On March 20, 2026, the U.S. Department of Labor (“DOL”) published guidance (the “2026 Guidance”) that formally reinstates the DOL’s original 1975 five-part test (the “Five-Part Test”) for purposes of determining whether a person is a “fiduciary” under the U.S.
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District Court Reinforces Role of Article III Standing Limits in Post-Cunningham ERISA Litigation
As has been discussed and written about extensively, the U.S. Supreme Court lowered the pleading standard for claims alleging violations of ERISA’s prohibited transaction rules. Cunningham v. Cornell University, 604 U.S. 693 (2025). A recent decision addressing a motion
“No Tax on Tips” and “No Tax on Overtime”: Key Considerations for Employers
Despite the simple and catchy sound-bites, the “no tax on tips” and “no tax on overtime” opportunities under the One Big Beautiful Bill Act (the “OBBBA”) have limits and require administration by both employers and employees. Most significantly, the tax
Seventh Circuit Holds Asset Sale Does Not Require Exclusion of Contributions from Withdrawal Liability Calculation
When an employer withdraws from a multiemployer pension plan, its maximum annual payment is based on all contributions it was required to remit to the plan. In SuperValu Inc. v. United Food and Commercial Workers Unions and Employers Midwest Pension
IRS Issues Updated Safe Harbor Rollover Notices
Retirement plan sponsors should take note of new IRS safe harbor rollover notices.
As a reminder, section 402(f) of the Internal Revenue Code requires retirement plan administrators to provide recipients of eligible rollover distributions with a written explanation of their
ISS and Glass Lewis Release Compensation-Related Updates For 2026 Proxy Season
As part of their annual policy review cycles, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have released their compensation-related voting policy updates that will apply starting with the 2026 proxy season. The updates to ISS’s Benchmark
Coming Soon: DOL’s Proposed Rules Facilitating Alternative Assets in 401(k) Plans
On January 13, 2026, the Department of Labor (the “DOL”) submitted to the White House Office of Management and Budget (“OMB”) proposed rules (the “Proposed Rules”) relating to the inclusion of alternative assets (such as digital assets, private equity, private
Planning for Your Next DOL Investigation Just Got Easier
Spoiler alert. We are about to reveal the secret to learning what the U.S. Department of Labor’s Employee Benefits Security Administration (“EBSA”) will be focused on the next time it investigates your employee benefit plans? Ready? Just ask.
Last week, EBSA announced an
California’s New Restrictions on “Stay-or-Pay” Provisions Require Employers to Review Repayment Agreements
A new law that took effect on January 1st, California Assembly Bill 692 (“AB 692”), significantly limits employers’ ability to require repayment of bonus, training, relocation and other retention-linked incentives upon a worker’s termination of employment. Employers with workers located
Third Circuit Holds No Deference Due Where Administrator Fails to Articulate an Interpretation of an Ambiguous Plan Term
In most cases, denials of ERISA plan benefits by administrators who have been granted discretionary authority to interpret and apply the plan are reviewed under an abuse of discretion standard, and may only be reversed if the denial was arbitrary