2022 Trust Forum Presentations

Internal Use Only

Litigation Update

• For plaintiffs’ firms, victory typically means achieving a settlement since most “401(k) fee” lawsuits rarely go to trial. • As a result, the focus is not necessarily to be right on the law – rather, the goal is to raise plausible claims that survive the motion to dismiss stage. • New Trend : Uptick in litigation regarding target date funds, which often serve as the default investment. • New Spin on New Trend : In the last few months alone, lawsuits have been filed against nearly a dozen of the largest plans (e.g., Microsoft, Capital One, Citigroup) with respect to their BlackRock TDFs. • Allegation : the funds were too cheap.

Internal Use Only

Industry Update • Recordkeeper consolidation. • Financial wellness products. • Status of plan data as a “plan asset.”

• Pension risk transfers (“PRTs”). • Cryptocurrency / digital assets. • Cybersecurity. • Cannabis businesses. • Pooled Employer Plans (“PEPs”). • Abortion access / response to Supreme Court’s Dobbs decision.