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
401(k)
IRS Releases Annual Increases to Qualified Retirement Plan Limits for 2026
By Jesse T. Foley & Justin Alex on
On November 13th, the IRS released a number of inflation adjustments for 2026, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans.
Qualified Defined Benefit Plans
| 2025 | 2026 | Increase from 2025 to 2026 | |
| Annual Maximum Benefit | $280,000 | $290,000 | $10,000 |
Qualified…
IRS Clarifies that Failure to Cash Checks Does Not Affect Withholding or Reporting
By Seth Safra & Tyler Forni on
Revenue Ruling 2025‑15 (available here) provides guidance on withholding and reporting obligations when a plan participant or beneficiary fails to cash a distribution check and a replacement check is issued. As discussed below, the guidance is consistent with general constructive receipt principles.
First Check Issued to a Plan Participant or Beneficiary
When a qualified…
DOL Rescinds 2022 Guidance Cautioning Against 401(k) Plan Investments in Cryptocurrencies
By Adam Scoll & Mary Grace Richardson on
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…