Empower Responds to Private Markets Inquiry from Senator Warren
The asset classes should be available to retirees to help with the ‘democratization of private investing,’ Empower CEO Edmund Murphy...
Compliance
Retirement Industry Responds to Passage of ‘Big Beautiful Bill’
Notably, the defined contribution retirement plan sector is relatively unchanged by President Donald Trump’s key legislation.
DOL Submits Request for Information About PEPs to OMB
The request, made July 1, indicates the Department of Labor is preparing PEP-related reports, per provisions in the SECURE and...
Massive Tax and Policy Bill Signed Into Law
President Trump signed the measure that preserves tax deferral for retirement savings, raises taxes on certain endowments, makes cuts to...
Parties Agree to $48.5M Settlement in Pentegra Fiduciary Breach Case
A jury awarded plaintiffs in the case, Khan et al. v. Board of Directors of Pentegra Defined Contribution Plan et...
Auto-IRA Program Approved by Massachusetts Legislature
The FY 2026 budget bill includes the provision creating the Massachusetts Secure Choice program.
Supreme Court Seeks Input from Solicitor General in 401(k) Fees Case
Originally filed in 2021, the lawsuit alleges the company violated ERISA by retaining target-date funds that were high cost and...
Natixis Prevails at Court in ERISA Complaint
The judge ruled that the defendants had not breached their fiduciary duty by acting in their own interests, following a...
EBSA Eliminates Three Interpretive Bulletins, Calling Them ‘Unnecessary’
The Department of Labor’s Employee Benefits Security Administration announced on Monday that it is removing three interpretive bulletins related to the Employee...
SEC to Evaluate Use of PE and Alternatives in Retirement Accounts
The SEC's Office of the Investor Advocate as previously highlighted potential risks for retail savers posed by the expansion of...
Aronowitz Clears Senate Committee Vote to Head EBSA
Trump’s nominee now moves to a full Senate vote to determine whether he will lead the Department of Labor agency tasked with...
Senator Warren Wants Information About Empower’s Push Into Private Equity for 401(k) Plans
Democratic Senator Elizabeth Warren wrote to the company’s CEO, Edmund Murphy III, outlining concerns about the asset class and demanding...
Former CFA Institute CMO Accused of Embezzling $6M
An indictment alleges that Michael Collins stole funds from multiple employers by invoicing them for nonexistent services from companies he...
The Math Behind Why the Senate Tax Bill Seems Cheaper Than House Version
Even though both bills share many provisions, the estimates from the congressional Joint Committee on Taxation are based on different...
401(k) Forfeiture Complaint Against Wells Fargo Dismissed
The District of Minnesota ruling, released June 18, closely resembled the dismissal of an ERISA complaint against J.P. Morgan on...
Democratic Senators Urge DOL to Reconsider Elimination of 401(k) Plan Crypto Guidance
In a letter, four Senators expressed concern that rescinding the 2022 guidance removes essential protections for American workers’ retirement savings.
Employer Sues Blue Cross Blue Shield of Michigan for Alleged ERISA Violations
Wesco Inc. alleges BCBSM exploited self-funded health plans by charging fees to fix its own billing errors, in violation of...
Senate Advances GENIUS Act to Regulate Stablecoins
The measure, which introduces new compliance standards for issuers of stablecoins, passed with bipartisan support.
Social Security Trust Fund Predicted to Fall Short One Year Sooner
Social Security's largest trust fund may be depleted in 2034, one year earlier than estimated in 2024, and what had...
J.P. Morgan 401(k) Funds Forfeiture Case Dismissed
A federal judge dismissed the case with prejudice, meaning a new case could not be filed in the district.