The Daily Brief for Benefits Professionals
BenefitsWire
Retirement Plans
July 13, 2026
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7 items · ~3 min read
Top of the Brief
DOL, American Benefits Council Back Intel in ERISA Case“The DOL's amicus brief, filed Friday in Anderson v. Intel Corp. Investment Policy Committee, and the employer group's amicus brief, filed Thursday, both argue that plaintiffs alleging imprudent investment decisions must identify a”
In this issue
Regulatory Action and Guidance (2) · Retirement Plans (2) · Litigation (2) · General Benefits (1)
Regulatory Action and Guidance
2 items“The regulatory agenda for DOL posted July 3 included plans to simplify the prohibited transaction exemption procedures. The agency wants to "reduce regulatory burdens on applicants for exemptions and improve the operation of the prohibited transaction exemption program" ... Asset managers, such as Goldman Sachs Inc., Citigroup, and JPMorgan Chase, must apply for exemptions to avoid penalties and eliminate the need for third-party fiduciary oversight of the $14 trillion US private retirement market or handle transactions that otherwise would be prohibited under the Employee Retirement Income Security Act because of conflict of interest concerns or prior criminal activity.” MORE >>
Source: news.bloomberglaw.com
[General Benefits]
The ERISA Edit: Important Circuit Court Retirement and Health Plan Rulings and DOL Guidance“The Eleventh Circuit rejected the defendants' position, holding that ERISA's requirement that a JSA be the "actuarial equivalent" of an SLA requires the use of assumptions a reasonable actuary would employ. ... plans must use reasonable mortality and interest rate assumptions at the time benefits are calculated, while still retaining flexibility within a range of reasonable choices. Applying that framework, the court held that the plaintiffs' allegations regarding outdated mortality tables and resulting reductions in annuity value were sufficient to state a claim under ERISA § 1055.” MORE >>
Source: Miller & Chevalier
Retirement Plans
2 items“The Internal Revenue Service (IRS) requires employers maintaining a pre-approved 403(b) plan to adopt a restated plan document (formally referred to as a Cycle 2 restatement) by December 31, 2026 to maintain reliance on the IRS approval. A Cycle 2 restatement is more than just another plan amendment. It is a comprehensive update and replacement of your plan document that incorporates changes in applicable law and IRS guidance since the last 403(b) pre-approved plan cycle. ... Many document providers are providing the Cycle 2 restatement and then intending to separately issue a SECURE 2.0 amendment later this year. As a result, plan sponsors may receive additional plan document updates relati” MORE >>
Source: Boutwell Fay
“More than 50,000 employers in the U.S. have joined a pooled employer plan, creating opportunities for recordkeepers to grow their businesses and differentiate their organizations in the retirement plan marketplace, according to new data from Cerulli.” MORE >>
Source: PLANSPONSOR
Litigation
2 items“The DOL's amicus brief, filed Friday in Anderson v. Intel Corp. Investment Policy Committee, and the employer group's amicus brief, filed Thursday, both argue that plaintiffs alleging imprudent investment decisions must identify a” MORE >>
Source: PLANADVISER
[Regulatory Action and Guidance]
DOL Backs ‘Meaningful Benchmark’ Standard in Supreme Court Challenge“a particular fund's underperformance relative to other investments that are not made available in the same plan does not by itself raise a plausible inference of imprudent fiduciary conduct" but requires measuring the fund's performance against a "meaningful benchmark — a fund that shares sufficient characteristics to provide a basis for comparison." ... the Labor Department explained that "ERISA's duty of prudence requires fiduciaries to engage in an appropriate process to determine whether a particular investment decision would be appropriate" — a duty that it asserts "does not depend on ultimate investment results.” MORE >>
Source: American Retirement Association
General Benefits
1 item[Regulatory Action and Guidance]
Information Reporting and Transfer for Valuable Consideration Rules for Section 1035 Exchanges of Life Insurance and Certain Other Life Insurance Contract TransactionsThe IRS issued final regulations clarifying how transfer-for-valuable-consideration rules and information reporting requirements apply when life insurance contracts are exchanged in tax-free Section 1035 exchanges, corporate reorganizations, or reportable policy sales, affecting insurers, policyholders, and other parties to these transactions including those receiving reportable death benefits. MORE >>
Source: IRS
Also of Note
- 2026 Unified Regulatory Plan and Agenda Released — DOL, HHS, and Treasury Items of Note for Health Plans — “On July 3, 2026, the Office of Management and Budget, Office of Information and Regulatory Affairs published the 2026 Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions.” (leadingage.org)