Brett Samuels
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Covering retirement benefits for @BLaw. Former White House reporter for @thehill. @WhiteSox fan. @dailyorange/@SyracuseU alum. bsamuels@bloombergindustry.com
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Articles by Brett Samuels
Treasury Proposes Eligible Investment Options for Trump Accounts
The US Treasury Department proposed the types of mutual funds and exchange traded funds that will be eligible to include in Trump Accounts, the tax-advantaged savings vehicles for kids, during the growth period. The IRS proposal, set to be published Friday on the Federal Register, comes amid a flurry of rulemaking around the child savings accounts being promoted by the White House.
IRS Proposes Eligible Investment Options for Trump Accounts (1)
The US Treasury Department has proposed the types of mutual funds and exchange traded funds to be included in Trump Accounts, the tax-advantaged savings vehicles for kids, during the growth period. The IRS proposal, set to be published Friday on the Federal Register, comes amid a flurry of rulemaking around the child savings accounts being promoted by the White House.
IRS Proposes Updated Rules on Pension Plan Funding Calculations
The IRS is proposing regulations that would update rules around minimum funding requirements for single-employer pension plans, including changes to determining a plan’s funding target and total value of benefits.
Trump Account Rules Ease Path as Small Employers Face Slow Start
Deep Dive Aug. 17, 2026, 9:00 AM UTC The Treasury Department’s proposal outlining how employers can contribute to children’s Trump Accounts addressed key concerns from businesses, but outstanding questions for smaller companies may lead to a slow adoption. The long-awaited guidance, published last week, addressed how to establish contributions, tax treatment, notification requirements, and nondiscrimination rules to ensure lower-paid employees have equal access to the benefit.
Trump Account Rules Ease Path as Small Employers Face Slow Start
The Treasury Department’s proposal outlining how employers can contribute to children’s Trump Accounts addressed key concerns from businesses, but outstanding questions for smaller companies may lead to a slow adoption. The long-awaited guidance, published last week, addressed how to establish contributions, tax treatment, notification requirements, and nondiscrimination rules to ensure lower-paid employees have equal access to the benefit.
IRS Issues Guidance to Standardize Retirement Plan Rollovers
The US Treasury Department has posted guidance intended to simplify the rollover process for savers seeking to transfer money to or from a retirement plan. The IRS notice issued Wednesday implements requirements under the SECURE 2.0 Act, sweeping legislation passed in 2022 to modernize retirement plans with updated features and increase savings..
Pension Insurer Launches Compliance Tool for Prospective Plans
The Pension Benefit Guaranty Corporation is offering a new compliance program that will allow prospective plan sponsors to determine whether a proposed pension plan would be covered by the agency’s insurance program. The agency announced Monday that potential plan sponsors can request a coverage assessment letter for a plan that hasn’t been created, providing insight into whether the plan design would be covered by PBGC.
Treasury Proposes Rule on Trump Account Employer Contributions Original
The US Treasury Department released a proposal governing key aspects of how employers can facilitate contributions toward Trump Accounts for their employees. The proposed rule (RIN: 1545-BS19) from the IRS, which is set to be published on the Federal Register on Tuesday, includes guidance for employers on nondiscrimination rules for dependent care assistance programs, which will also be applied to the child savings account program.
Trump Accounts Employer Framework Outlined in IRS Proposal (1)
The US Treasury Department released a proposal governing key aspects of how employers can facilitate contributions toward Trump Accounts for their employees. The proposed rule (RIN: 1545-BS19) from the IRS, which is set to be published on the Federal Register on Tuesday, includes guidance for employers on nondiscrimination rules for dependent care assistance programs, which will also be applied to the child savings account program.
IRS to Issue Regulations on Saver’s Match Retirement Initiative Original
The Treasury Department intends to propose regulations around the Saver’s Match program, which will offer up to $1,000 in government money for certain low-income individuals who contribute to retirement accounts beginning next year. The IRS said in a notice published Friday it would address myriad issues around the Saver’s Match, which was enacted as part of the SECURE 2.0 Act in 2022 and will take effect Jan. 1.
