT rules for 401(k) plans, but they have not provided clarification for 403(b) plans.... [We] can hope that the IRS will provide more definitive guidance on the intersection of the rules before operational compliance is due next year."

"[T]he Supreme Court [has been] asked to resolve a circuit split concerning what a plaintiff must plead to assert a 'prohibited transaction' under ERISA.... [T]he Court [faces] three [such] petitions at once." [Bugielski v. AT&T Servs., Inc., No. 21-56196 (9th Cir. Nov. 8, 2023; cert pet. filed Apr. 5, 2024); Cunningham v. Cornell Univ., No. 21-0088 (2d Cir. Nov. 14, 2023; cert. pet. filed Mar. 13, 2024); D.L. Markham DDS, MSD, Inc. 401(K) Plan v. Variable Annuity Life Ins. Co., No. 22-20540 (5th Cir. Dec. 14, 2023; cert. pet. filed Mar. 18, 2024)]

"The arbitrator and the district court [held] that by remitting contributions for the hauling work, the employer by its conduct effectively amended the CBA to require contributions for the hauling work, and therefore, those contributions were properly included in calculating the employer's withdrawal liability. The Seventh Circuit reversed, explaining that ... 29 U.S.C. Section 1145 requires that any changes regarding the obligation to contribute to an ERISA plan must be in writing." [Bulk Transp. Corp. v. Teamsters Union No. 142 Pension Fund, No. 23-1563 (7th Cir. Mar. 22, 2024)]

"The court allowed the participants' claims to proceed, holding that there were genuine disputes of material fact as to whether the employer had breached its duties under ERISA by investing its employees' 401(k) savings in underperforming funds for more than a decade and allowing its business relationship with the fund provider to influence the retention." [Snyder v. UnitedHealth Group, No. 21-1049 (D. Minn. Mar. 12, 2024)]

"A 'surplus' management strategy may include contribution adjustments, risk reduction strategies, and benefit enhancements, which are intended to preserve the current plan 'surplus' and/or reduce the risk of future funded status and contribution volatility."

"Wilshire estimates that the aggregate funded ratio was 74.8% at FYE 2023, which represents an 0.4% decrease from FYE 2022. Wilshire's estimate of the aggregate funded ratio as of March 31, 2024 (i.e., the most recent quarter-end as of this publication) is 83.2%. The 8.4% increase from our FYE 2023 measurement stems primarily from strong performance across most asset classes. This rise was notably driven by the FT Wilshire 5000 Index, which saw its best quarterly return in the fourth quarter of 2023 since the fourth quarter of 2020."

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

"The White House's Office of Management and Budget (OMB) has completed its review of the Retirement Security Rule, and it is expected to be released by the [DOL] by the end of the month ... The OMB ... removed the rule from its regulatory review dashboard on April 10."

"In a matter of first impression for federal courts, the Northern District of Illinois found that a pension fund cannot use post-2014 contribution rate increases made pursuant to a rehabilitation plan to calculate an employer’s withdrawal liability payment amount. This decision represents a major victory for employers faced with inflated withdrawal liability demands." [Central States, Southeast and Southwest Areas Pension Fund v. Event Media, Inc., No. 22-6133 (N.D. Ill. Mar. 29, 2024)]

"Plan participants need to take common sense measures to safeguard their accounts. Plan sponsors now face the dual challenge of providing online access to participants' retirement plans while keeping their information secure. Implementing and maintaining a proactive cybersecurity strategy is key for both parties."

"Before adding an investment strategy or asset class to an investment menu it is important to carefully consider the rationale for doing so. Is the potential addition appropriate based on the retirement plan's Investment Policy Statement and the plan participant population served?"

"[1] [DOL] Interpretive Bulletin 95-1.... [2] Private equity's role in pension risk transfers.... [3] Reinsurance.... [4] Hibernation remains a viable alternative.... [5] IBM reopens pension plan.... [6] Lockheed Martin and AT&T lawsuits."