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Our Perspective

DOL proposes new ESG and proxy voting regulation – would significantly change rules adopted by the Trump DOL at the end of 2020

On October 13, 2021, the Department of Labor released a proposed regulation on “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” (environmental, social, or governance (ESG) investing and proxy voting), proposing to significantly revise the position taken by the Trump DOL at the end of 2020 on these issues. (We discuss the…Read More

2022 Increases for Retirement Plans, Social Security

The Social Security Administration just announced benefit increases effective in 2022. Current retirees will receive a cost-of-living increase, beginning in January 2022, of 5.9%, reflecting the increase in CPI-W between the 3rd quarter of 2020 and the 3rd quarter of 2021, the largest inflation adjustment in 40 years. In addition, the maximum amount of earnings…Read More

401(k) fee litigation – what must a plaintiff allege to survive a motion to dismiss? Forman v. TriHealth and Hughes v. Northwestern

This term the Supreme Court is considering – for the first time – critical issues in defined contribution plan fee litigation, in Hughes v. Northwestern. In this note we discuss the recent decision (September 24, 2021) by the United States District Court for the Southern District of Ohio, dismissing plaintiffs’ claims in Forman v. TriHealth,…Read More

Annuity Purchase Update – September 2021

Pension funding levels declined this past month due to a decrease in interest rates. As a result, annuity purchase costs increased for Annuity Plan 1 and 2.