Cornell Workers Get Jury Trial In Retirement Plan Class Dispute Original
Cornell University must face a jury trial in a long-running lawsuit by workers alleging the elite college mishandled their retirement plans. Judge Kevin Castel, in a ruling Thursday for the US District Court for the Southern District of New York, denied Cornell’s motion to strike the jury demand for the remaining Employee Retirement Income Security Act claim that fiduciaries caused the plans to engage in prohibited transactions each time fees were paid to the recordkeepers.
Fossil Fuel-Free 401(k) Lawsuit Tests Limits of Religious Rights
A Christian scientist’s accommodation request for a fossil fuel-free 401(k) fund is drawing skepticism from employment and retirement attorneys, who nonetheless say it could serve as a test of how courts evaluate novel religious claims. Andrew Hartley sued , alleging he has been unlawfully forced to compromise his religious beliefs to invest in its 401(k) because of his moral objection to fossil fuel investments.
IRS Offers Employers Guidance on Paid Medical Leave Tax Credit Original
The US Treasury Department issued guidance for employers seeking to take advantage of the paid family and medical leave tax credit included in last year’s Republican tax-and-spending bill. The IRS notice published Wednesday addresses how employers can calculate the credit based on either wages paid to qualifying employees, or on insurance premiums paid or incurred by the employer.
AT&T Gets Partial Pre-Trial Win in 401(k) Provider Contract Suit Original
scored a partial win when a federal judge vacated a previous order holding it had mismanaged a 401(k) plan service provider arrangement and violated federal employee benefits law in the process. Judge Sherilyn Peace Garnett on Monday granted AT&T’s motion for reconsideration, reversing a portion of her previous March 31 ruling, which had granted summary judgment to the plan participants over the company’s contract with Fidelity’s brokerage account platform.
Thermo Fisher Suit Tests Religious Bias in 401(k) Investing (1) Original
A new lawsuit against is pushing a novel legal theory arguing that employees have a right to 401(k) plans free of fossil fuel investments under a 2023 US Supreme Court ruling that bolstered workers' rights to religious accommodations. Andrew Hartley alleged in a lawsuit filed Tuesday in the US District Court for the Western District of New York that he has been unlawfully forced to compromise his religious values to receive the full benefits of his employment.
T-Mobile Latest Employer Sued Over Retirement Plan Performance Original
was hit with a proposed class action alleging it retained an underperforming fund with high fees in its retirement plan investment lineup that cost participants millions in losses. The lawsuit focuses on the inclusion of the T. Rowe Price Growth Stock Trust, which has been in the plan since at least 2009, though the class period begins on Jan. 1, 2021. Plaintiff Harold Miner, a former participant in the plan, filed the suit July 31 in the US District Court for the Western District of Washington.
ADP Agrees to $48 Million Deal in Retirement Plan Fee Lawsuit Original
has agreed to a $48 million settlement in a class action lawsuit over retirement plan fees for thousands of workers of companies that contract with the human resources and payroll provider. The plaintiffs submitted July 31 an unopposed motion for the court to grant preliminary approval of the settlement, which also includes the implementation of “certain non-monetary relief” for the benefit of participants moving forward.
Trump’s Australian Retirement Push Meets Employers’ Bottom Line Original
President ‘s interest in partially adopting the Australian retirement system will meet legislative hurdles and resistance from employers whose buy-in will primarily hinge on how much it will cost. The president praised the Australian system — which held $3.1 trillion in assets across 25 million accounts as of December 2025 — as recently as early July, saying he ordered the Treasury and Commerce secretaries to study the model as part of discussions with Congress about implementing it.
Labor Department Updates AT&T Exemption for Pension Transaction Original
The US Labor Department has agreed to amend an exemption for that will retroactively cover the company over an agreement with an independent fiduciary regarding a prior pension transaction. The updated exemption from the Employee Benefits Security Administration issued Friday updates an existing prohibited transaction exemption previously granted to the company. Without the exemption, AT&T would be at risk of violations under the Employee Retirement Income Security Act and the tax code.
