The Ninth Circuit recently issued a pair of decisions clarifying how the rules governing withdrawal liability apply to employers in certain industries. In Walker Specialty Const., Inc. v. Bd. of Trs. of the Constr. Indus. & Laborers Joint Pension Tr. for S. Nev., No. 24-1560, 2026 WL 21743 (9th Cir. Jan. 5, 2026), the
DOL Issues Proposed Rule and Safe Harbor Intended to Facilitate the Inclusion of Alternative Assets in 401(k) Plans
By Adam Scoll, Russell Hirschhorn & Alyssa Swanstrom on
On March 30, 2026, the U.S. Department of Labor (“DOL”) issued a much-anticipated proposed regulation (“Proposed Rule”) that would facilitate the inclusion of alternative assets within designated investment alternatives (“DIAs”) offered under participant-directed defined contribution plans such as 401(k) plans (“DC Plans”).
The Proposed Rule implements President Trump’s recent Executive Order (discussed here) directing…
Fourth Circuit Overturns Class Certification of 401(k) Plan Investment Loss Case
By Russell Hirschhorn, Myron Rumeld & Jessica Wang on
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…
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…