A review of the legislative, regulatory, and litigation developments affecting retirement plans in 2022.
This year, the most significant area of activity continues to be in the courts, as ERISA breach of fiduciary cases continue to be filed. Most notably, the Supreme Court revived the ERISA lawsuit against Northwestern University. The decision and what it means to future parties to these lawsuits is detailed.
The IRS provided regulatory updates impacting retirement plan amendment periods and a pilot program that could make plan audits more efficient. The DOL initiated its requirement for lifetime income illustrations and is also expected to provide new guidance on how Environmental, Social and Governance (ESG) factors can weigh into a plan sponsor’s investment decisions.
On the legislative front, the House and Senate are reconciling bills focusing on retirement savings for a possible vote later this year. The expected provisions of the new bill are detailed in this update.
We provide details on these developments and more in this edition of our annual Regulatory Update.