Senate Panel Approves More Funding for Employee-Ownership Effort Original
A US Department of Labor initiative to expand awareness and opportunities for employee stock ownership plans is getting a boost after a Senate panel voted to add $78 million in mandatory spending for the program over a five-year period. The Senate Health, Education, Labor and Pensions Committee on Thursday approved an amendment from Chairman Bill Cassidy (R-La.) to the Emergency Savings Enhancement Act aimed at increasing resources for the Employee Ownership Initiative grant program.
Democrats Push Crackdown on Wealthy Savers’ Retirement Accounts Original
Newly proposed legislation from two congressional Democrats would bar contributions to retirement accounts exceeding $10 million, targeting what the lawmakers called “mega retirement accounts.” The bill introduced by Rep. Richard Neal (D-Mass.) and Sen. Ron Wyden (D-Ore.) on Wednesday, would amend the IRS code to address both contributions and required minimum distributions for Roth accounts and traditional individual requirement accounts.
Some DOL Agencies Pausing Data Sharing Agreements, Watchdog Says Original
Some US Labor Department subagencies have temporarily paused the use of information sharing agreements with private-sector plaintiffs’ law firms in the wake of an inspector general’s report detailing the lack of guardrails in place for the pacts in recent years. DOL Inspector General Anthony D’Esposito told House lawmakers Wednesday that at least some of the three agencies named in his June 30 report were putting the use of common interest agreements on hold.
DOL Proposes Rule to Cut Plan Disclosure Costs for Employers Original
The Department of Labor proposed a rule aimed at reducing costs for employers and plan fiduciaries who produce required welfare plan disclosures. The proposal (RIN: 1210-AC35) from the Employee Benefits Security Administration on Wednesday addresses the costs of distributing plan disclosures that are required under the Employee Retirement Income Security Act, and aims to make the disclosures more accessible for beneficiaries.
PBGC Penalty Revamp Could Up Notice Failure Fine to $1,000 a Day Original
PBGC, the federal government’s private-sector pension insurer, is planning to update its penalty and waiver process for plans that fail to provide required notices or other information to participants or the government. The Pension Benefit Guaranty Corporation on Tuesday published in the Federal Register a proposal that would update its 1995 policy for handling untimely filings.
ESG 401(k) Rule Whiplash Casts Uncertainty, Limits Innovation
The US Labor Department is close to releasing its proposed environmental, social and governance investing rules, supplanting Biden-era measures in what insiders say is the latest volley in a game of regulatory ping-pong that is creating instability and uncertainty for fiduciaries and plan sponsors. The Biden-era rule had allowed for 401(k) plan fiduciaries to consider ESG factors to be used as “tiebreakers” where two investments were otherwise equal.
ESG 401(k) Rule Whiplash Casts Uncertainty, Limits Innovation Original
The US Labor Department is close to releasing its proposed environmental, social and governance investing rules, supplanting Biden-era measures in what insiders say is the latest volley in a game of regulatory ping-pong that is creating instability and uncertainty for fiduciaries and plan sponsors. The Biden-era rule had allowed for 401(k) plan fiduciaries to consider ESG factors to be used as “tiebreakers” where two investments were otherwise equal.
Microchip Reaches Severance Pay Settlement With Laid-Off Workers Original
A class of laid-off employees from a company acquired by Microchip Technology Inc. reached a $13 million proposed settlement with the semiconductor manufacturer over unpaid severance benefits. The proposal, which is subject to approval by Oakland, Calif., federal judge Haywood S. Gilliam Jr., would include a $9.5 payment from Microchip to the class of 220 former employees and $3.5 million in attorneys fees paid to lawyers for the plaintiffs.
Symetra Church Pension Challenge Claims Need Trial, Court Rules Original
A US judge has ruled that some claims in a lawsuit against Symetra Life Insurance Co. brought by African Methodist Episcopal Church pastors over pension fund losses can’t be resolved without a trial, citing “genuine disputes of material fact.” Judge S. Thomas Anderson on Thursday granted summary judgment for some claims and denied it for others in the case over allegations of major retirement losses stemming from fraudulent management and poor investments facilitated by the insurer.
DOL Sides With Intel Corp. in SCOTUS 401(k) Fund Benchmark Brief
The US Department of Labor is urging the Supreme Court to uphold a decision dismissing a lawsuit against over 401(k) plan investments in alternative assets like private equity and is requesting time to participate in oral arguments in the case. The agency filed an amicus brief Thursday with the high court in the dispute over the “meaningful benchmark” standard in retirement plan investments.
