Compliance Stuff

On March 30, 2026, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued a notice of proposed rulemaking (NPRM) designed to reduce the regulatory risk if permitted investment options in 401(k) retirement plans include nontraditional investments such as private equity and cryptocurrency. 00:00 11:02 Quick Hits The DOL proposed a six-factor safe harbor to meet a fiduciary’s duty of prudence when selecting designated investment alternatives under participant-directed defined contribution plans. The proposed regulation does not apply to brokerage windows or self-directed brokerage accounts under defined contribution plans.  This proposal follows President Trump’s executive order aimed at increasing access to alternative assets and reversing earlier Biden-era guidance that discouraged such investments due to risk concerns.  By clarifying the fiduciary process affording discretion to plan fiduciaries to select investments, the DOL hopes the c...

  New policy offers option for handling small payments when the owner cannot be located WASHINGTON  – The U.S. Department of Labor’s Employee Benefits Security Administration today announced an  enforcement relief policy  to p rovide retirement plan fiduciaries with an option to help manage small benefit amounts owed to individuals who cannot be located. Under the policy, the department will not take action under the fiduciary duty provisions of the  Employee Retirement Income Security Act  against fiduciaries who transfer entire benefit payments owed to missing participants of $1,000 or less to state unclaimed property funds, if certain conditions are me t. “This policy gives fiduciaries an additional option for handling small outstanding retirement benefit payments owed to missing participants and beneficiaries,” said Assistant Secretary for Employee Benefits Security Lisa M. Gomez. “Our goal is to reunite participants and beneficiaries with their retirem...

Employee Retirement Income Security Act has protected benefits since 1974 WASHINGTON  – The U.S. Department of Labor today announced the launch of a  webpage that marks the 50th anniversary  of the  Employee Retirement Income Security Act  and reflects on the landmark law’s impact on the retirement security of America’s workers.  The webpage traces the history of ERISA and its protections of the health, retirement savings and other benefits plans of America’s workers. It also details how the department’s  Employee Benefits Security Administration  assists retirement plan beneficiaries and their families in claiming their benefits or reporting violations.  Signed in September 1974, ERISA was designed to protect the interests of employee benefit plan participants and their beneficiaries and has evolved to meet the changing retirement and healthcare needs of workers and their families. “The Employee Income Retirement Security Act became law on L...

A little more than three years ago, the U.S. Department of Labor (DOL) posted cybersecurity guidance on its website for ERISA plan fiduciaries. That guidance extended only to ERISA-covered retirement plans, despite health and welfare plans facing similar risks to participant data. Last Friday, the DOL’s Employee Benefits Security Administration (EBSA) issued Compliance Assistance Release No. 2024-01 . The EBSA’s purpose for the guidance was simple – confirm that the agency’s 2021 guidance generally applies to all ERISA-covered employee benefit plans, including health and welfare plans. In doing so, EBSA reiterated its view of the expanding role for ERISA plan fiduciaries relating to protecting plan data: “Responsible plan fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks.“ In 2021, we outlined the DOL’s requirements for plan fiduciaries here, and in a subsequent post discussed DOL audit activity that followed shortly after the DOL issued its newly minted...