On March 30, 2026, the Department of Labor released its proposed rule, “Fiduciary Duties In Selecting Designated Investment Alternatives” implementing President Trump’s Executive Order 14330, titled Democratizing Access to Alternative Assets for 401(k) Investors, from August 2025, requesting the DOL create a pathway for plan fiduciaries to offer participants in 401(k) plans opportunities to invest in alternative investment types that present the possibility for higher returns

On December 23, 2025, four class action lawsuits were filed in the Northern District of Illinois and the Southern District of New York. These suits allege employers who sponsored voluntary employee benefits plans, and their insurance brokers, violated the Employee Retirement Income Security Act of 1974 (“ERISA”). This article explores the allegations in these complaints and offers suggestions as to what employers can do to avoid—or at least be best positioned to defend—simi