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Under ERISA regulations, the fiduciary has 4 areas of duty: loyalty to the participants, prudence in running the plan, and the ongoing duties to diversify and minimize risk and to follow plan documents, unless they violate ERISA rules.

A second judge ruled the DOL's 5-part test to determine what defines "fiduciary" should be struck down, which was a victory for the Federation of Americans for Consumer Choice, an advocacy group for insurance distributors.

The proposal would create a two-tier system – one for those who directly invest with a mutual fund, and another for those that invest through intermediaries, such as the typical retirement plan participant, say opponents.

Whether via audit or some other review process, it's not uncommon for employers to discover that a plan failure has occurred, however, most errors are resolvable — and potentially without fees or penalties — under the right circumstances.

Q&A with Jennifer Gibbs Swets of DWC – The 401(k) Experts, on Secure 2.0's provisions, plus cryptocurrency in 401(k) plans.

Here are some considerations for plan sponsors as they seek to streamline TAFW processes.

And news from Morningstar, PenChecks Trust, American Society of Pension Professionals & Actuaries, RecoveryOne, T. Rowe Price.

And more news from Creative Planning, Lockton, Lincoln Financial Network, New York Life, RMC Group, The Standard, Vestwell.