Allen Steinberg : Perspectives

Employee benefit plans—especially retirement and health care—have become an increasingly important part of the employment relationship. For employers, these plans represent an important part of the total compensation package, a tool for retention and recruitment, and a growing financial and compliance burden. For employees, these plans represent a key part of their overall financial security and wellbeing, a financial burden, and a source of complexity and frustration. In effect, it’s complicated. Our firm is dedicated to helping employers manage these complexities and focus on the important things.

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09.09.2025 10.28 CDT

SEC penalizes Empower and Vanguard for inadequate managed account disclosures

Empower and Vanguard Penalized for Undisclosed Conflicts

Empower and Vanguard Penalized for Undisclosed Conflicts

On August 29, the SEC issued orders against units of Empower and Vanguard for inadequate and misleading disclosure regarding the firms’ conflicts of interest in promoting their managed account products.

The SEC has issued orders against Empower and Vanguard for inadequate and misleading disclosure regarding the sales of the firms’ managed account products.

22.08.2025 09.32 CDT

The President directs DOL to reconsider its position on alternative assets in DC plans.

Doors to Swing Open for Alternative Investments

Doors to Swing Open for Alternative Investments

The President directs DOL to reconsider its position on alternative assets in DC plans.

Private equity and crypto investments may soon be coming to a plan near you.

05.06.2025 10.08 CDT

Congress and regulators ease plan corrections. This is welcome relief.

Expanded Self-Correction Options: A New Era of Flexibility

Expanded Self-Correction Options: A New Era of Flexibility

Congress and regulators ease plan corrections. This is welcome relief.

Congress and regulators ease plan corrections. This is welcome relief.

29.04.2025 09.40 CDT

The Supreme Court interprets ERISA to allow fiduciary claims to proceed based solely on allegations that a transaction occurs between a plan and a party in interest for goods or services, and places the burden on plan fiduciaries to prove that the fees paid are reasonable.

Tide of ERISA Litigation to Continue

Tide of ERISA Litigation to Continue

A new Supreme Court ruling may further open the door to ERISA fiduciary claims.

Supreme Court decision simplifies allegations needed for plaintiffs’ claims of fiduciary misconduct to proceed.

28.01.2025 01.57 CST

A federal court in Texas has ruled that American Airlines breached its duty of loyalty under ERISA by failing to respond to activities undertaken by a plan investment manager (BlackRock) supporting ESG initiatives. The court was unable to find a breach of prudence—rather it relied solely on the obligation of “loyalty.”

Spence v. American Airlines: Expanding the Playing Field for Fiduciary Liability?

Spence v. American Airlines: Expanding the Playing Field for Fiduciary Liability?

A new ruling of fiduciary liability could cause fiduciaries to further examine firewalls between corporate policy and retirement plan management.

Federal court seeks to make ESG initiatives (even) riskier.