DOL Retirement Exemption Changes Signal Innovation, Risks Ahead Original
The US Department of Labor’s plan to ease how asset managers seek exemptions allowing them to directly oversee workers’ retirement funds may lead to innovation and risks as the Trump administration continues its efforts to rollback or alter Biden-era regulatory actions. The regulatory agenda for DOL posted July 3 included plans to simplify the prohibited transaction exemption procedures.
Employer Groups Back Intel Corp. in SCOTUS 401(k) Benchmark Case
Seven retirement industry and pro-business groups are urging the US Supreme Court to back in a challenge from workers over the private equity investments in their 401(k) plan, warning against the risks of subjecting fiduciaries to “Monday morning quarterbacking.” The ERISA Industry Committee, the US Chamber of Commerce, Business Roundtable, and the American Retirement Association are among those representing employers and retirement plan sponsors and advisers that filed a brief on Thursday...
Employer Groups Back Intel Corp. in SCOTUS 401(k) Benchmark Case
Seven retirement industry and pro-business groups are urging the US Supreme Court to back in a challenge from workers over the private equity investments in their 401(k) plan, warning against the risks of subjecting fiduciaries to “Monday morning quarterbacking.” The ERISA Industry Committee, the US Chamber of Commerce, Business Roundtable, and the American Retirement Association are among those representing employers and retirement plan sponsors and advisers that filed a brief on Thursday...
Trump Push to Slash Regulatory Red Tape Opens a Crucial Chapter Original
The Trump administration is entering a pivotal phase of its campaign to slash regulatory red tape, with federal agencies focused on the nuts-and-bolts of getting its biggest ideas across the finish line rather than advancing splashy new targets.
Trump Push to Slash Regulatory Red Tape Opens a Crucial Chapter
The Trump administration is entering a pivotal phase of its campaign to slash regulatory red tape, with federal agencies focused on the nuts-and-bolts of getting its biggest ideas across the finish line rather than advancing splashy new targets.
DOL Watchdog Dings Agencies Over Data Sharing With Law Firms Original
The US Labor Department failed to establish clear guidance and oversight for the use of information sharing agreements with private-sector plaintiffs’ law firms, according to an internal watchdog report. DOL’s Office of Inspector General published a report on Tuesday that found the agency didn’t have sufficient guardrails in place for governing the use of common interest agreements.
Trump’s New 401(k) ESG Rule Arrives at White House for Review Original
The Department of Labor’s proposed rule on sustainable investments in 401(k) plans has arrived at the White House’s Office of Information and Regulatory Affairs, a sign it’s nearing public release. Under President , the DOL’s Employee Benefits Security Administration pledged to replace a Biden rule that eased the way for retirement plan fiduciaries’ consideration of environmental, social, and governance factors in investment choices.
Some Trump Account Donations to Qualify for Gift Tax Safe Harbor Original
Certain gift donations to Trump Accounts for children will not be subject to year-end gift tax reporting requirements under a new IRS safe harbor. The agency on Monday announced donors making contributions will satisfy the safe harbor if they are an individual whose only taxable gifts during the calendar year are cash contributions to one or more of the accounts. The total donations cannot exceed $19,000, which is the annual limit for 2026.
Trump Account Contributions Arrive While Employers Wait and See Original
Trump Account funding begins this week with muted fanfare from many employers who are still waiting on key guidance before deciding whether to incorporate the savings plans into employee benefit packages. Individuals and corporations can begin making contributions to the tax-advantaged investment accounts for children starting Saturday, and some major firms like and have already announced they will match the $1,000 in government seed funding for eligible employees.
Trump Seeks $1 Billion for GM Parts Supplier’s Retiree Pensions Original
The White House is seeking $1 billion in funding for the federal government’s private-sector pension insurer to increase the pensions of former workers at a General Motors parts supplier impacted by the automaker’s 2009 bankruptcy. The administration outlined the request for the funds for the Pension Benefit Guaranty Corporation in its supplemental funding package sent to Congress on Wednesday.
