The Daily Brief for Benefits Professionals
BenefitsWire
Retirement Plans
July 8, 2026
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16 items · ~6 min read
In this issue
Regulatory Action and Guidance (1) · Retirement Plans (6) · Litigation (3) · General Benefits (6)
Regulatory Action and Guidance
1 item“The US Treasury also posted a rule list that provides SECURE 2.0 guidance including required minimum distributions... The rule lists, posted by the DOL and the Department of the Treasury, revealed that the Employee Benefits Security Administration is again reworking “Prudence and Loyalty in Selecting Plan Investments,” often called the ESG rule, and “Fiduciary Duties in Selecting Designated Investment Alternatives,” commonly referred to as the alts rule.” MORE >>
Source: PLANADVISER
Retirement Plans
6 items“New research from Cerulli Associates found PEP usage among recordkeepers has grown in past years. The findings show that 60% of recordkeepers already work with PEPs, and more plan to do so within the next 12 months. Close to three-quarters (71%) of recordkeepers surveyed describe pooled employer plans as a "moderate or major strategic priority," and 64% believe they'll have a positive impact on their business looking ahead. Others expect much of their growth to come from PEPs in 2027, with recordkeepers estimating 20% to 40% of future development to stem from the plans.” MORE >>
Source: 401(k) Specialist
“Auto-enrollment is one of those retirement plan features that sounds wonderfully simple in a sales presentation. “We’ll automatically enroll employees, boost participation, and help people save.” MORE >>
Source: JD Supra
[General Benefits]
How Can a 403(b) Sponsor Get an Extension of its Form 5500 Filing Deadline?“Under 29 CFR § 2520.104a-5(a)(2), the filing must be submitted seven months after the close of the plan year. So, the filing deadline for calendar year plans is generally July 31 of the following year. If you need additional time to file, you can file for an extension by using IRS Form 5558. On this form, you can request an extended due date, which cannot be later than the 15th day of the 3rd month after the normal due date (October 15 for calendar year plans). ... while Form 5558 historically could only be filed on paper with the IRS, beginning January 1, 2025, it can be filed electronically through the EFAST2 website.” MORE >>
Source: PLANSPONSOR
[General Benefits]
Report Challenges Private Markets Push, Says 401(k) Plans Outperform Pensions“Using U.S. Department of Labor Form 5500 data from 2009 through 2024, defined contribution plans returned an average of 9.13% per year, compared with 7.79% per year for defined benefit plans. ... The defined contribution advantage persists across 5-year, 10-year and 16-year periods, and holds on every computed measure of risk-adjusted return. ... Defined contribution outperformed DB plans while holding effectively zero allocation to private equity, hedge funds, private credit, real estate, infrastructure, or any of the other alternative asset classes envisioned under the DOL proposed rule.” MORE >>
Source: 401(k) Specialist
[Press Releases]
Pension Funding Index July 2026“The funded status of the 100 largest corporate defined benefit pension plans fell by $2 billion during June, as measured by the Milliman 100 Pension Funding Index (PFI). A minor decrease in the benchmark corporate bond interest rates resulted in a $1 billion increase in pension liabilities. Pension assets also decreased on the same order due to subpar investment returns. As a result, the funded status ratio had a modest decrease from 109.6% at the end of May to 109.5% as of June 30—still well ahead of the 106.1% funded ratio seen at the start of 2026.” MORE >>
Source: Milliman
[Regulatory Action and Guidance]
IRS to Answer Questions on Cycle 4 DB Qualified Pre-approved Plan Submission Period“If you have questions about the upcoming Cycle 4 DB qualified pre-approved plan submission period, answers may be on the way courtesy of the IRS. ... The virtual meeting will be held on Wednesday, July 29, 2026 from noon to 1:30 p.m. EDT.” MORE >>
Source: American Retirement Association
Litigation
3 items“The court held that, in the first instance, defendants' liability under ERISA's prudence standard depended on the process it used and that their process met that standard. ... The court found that the Fidelity TDF's performance "was hardly egregious" ... Minor underperformance, like that in 2013 and 2014, does not demand immediate change, especially when the goal is long-term growth. ... [P]ointing to other, stronger options is not enough— ERISA fiduciaries need not pick the best investment to satisfy their duty of prudence.” MORE >>
