Carol Buckmann has been selected to Law360’s 2025 Benefits Editorial Advisory Board for the second consecutive year. In this role, she will provide guidance on key trends, regulatory developments and pressing issues shaping ERISA and employee benefits law. With decades of experience advising employers, fiduciaries and service providers, Carol is a leading authority in her field,…

The Department of Labor (DOL) finally amended the Voluntary Fiduciary Correction Program (VFCP), effective March 17, 2025, to allow employers and other plan fiduciaries to self-correct some fiduciary breaches.  Notably, the violations eligible for self-correction include late deposit of employee contributions, which is one of the most common compliance violations. This is viewed as a…

When is a plan service agreement open to challenge? A debate before the U.S. Supreme Court in January involved a lawsuit against plan fiduciaries at Cornell University raising that very issue. The decision being reviewed is Cunningham v. Cornell University, 86 F.4th 961 (2d Cir. 2023), and it could have a big impact on ERISA…

A Texas federal district court has decided that American Airlines breached its fiduciary duty of loyalty, but not its fiduciary duty of prudence, in allowing its $26 billion 401(k) plan to be influenced by environmental, social and governance (“ESG”) strategies unrelated to the best interests of participants. (Spence v. Am. Airlines, Inc., N.D. Tex., No.…

As private equity firms eye 401(k) plans, industry lobbying efforts are expected to intensify under the Trump administration. This push raises complex ERISA issues that fiduciaries must navigate, Carol Buckmann explained in her conversation with InvestmentNews editor Emile Hallez.Key takeaways from the article include:

• Private equity (PE) investments are difficult to value compared to publicly

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Participant data and plan assets are a tempting target for internet thieves. The Department of Labor says that plan fiduciaries have an obligation to mitigate cybersecurity risks, but they may be unsure how to fulfill their responsibilities or unfamiliar with existing guidance on how to keep data and assets secure. On the flip side, since…

2024 is ending with a swing back to a Republican Administration, a plan to cut back on the federal bureaucracy, and a focus on shoring up Social Security. The scheduled expiration of the 2017 Tax Cuts and Jobs Act at the end of 2025 also looms on the horizon. However, it is to be hoped…