2022 Trust Forum Presentations

Internal Use Only

Regulatory Update

DOL Snapshot • Electronic Disclosure.

• Lifetime Income Illustrations. • Investment advice exemption. • Cybersecurity. • Missing participants. • ESG ( deeper dive in a few ). • Cryptocurrency ( deeper dive in a few ). • QPAM Exemption.

Internal Use Only

Litigation Update

• ERISA litigation has proliferated over the past decade. • Lawsuits have frequently targeted plan fees (e.g., recordkeeping fees, investment expenses). • Lawsuits often include a variety of challenges specific to plan investments, with claims targeting – • Overall expense ratios, • Use of actively vs. passively managed options,

• Use of higher cost share classes, • Revenue sharing practices, and • Inclusion of affiliated/proprietary investments.