Retirement Plan News
Pension Finance Update September 2026
Pension finances improved again during September, driven by higher interest rates, with Treasury yields reaching their highest levels in over 24 years (since June 2002). Both model plans we track1 gained ground during September: Plan A improved more than 2% last month, and is now up 13% for the year, while the more conservative Plan B gained a fraction of 1% during September and is now up 3% through the first three quarters of 2026:
Defined Benefit Plan Termination Checklist: What to Know Before You Get Started
Terminating a defined benefit pension plan is a significant project. Before moving forward, plan sponsors need to know what steps will be required and what resources will be needed to complete the process.
Eleventh Circuit Orders Lower Court Reconsideration of Underperformance Claim Based on “Objective Prudence”
On August 17, 2026, the Eleventh Circuit Court of Appeals, in Johnson v. Royal Caribbean, et al., siding with plaintiff participant, reversed a lower court’s summary judgment in favor of plan fiduciaries in an underperformance case. The court’s decision is interesting because, rather than focusing on whether plaintiff had alleged underperformance relative to a “meaningful benchmark,” its decision turned on “qualitative evidence” for finding the plan’s investment imprudent, including, e.g., “a fund’s widespread unpopularity and negative industry ratings.” And doubly interesting because a nearly identical issue is currently before the Supreme Court in Anderson, Winston, et al. v. Intel Corp. Inv., et al.
How to Choose the Right Provider to Terminate Your Pension Plan
Terminating a defined benefit pension plan will eliminate long-term financial and administrative risk. But settling all of the plan’ liability isn't as simple as making the decision to terminate your plan.
NY Federal District Court Sides with Withdrawing Employer in Another Multiemployer Plan Withdrawal Liability Case
On September 14, 2026, the US Federal District Court for the Southern District of New York, in IAC Dayton, LLC, and International Automotive Components Group North America, Inc. v. National Retirement Fund, sided with IAC Dayton, the withdrawing employer, holding that the actuary for the National Retirement Fund (NRF) “violated ERISA by using an interest rate that [he] acknowledged was not entirely based on the [Fund’s] expected return on assets.”
Meet the Experts: Gregory Miller
The focus on growth. A lot of companies have to be seeing significant declines in sales or revenue before they start considering doing anything different. At October Three, it’s always encouraged to think outside the box or around the corner. Everyone here is 100% focused on making us bigger and better, which is exciting.
Colorado Federal District Court Rejects Another PRT Case for Lack of Article III Standing
On September 1, 2026, the United States District Court for the District of Colorado, in Dolly Dow et al. v. Lumen Technologies, Inc., et al., dismissed plaintiffs’ claim that fiduciaries of the Lumen defined benefit plan violated ERISA in transferring plan liabilities to Athene for lack of Article III standing. In this article, we provide a brief note on the case.
Should You Wait to Terminate Your Frozen Pension Plan? Key Factors to Consider
A frozen plan continues to carry risks and costs until its obligations are settled and the plan is terminated. While there may be legitimate reasons to delay termination, sponsors should view waiting as a strategic decision rather than a default response.
GAO: Department of Labor Guidance Could Mitigate Privacy Risks for Participants
On August 25, 2026, the Government Accountability Office (GAO), on its WatchBlog, posted a piece highlighting findings from its February 26, 2026, report “Department of Labor Guidance Could Mitigate Privacy Risks for Participants,” targeting plan provider use and sharing of participant data.
The Path to Plan Termination: Risk Transfer and What Sponsors Need to Know
Freezing your plan is often the first step to address pension risk, but it is certainly not the last. From changing the plan's investments or transferring obligations to an insurer, to terminating the plan altogether, there are many ways to mitigate and/or eliminate risk. And they often work together.
Why Freezing a Pension Plan Doesn't Eliminate Pension Risk
Freezing a plan can be an important step toward reducing future pension risk. By stopping or limiting future benefit accruals, a freeze can make a plan more predictable and easier to manage.
IRS Releases Preliminary Guidance on Saver’s Match Contributions
On August 7, 2026, IRS released a “Notice of Intent to Issue Regulations with Respect to Saver’s Match Contributions,” providing preliminary guidance with respect the new Saver’s Match contribution rules that, under SECURE 2.0, are effective for taxable years beginning after December 31, 2026.
IRS Issues Guidance on Retirement Plan Direct Rollovers
On August 12, 2026, the IRS issued Notice 2026-49, providing guidance “intended to simplify, standardize, facilitate, and expedite the completion of direct rollovers to or from a retirement plan.” The Notice generally outlines a 5-step plan-to-plan direct rollover process and provides a set of forms for it. Use of the new process is not (currently) mandatory, and the guidance does not provide a safe harbor, but IRS is considering, after receiving feedback, developing regulations that would be (in some respects) mandatory and would provide a safe harbor.
The Complete Guide to Implementing a Cash Balance Plan
Though any organization can set up its own Cash Balance plan, the complexities and regulatory requirements of these designs make it necessary to partner with a consultant to create an effective, low-risk program.
Reducing a Client’s Workload with Tailored Administrative Solutions
Defined benefit pension plans require specific investment and expertise to be managed effectively. With the majority of third-party administrators focused on 401(k)s and other defined contribution plans, it has become increasingly difficult for organizations to locate administrative partners who can deliver purpose-built solutions.
August 2026 Pension Risk Transfer Pricing Update
Both the duration 7 and duration 15 annuity purchase interest rates have reached their highest levels since 2023. With rates remaining elevated, pension liabilities continuing to decline, and overall market stability strengthening in 2026, conditions remain favorable for plan sponsors to pursue de-risking initiatives and capitalize on this attractive annuity pricing.
PBGC Regulatory Agenda Includes Finalizing Multiemployer Plan Withdrawal Liability Interest Rate Regulation
The regulatory agenda issued by the Pension Benefit Guaranty Corporation in July 2026 includes finalization of its proposed rule on the determination of multiemployer plan withdrawal liability valuation interest rates. In this article, we review this issue and how PBGC’s proposed rule could adversely change outcomes for employers withdrawing from multiemployer plans.
October Three Named to Inc. 5000 List of Fastest Growing Companies in America
CHICAGO ─ August 11, 2026 ─ October Three, an industry-leading retirement strategy consulting, technology and administration firm, has been recognized by Inc. Magazine as one of the fastest-growing private companies in America for the second year in a row. October Three ranked 3404 on the 2026 Inc. 5000 list overall and 285 within the financial services category.
How to Select the Right Administrative Partner for Your Cash Balance Plan
Choosing the right administrator is one of the most important decisions you'll make when implementing a Cash Balance plan. Unlike a standard 401(k), a Cash Balance plan requires annual actuarial certification and a mandatory annual funding obligation, in addition to standard participant account administration and regulatory compliance.
Is Now the Time to Consider a Cash Balance Plan for Your Organization?
From its reliability as a Defined Benefit plan to its flexibility and scaling contribution limits, Cash Balance plans offer a range of advantages to organizations and employees seeking a reliable retirement vehicle.
However, Cash Balance plans are not right for every organization. In this article, we’ll look at the types of professions that most often benefit from Cash Balance plans and what you should consider to help navigate whether pursuing a plan could benefit your organization.