Trump Seeks $1 Billion for GM Parts Supplier’s Retiree Pensions
The White House is seeking $1 billion in funding for the federal government’s private-sector pension insurer to increase the pensions of former workers at a General Motors parts supplier impacted by the automaker’s 2009 bankruptcy. The administration outlined the request for the funds for the Pension Benefit Guaranty Corporation in its supplemental funding package sent to Congress on Wednesday.
401(k) Industry Pushes for DOL Rule Clarity on Collective Trusts Original
The Department of Labor’s lack of detail on collective investment trusts in its proposal to ease the inclusion of cryptocurrency, private equity, and other alternative assets in 401(k) plans has sparked pushback from attorneys and retirement industry groups.
Trump Accounts Aren’t Benefit Plans Under Federal Law, DOL Says Original
Employer contributions to Trump Accounts aren’t subject to the federal Employee Retirement Income Security Act, according to guidance from the Department of Labor. The Employee Benefits Security Administration published a technical release on Thursday outlining why Trump Accounts are generally not considered employee pension benefit plans. Employers and individuals can begin making contributions to Trump accounts on July 4.
Labor Department Examples Fuel 401(k) Private Asset Rule Debate
The US Department of Labor’s contentious use of examples in its proposal to make it easier to include assets such as cryptocurrency and private equity in retirement plans highlights the tightrope the agency is walking in crafting the new regulation. Several retirement industry groups, in letters submitted before the June 1 public comment period closed, urged the DOL to tweak its use of examples in the final rule, expected to be published before the end of the year.
Labor Department Examples Fuel 401(k) Private Asset Rule Debate Original
The US Department of Labor’s contentious use of examples in its proposal to make it easier to include assets such as cryptocurrency and private equity in retirement plans highlights the tightrope the agency is walking in crafting the new regulation. Several retirement industry groups, in letters submitted before the June 1 public comment period closed, urged the DOL to tweak its use of examples in the final rule, expected to be published before the end of the year.
Nuvance Health Hit With Class Claims Over 401(k) Forfeitures Original
Nuvance Health Inc. is facing a proposed class action lawsuit from participants in the company’s 401(k) plan alleging it failed to properly use forfeitures to pay plan expenses. Taylor Rose, a current plan participant, and Susan Moline, a former plan participant, filed a class action complaint Wednesday claiming the healthcare services company breached its fiduciary duties under the Employee Retirement Income Security Act.
Abbott Laboratories Hit With Lawsuit Over Healthcare Plan Costs Original
was sued Wednesday by an employee complaining the drug maker is offering workers two healthcare plan options that are largely the same but differently named, with one costing more than the other. Napoleon J. A.
Goldman Sachs Gets Five-Year Extension of 401(k) Management Pass Original
The Labor Department granted a five-year exemption renewal to allow to manage retirement assets after its Malaysia unit’s ties to the 1MDB bribery scheme put that status in jeopardy. The Employee Benefits Security Administration issued a notice on Wednesday granting the exemption, which will extend the firm’s status as a qualified professional asset manager, the gold standard for managers in the 401(k) market. The agency had published a proposal for the exemption in April.
Labor Department Proposes Exemptions for Three Benefit Plans Original
The US Labor Department is proposing exemptions that would allow a pair of corporate retirement plans and one union to make transactions that would otherwise be prohibited under the Employee Retirement Income Security Act. The Employee Benefits Security Administration on Tuesday issued a proposal that would permit the retirement plan of Abiomed Inc. to acquire, hold, and receive payments on certain contingent value rights in connection to Johnson & Johnson’s purchase of the company in 2022.
Retirement Groups Urge Tweaks to 401(k) Private Asset Proposal Original
Major retirement industry groups urged the Department of Labor to make several specific adjustments to its proposal that would offer fiduciaries legal cover to add alternative assets including cryptocurrency to 401(k) plan menus.
Trump’s Retirement Account Push Builds on Growing State Plans Original
The Trump administration’s push to expand individual retirement account access to more workers without an employer-sponsored plan could reach beyond a patchwork of existing state programs. However, the federal program will initially leave behind some of the key features offered in many states.
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