In a ruling that upends conventional thinking on the standards for class certification of claims brought under ERISA section 502(a)(2), the Fourth Circuit overturned class certification of a lawsuit challenging the selection of 401(k) defined contribution plan investment funds. Trauernicht v. Genworth Fin. Inc., 2026 WL 667917 (4th Cir. Mar. 10, 2026). Drawing a
Retirement Plans
What’s Old is New Again: The DOL’s 1975 Investment Advice Fiduciary Rule Five-Part Test is Officially Back and Here to Stay (For Now)
By Adam Scoll on
On March 20, 2026, the U.S. Department of Labor (“DOL”) published guidance (the “2026 Guidance”) that formally reinstates the DOL’s original 1975 five-part test (the “Five-Part Test”) for purposes of determining whether a person is a “fiduciary” under the U.S. Employee Retirement Income Security Act of 1974, as amended…
“No Tax on Tips” and “No Tax on Overtime”: Key Considerations for Employers
By Nicole Arslanian, Seth Safra & Tyler Forni on
Despite the simple and catchy sound-bites, the “no tax on tips” and “no tax on overtime” opportunities under the One Big Beautiful Bill Act (the “OBBBA”) have limits and require administration by both employers and employees. Most significantly, the tax savings are in the form of deductions, rather than exclusions, which means that tips and…
Coming Soon: DOL’s Proposed Rules Facilitating Alternative Assets in 401(k) Plans
By Adam Scoll & Jesse T. Foley on
On January 13, 2026, the Department of Labor (the “DOL”) submitted to the White House Office of Management and Budget (“OMB”) proposed rules (the “Proposed Rules”) relating to the inclusion of alternative assets (such as digital assets, private equity, private credit and real estate) within 401(k) and other defined contribution plans (collectively, “DC Plans”).
As…