Using AI in 401(k) Administration and Governance

Artificial intelligence (AI) is poised to transform the benefits team experience. Beyond an AI administrative assistant guiding employee decision-making, generative AI has clear potential to be a strategic partner to companies and benefits teams, deciding what benefits, strategies, designs, and investments to offer. Learn more by watching this video on what’s-in-store for the future.

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Related Content

• ERISA Fiduciary Duties
  Recognize that fiduciary duties will follow a plan sponsor or other fiduciary’s decision to employ AI. Ensure that those developing the governance structure, deploying the guardrails, providing the oversight, and performing the monitoring, understand the functionality and limitations of the AI platform in the context of following ERISA duties of loyalty and prudence.
• ERISA Retirement Plan Investment Resource Kit
  Reference this resource kit providing guidance in the form of practice notes, checklists, templates, and clauses relating to the investment, administration, and governance of retirement plans and their investment of assets in line with ERISA requirements.

Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.    

• Employee Benefits & Executive Compensation Key Legal Developments Tracker
  Stay informed on new developments.
  • Employee Benefits Security Administration (EBSA) amends existing procedures governing the filing and processing of administrative prohibited transaction exemption applications. 89 Fed. Reg. 4662 (Jan. 24, 2024); DOL News Release.
  • Retirement Plans. EBSA issues FAQs regarding Pension-Linked Emergency Savings Accounts (PLESAs), permitted as a retirement plan feature under Section 127 of the SECURE 2.0 Act and as effective for plan years beginning after December 31, 2023. See DOL News Release. The guidance quickly follows IRS’s recent PLESA guidance. See Notice 2024-22.
  • Retirement Plans. EBSA announces Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications. 89 Fed. