Our Technical Services Committee has released the 2022 Regulatory Update! Our annual Regulatory Update provides an overview of current legal and legislative events impacting the retirement plan and investment industry. 
This year, the most significant area of activity is 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 their 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 more details on these developments and more in this edition of our annual Regulatory Update.
