ERISA

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On August 7, 2025, President Trump signed an Executive Order (the “Order”) directing the Department of Labor (“DOL”) to re-examine guidance on a fiduciary’s duties under ERISA regarding alternative asset investments in 401(k) and other defined contribution plans, and potentially issue one or more fiduciary safe harbors.  Alternative assets generally include private equity, real estate, commodities and digital assets.  The Order directs the DOL to take the above actions within 180 days.  The Order also directs the Securities and Exchange Commission to facilitate access to alternative assets for participant-directed defined contribution retirement savings plans, including revisiting “accredited investor” and “qualified purchaser” rules.Continue Reading Alternative Investments and 401(k) Plans

On April 17, 2025, the U.S. Supreme Court issued a unanimous opinion on the requirements for plaintiffs to survive a motion to dismiss regarding an allegation that plan fiduciaries engaged in a prohibited transaction under the Employee Retirement Income Security Act of 1974 (“ERISA”).  Cunningham v. Cornell University, 23-1007 (U.S. 2025).Continue Reading Cunningham v. Cornell University

Previously, we discussed the Seventh Circuit’s August 2022 decision applying the context-specific language in the Supreme Court’s Hughes v. Northwestern decision to affirm the dismissal of an excessive fee case brought against the Oshkosh Corporation. On September 22, 2022, a federal judge in the Northern District of Illinois dismissed a similar excessive fee case brought against the Exelon Corporation.  In Baumeister, et al. v. Exelon Corp., plaintiffs claimed breach of fiduciary duty by Exelon’s 401(k) plan fiduciaries based on the failure to monitor recordkeeping, investment advisory, and investment management costs under Exelon’s 401(k) plan. The district court dismissed the case, stating that, similar to Albert v. Oshkosh, the plaintiffs’ pleadings did not include sufficient context-specific facts to rise to the level of plausibility required to survive a motion to dismiss.Continue Reading Illinois Federal Court Applies Seventh Circuit’s Albert v. Oshkosh Decision to Dismiss ERISA Excess Fee Case