Source: octoberthree.com
“The decision is significant because it is one of the first circuit court decisions considering summary judgment in the recent spate of class actions directed to the performance of target-date funds in retirement plans. It roundly rejects an attempt to impose liability solely because a fund produced "subpar returns." The opinion underscores that plan fiduciaries do not "need crystal balls"; rather, a sound, well-documented process should defeat ERISA claims even where fund performance—especially short-term performance—may have lagged. ... For the defense of ERISA imprudence claims, there is no substitute for documentation of the fiduciary's deliberative process.” MORE >>
Source: wilmerhale.com
“The Supreme Court will hear the plaintiffs' appeal of Anderson v. Intel Corp. Investment Policy Committee in its next term, which begins in October, to review the "meaningful benchmark" rule. The standard typically requires plaintiffs to identify a comparable investment fund when alleging mismanagement of a plan's assets, which plaintiffs in the Intel case argue is too strict and inconsistent. ... Intel intends to rely on when the case reaches the Supreme Court, arguing in the brief that "to generate the required inference of an imprudent process, allegations of underperformance must be benchmarked against a meaningful comparator that obtained better results while pursuing similar aims.” MORE >>
Source: PLANADVISER
General Benefits
6 items“Unlike the Biden administration's 2022 rule, which did not require ESG integration but clarified that fiduciaries could consider ESG factors where financially material, the new proposal points to a stricter interpretation of ERISA focused solely on pecuniary factors. The draft guidance, titled "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights", was submitted by the Department of Labor's Employee Benefits Security Administration (EBSA) to the White House's Office of Information and Regulatory Affairs (OIRA) on 30 June, suggesting publication could follow in the coming weeks.” MORE >>
Source: minerva.info
“Retirement policy is part of the full slate of regulatory guidance items that the Department of Labor’s Employee Benefits Security Administration (EBSA) intends to address before the end of the year.” MORE >>
Source: American Retirement Association
“The bill would create a new tax-advantaged account that is designed to receive income from name, image, and likeness (NIL) contracts for college athletes. ... Student athletes could contribute NIL-related income to the account, up to the annual gift tax exclusion amount, set at $19,000 in 2026. Those contributions would be excluded from gross income. Distributions prior to graduating or the end of their eligibility would be taxed as regular income, and distributions after would generally be taxed as capital gains. ... Unused funds in the account could also be rolled over into an IRA up to a lifetime limit of $35,000 "once an athlete has been out of college sports for at least one year.” MORE >>
Source: American Retirement Association
[Retirement Plans]
Public Pension RFP Roundup: Q2 2026“NCPERS regularly highlights the latest RFPs and RFIs in the public pension industry on behalf of its members. Find our latest roundup of job listings, hiring, and retirement announcements here.” MORE >>
Source: NCPERS
[Retirement Plans]
Trump Accounts Now Live and Accepting Contributions“Employers can contribute up to $2,500 to a Trump account, which counts toward the $5,000 annual limit. However, contributions from governments and charities do not count toward the annual limit. The Treasury Department noted that over 50 companies have already committed to offer Trump Account contributions for children of their employees. ... Businesses interested in employer contributions can send an email to TrumpAccounts@treasury.gov for more information.” MORE >>
Source: American Retirement Association
[Regulatory Action and Guidance]
Auto-IRA Bills Face Diverging Results“Philadelphia-based businesses or nonprofits that have been in operation for at least two years and do not offer a 401(k), pension or other type of retirement plan, will be required to enroll their workers in PhillySaves. Enrolled employees will default to having between 3% and 6% of their wages automatically deferred from their paychecks into either a traditional or Roth individual retirement account, though they may opt out. The program is scheduled to be operational by July 1, 2027.” MORE >>
Source: PLANSPONSOR