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Starting March 17, 2025, the Employee Benefits Security Administration’s Voluntary Fiduciary Correction Program (“VFCP”) will have a “self-correction” option.  Although the new option eliminates the need to wait for formal approval of a correction submission, participating fiduciaries will still need to satisfy a notice requirement and submit information to the Department of Labor.  The applicable…

Last week, Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas, issued the first-of-its-kind ruling on the merits pertaining to environmental, social, and corporate governance (“ESG”) investing in ERISA-covered retirement plans. In his 70-page Opinion, Judge O’Connor concluded that the plan fiduciaries of American Airlines’ (the “Plan Sponsor’s”) 401(k) plans…

Update:  Following the U.S. District Court for the Eastern District of Texas’s stay of the Final Rules and related amendments to PTE 84-24 in Fed’n of Americans for Consumer Choice (discussed below), the very next day the U.S. District Court for the Northern District of Texas issued a broader stay in American Council of Life …

The DOL recently finalized amendments to the QPAM exemption that will considerably alter the exemption’s conditions effective as of June 17, 2024 (for a detailed summary of the changes, please see our post here).  There are a number of immediate action items for investment managers and ERISA plan fiduciaries under the revised exemption, so…