The Daily Brief for Benefits Professionals
BenefitsWire
Retirement Plans
June 22, 2026
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6 items · ~2 min read
Top of the Brief
Alternative Assets (9)—DOL Proposal and the Six Defined Factors: Fees (1)“The DOL’s proposed regulation on selecting investments, including alternative assets, 2026-06178.pdf, identifies six factors that need to be considered in the process of selecting any investments for participant-directed plans, such as 401(k) plans and private sector 403(b) plans.”
In this issue
Expert Analysis (1) · ERISA Litigation (3) · Retirement Plan Administration (2)
Expert Analysis
1 item“The DOL’s proposed regulation on selecting investments, including alternative assets, 2026-06178.pdf, identifies six factors that need to be considered in the process of selecting any investments for participant-directed plans, such as 401(k) plans and private sector 403(b) plans.” MORE >>
Source: Fred Reish
ERISA Litigation
3 items“The Supreme Court held that withdrawal liability can be calculated based on actuarial assumptions selected after the Measurement Date. ... The Supreme Court distinguished actuarial assumptions from "hard data" (such as the number of plan participants) and explained that act” MORE >>
Source: jacksonlewis.com
“On May 21st, 2026, a unanimous court held that ERISA does not require actuarial assumptions to be selected on or before the measurement date. The opinion was authored by Justice Jackson and it was 9-0. ... this case was about the timing of when the assumptions are selected, not whether the assumptions are reasonable.” MORE >>
Source: mondaq.com
“Lockheed Martin’s motion to dismiss failed to persuade a federal district court judge to reject all claims in a proposed class action lawsuit based on breach of fiduciary duties under the Employee Retirement Income Security Act (ERISA).” MORE >>
Source: Hall Benefits Law
Retirement Plan Administration
2 items[Regulatory Action and Guidance]
Retirement Plans Compliance Newsletter for June 2026 — IRS, DOL, PBGC, and SEC Key Developments“The SEC staff indicated it would not object to treatment of PEPs as traditional, single-employer retirement plans under the Investment Company Act's single trust exclusion, provided the plans are subject to ERISA and satisfy the applicable Internal Revenue Code qualification requirements. ... the staff indicated it would not object if PEPs offer CITs that cover self-employed individuals without SEC registration if the plan is subject to ERISA and may apply the rule's sophistication requirement to the plan's pooled plan provider, rather than each participating employer, to determine whether the interests of plan participants are adequately represented.” MORE >>
Source: principal.com
[Regulatory Action and Guidance]
SEC Increases Investment Advisers' "Qualified Client" Dollar Thresholds“On April 28, 2026, the Securities and Exchange Commission (SEC) issued an Order (Release No. IA-6961) increasing the "qualified client" dollar thresholds under Rule 205-3 of the Investment Advisers Act of 1940, as amended (Advisers Act).” MORE >>
Source: Faegre Drinker
Also of Note
- EBSA Leader Targets ESG and DEI in Enforcement Efforts — “According to Aronowitz, EBSA may target employee benefit plan managers who, in making investment decisions, pursue environmental, social, and governance (ESG) factors or support diversity, equity, and inclusion (DEI) initiatives as a breach of the duty of loyalty under the Employee Retirement Income Security Act (ERISA).” (Hall Benefits Law)
- Supreme Court Rejects Private Right of Action Under Section 47(b) of Investment Company Act — “The long-awaited decision in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd.” (Frost Brown Todd)
- Retiree Healthcare Costs Climb Another $30,000 in 2026 — “A healthy 65-year-old couple will need over $400,000 in retirement savings to afford healthcare costs, projects a new index by consulting and actuarial firm Milliman.” (401(k) Specialist)
- Republican Data Privacy Bills Could Impact Employers, Benefit Advisors — “The House is considering two data privacy bills that would go beyond existing federal privacy laws, including the Health Insurance Portability and Accountability Act (HIPAA), which covers health information, and the Gramm-Leach-Bliley Act (GLBA), which covers personal information.” (Hall Benefits Law)
- Did Member States Meet the Deadline? Status of Implementation of the EU Pay Transparency Directive — “Although governments were required to transpose the EU Pay Transparency Directive into national law by June 7, 2026, many European countries have only taken partial steps.” (Littler)
- How to Avoid Misunderstanding and Misinformation — “Like so many things in the ERISA fiduciary world, it really does come down to process," Goldberg says.” (PLANSPONSOR)
- PwC Accidentally Says the Quiet Part Out Loud About Private Equity in 401(k)s — “PwC writes: "Yet it's worth remembering that in DC, winning doesn't mean being chosen, it means being embedded.” (The Commonsense 401(k) Project)
- Agency Information Collection Request; 30-Day Public Comment Request — “This site displays a prototype of a “Web 2.0” version of the daily Federal Register.” (Federal Register)