On September 30, 2025, Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas issued a final judgment on damages in Spence v. American Airlines, Inc., No. 4:23-cv-552 (N.D. Tex. Sept. 30, 2025), which related to challenges that American Airlines and its employee benefits committee (“AA”) violated their ERISA fiduciary
DOL Rescinds 2022 Guidance Cautioning Against 401(k) Plan Investments in Cryptocurrencies
On May 28, 2025, the Department of Labor (“DOL”) issued Compliance Assistance Release No. 2025-01 which rescinds the DOL’s prior Compliance Assistance Release No. 2022-1 which had warned 401(k) plan fiduciaries against adding cryptocurrencies as direct investment options under their plans.
The 2022 guidance (described in more detail here) cautioned 401(k) plan fiduciaries to
IRS Notice 2024-35: (Another) Temporary Waiver for Certain RMDs
On April 16, 2024, IRS released Notice 2024-35 extending temporary relief for certain required minimum distributions (“RMD”) related to the SECURE Act’s 10-year distribution rule through 2024. This notice follows similar relief provided by the IRS in Notice 2022-53 and Notice 2023-54 for earlier periods.
Background
For distributions before January 1, 2020, the Internal Revenue
Congress Proposes SECURE 2.0 Technical Corrections Bill
As previously discussed, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here). After a closer read, several