In this episode of the Friday Fiduciary Five, Eric Dyson discusses the current “Hot Topics” for ERISA plans. Leading the list is the Cunningham v. Cornell decision, which shifts the burden of proving exemptions in prohibited transactions to fiduciaries. Fee and forfeiture litigation remains active, with dozens of new cases this year. Health plan fiduciary risks—such as mental health parity rules and PBM transparency—are under increased scrutiny. SECURE 2.0 compliance, especially auto-enrollment and catch-up contributions, is still a key focus. Emerging risks around AI, cryptocurrency, ESG, and private equity in 401(k) plans are also highlighted. Dyson emphasizes strong fiduciary governance and stewardship.

Included in this episode are references to previous podcast episodes that address many of these issues.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Mike Dullaghan is Director of Retirement Sales Execution for Franklin Templeton. He is responsible for providing thought leadership, promoting new content, and delivering the tools and resources that help enable the Retirement team to effectively market Franklin Templeton products. Mr. Dullaghan is a regular contributor to Kiplinger’s “Building Wealth” newsletter. 

In this episode, Eric and Mike Dullaghan discuss Franklin Templeton’s “Voice of the American Workplace Survey,”  available for download at https://www.franklintempleton.com/insights/research-findings/voice-of-the-american-workplace-survey

The discussion includes:

• Work-Life Balance and Mental Health Are Frontline Priorities
• Communication Must Be Clear, Diverse, and Generationally Aware
• Retirement and Career Growth Need Personalization
• The Future of Work Demands Skill Agility and Cultural Alignment

Key Takeaways:

• Work-life balance and mental health are top priorities, with 85% of employees seeking better balance and support for stress management in the workplace.
• Communication must be clear, diverse, and generationally aware, as 90% of employees want honest leadership communication delivered through multiple channels, not a one-size-fits-all approach.
• Retirement and career growth need personalization, with a strong interest in guaranteed income options and a desire for both simpler and tailored investment and development paths.
• The future of work demands skill agility and cultural alignment as employees adapt to AI and technology shifts, while also seeking transparency, purpose, and opportunities to grow.

“Look for ways to ruthlessly simplify. Life is complicated.” - Mike Dullaghan

Connect with Mike Dullaghan:

Website: https://www.franklintempleton.com/

LinkedIn: https://www.linkedin.com/in/mikedullaghan1 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson discusses the Department of Labor’s (DOL) position in the forfeiture-related case Hutchins vs. Hewlett Packard, Inc. The DOL submitted an amicus brief supporting the court’s dismissal of the plaintiffs’ complaint, agreeing that Hewlett Packard acted within the discretion granted by its plan document. Dyson stresses the importance of following plan documents and recommends consulting advisors, attorneys, record keepers, and TPAs to ensure compliance. He explains that plan sponsors are allowed to use forfeitures to pay plan expenses or fund employer contributions, depending on what the plan permits. Dyson warns that requiring forfeitures to always offset administrative expenses could lead employers to reduce promised benefits, such as matching contributions.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about trends in advisor RFPs, emphasizing the importance of likability, participant engagement, and support for HR teams. He highlights that committees still prioritize fiduciary consulting and support.  However, this has become table stakes. The difference that many plan sponsors and committees look for is in the value advisors can bring to enhance employee understanding and appreciation of benefits. Eric shares insights from his experience in personally conducting advisor searches and RFPs for plan committees, noting that personal connections and cultural fit are crucial. He advises advisors to focus on their company's culture and values, as well as their ability to assist with HR tasks, to stand out in the competitive advisor market.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Jamie Greenleaf is the Co-Founder of Fiduciary In A Box (FIAB) and a recognized expert in fiduciary governance. With a career dedicated to helping employers design and implement fiduciarily sound retirement programs, she has consistently focused on driving better financial outcomes for employees.

In response to the Consolidated Appropriations Act (CAA) of 2021, Jamie co-founded Fiduciary In A Box to equip employers and their partners with the tools and framework needed to establish a strong fiduciary process for their health care plans, ensuring compliance and reducing risk for plan sponsors.

