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Those who proactively get ahead of the game's new rules will be best positioned to serve the needs of their companies, as well as current and former plan participants, while also protecting themselves against liability.

With the passage of this landmark legislation, significant administrative guidance on changes to retirement plans will be forthcoming from the IRS and the DOL, but here is a preliminary summary of the most relevant changes.

The new regulation opens the door for employers to adopt (or convert their existing cash balance plans) to market-return cash balance plans, without a minimum fixed rate, and with the opportunity to have a scale of pay credits that materially increase by age or service.

Blue Cross Blue Shield of Illinois discriminated against transgender individuals by denying coverage for medically necessary gender-affirming care in its administration of employer-provided ERISA health plans.

By shifting a client's perspective — helping them look at health benefits as a workforce investment, not just a hit to the bottom line — benefits advisors can become a trusted partner to their clients and win more business.

"Our strategy is to send a message to other insurance companies that they have an obligation to pay under those statutes," said Steven Adler, a partner at Mandelbaum Barrett.

While the latest DOL ruling on ESG implementation in retirement plans is an enormous step forward, more guidance is needed. However, there are several approaches and options that are essential for plan sponsors to keep in mind.

United has pocketed billions of dollars in "savings" fees since it began the initiative in 2016, according to the complaint.