The Weekly Highlights for Benefits Professionals
BenefitsWire
Retirement Plans
Week of October 9, 2026
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12 items · ~3 min read
In this issue
Regulatory Action and Guidance (11) · Retirement Plans (1)
Regulatory Action and Guidance
11 items“Retirement plans are generally required by law to send out notices to plan participants and file certain forms and reports with the Internal Revenue Service (IRS), depending on a plan's type, size, and circumstances. The Department of the Treasury (Treasury Department), the Employee Benefits Security Administration of the U.S. Department of Labor (Labor Department), and the Pension Benefit Guaranty Corporation (PBGC) are publishing a Request for Information (RFI) to develop a public record for purposes of the directive in section 319 of the SECURE 2.0 Act of 2022 (SECURE 2.0),1 which requires that these agencies review the existing reporting and disclosure requirements for certain retirement” MORE >>
Source: IRS
Senate Finance Democrats demanded Treasury Secretary Scott Bessent pay $910,000 in owed payroll taxes, citing a recent Second Circuit ruling that may affect how limited partners are taxed. MORE >>
Source: Senate Finance Committee
“You can take that “Acting” out of Keith Sonderling’s title, as the U.S. Senate late Wednesday confirmed him as the 31stU.S. Secretary of Labor along a party line vote of 47-41. Sonderling succeeds Lori Chavez DeRemer, who resigned back in April amid a variety of official misconduct allegations. Sonderling, who was confirmed by the Senate as United States Deputy Secretary of Labor on March 12, 2025, was designated as Acting Secretary of Labor on April 20, 2026 by President Donald J. Trump, who subsequently nominated him to serve as Secretary of Labor on June 29, 2026.” MORE >>
Source: 401(k) Specialist
“The Department of Labor recently issued Technical Release 2026-02, concluding that Trump Accounts and most employer contribution programs associated with those accounts generally will not be treated as employee pension benefit plans under Title I of ERISA.” MORE >>
Source: PLANADVISER
“The DOL recently issued Technical Release 2026-01 concerning the exercise of proxy voting and shareholder rights by proxy advisory firms with respect to ERISA plans (the “Release”), providing, among other things, that proxy advisory firms are functional fiduciaries for ERISA purposes, and subject to a heightened standard of care, to the extent such firms either (i) exercise authority or control over such shareholder rights, including the voting of proxies, or (ii) provide investment advice for a fee regarding how plans should exercise these rights. The Release indicates that the DOL has long recognized that voting rights and other shareholder rights attributable to shares under the plan are ” MORE >>
Source: Haynes Boone
“On September 30, 2026, the federal district court in California blocked the agencies from enforcing or implementing the proclamation-based payment requirement unless and until they comply with the rulemaking requirements of the Administrative Procedure Act. Impact on Employers For employers, the practical impact is straightforward: the proclamation-based $100,000 H-1B payment is not currently being enforced. Employers filing H-1B petitions, including cases requiring consular processing or admission from abroad, are therefore not currently required to pay the $100,000 amount.” MORE >>
Source: Ogletree Deakins
“FBT Gibbons represented BARCODE, a U.S. performance hydration brand, in connection with Axum Capital Partners’ agreement to acquire a controlling interest in the company. The transaction closed in the third quarter of 2026.” MORE >>
Source: Miller & Chevalier
“The Pension Benefit Guaranty Corporation (PBGC) issued Technical Update No. 26-1 on September 18, 2026, which waives on a prospective basis the requirement to report an attrition event under the agency’s reportable events regulation, which can be found at 29 CFR Part 4043.” MORE >>
Source: Littler
“On March 24, 2026, the Department of Labor released a proposed regulation, “Fiduciary Duties in Selecting Designated Investment Alternatives.” The regulation is in part responsive to President Trump’s Executive Order "Democratizing Access to Alternative Assets for 401(k) Investors.” MORE >>
Source: HR Dive
"On April 1, 2026, the Department of Labor (DOL) issued Technical Release 2026-01 (the “Technical Release”), providing guidance regarding the application of ERISA’s fiduciary requirements to proxy advisory firms. The Technical Release addresses the fiduciary responsibilities of plan fiduciaries that use proxy advisers, the circumstances under which proxy advisory firms may be treated as ERISA fiduciaries, and the extent to which ERISA preempts state laws regulating proxy advisory services." MORE >>
Source: Trucker Huss
The Administration for Children and Families is requesting a three-year extension and revisions to U.S. Repatriation Program forms, updating burden estimates. MORE >>
Source: Federal Register
Retirement Plans
1 item“Only 22% of workplace retirement plans offer access to guaranteed lifetime income, according to DCIIA.” MORE >>
Source: Ogletree Deakins