In this episode, Eric and Jamie Greenleaf discuss:

• New transparency rules for healthcare plans
• Employers must embrace fiduciary responsibility
• Advisors are essential partners in compliance
• Support tools like Fiduciary In a Box can help

Key Takeaways:

• The Consolidated Appropriations Act of 2021 introduced major updates to employer-sponsored healthcare plans, building on ERISA’s foundation. Key changes include the removal of gag clauses, mandatory compensation disclosures, and new reporting requirements on prescription spending and mental health parity.
• Employers are now expected to take a more hands‑on approach in managing their healthcare plans. This includes forming fiduciary committees, undergoing fiduciary training, verifying vendor information, and benchmarking service providers to ensure fair costs and quality.
• Advisors and brokers play a critical role in helping employers understand their fiduciary duties. They should offer transparent compensation details and guide the development of strong oversight practices to protect plan participants and maintain regulatory compliance.
• Platforms such as Fiduciary In a Box simplify the compliance process by providing resources, templates, and benchmarking tools. These solutions enable employers to implement proper fiduciary practices and make well‑informed, participant‑focused decisions.

“Trust but verify, because at the end of the day, you are the fiduciary nobody else sitting at that table on the healthcare side is.” - Jamie Greenleaf

Fiduciary In A Box

Connect with Jamie Greenleaf:

Website: https://www.fiduciaryinabox.com/ 

LinkedIn: https://www.linkedin.com/in/jamie-greenleaf-aif-cbfa-c-k-p-4029365a/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson discusses the implications of the Cunningham v Cornell Supreme Court decision for health plans, emphasizing the need for 408(b)(2) disclosures under the Consolidated Appropriations Act. He explains that health plans subject to ERISA must now disclose fees and services provided by vendors, such as third-party administrators and pharmacy benefit managers. Eric advises plan committee members to establish a process similar to retirement plans, including fiduciary committees and charters, to ensure compliance.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about two recent ERISA cases: Cunningham v. Cornell University and Steen v. Sonoco. In Cunningham, the court ruled that prohibited transactions can move a case forward, emphasizing the importance of 408(b)(2) disclosures and a documented process. In Steen, the court dismissed the case for lack of factual allegations, highlighting the need for detailed claims. Eric advises fiduciaries to monitor record-keeping fees, ensure reasonable compensation, and document processes. He notes that the Supreme Court's decision could increase prohibited transaction claims, especially in healthcare litigation. Eric stresses the importance of thorough documentation and regular benchmarking to meet fiduciary duties.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the frequency of benchmarking retirement plans, focusing on fee benchmarks rather than employer contributions or eligibility periods. Using data from Callan's 2023 and 2025 defined contribution trend surveys, Eric notes that 80% of large plans reviewed fees in 2022 and 75% plan to do so in 2023. He highlights that 70-80% of these plans benchmark fees annually, with 90% doing so at least every other year. Eric emphasizes that all plans regardless of size have a fiduciary duty to monitor fees and suggests consulting the right experts for specific benchmarking frequencies.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's (DOL) Compliance Assistance Release 2025-01, effective May 28, 2025, which rescinds previous DOL and EBSA guidance on cryptocurrency in 401(k) plans.  The DOL clarifies that the "extreme care" standard mentioned in the 2022 release does not exist in ERISA; instead, it refers to the duty of loyalty and prudence. Eric remains skeptical about including cryptocurrencies in 401(k) plans until evidence shows improved participant outcomes. He emphasizes that sophisticated investors should handle such investments individually, not through their 401(k) plans, to avoid overly complex investments for the average employee.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the true meaning of Memorial Day;  to honor those who died serving the country, rather than celebrating personal freedoms or retail sales. Eric encourages listeners to remember and never forget the sacrifices made by service members and their families, particularly the Gold Star families who have lost loved ones. He suggests watching the movie "Taking Chance" to honor Memorial Day and acknowledges the freedom enjoyed in the retirement industry is built on the sacrifices of these fallen heroes. Eric also clarifies that while veterans can be thanked year-round, Memorial Day is specifically for remembering those who made the ultimate sacrifice.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.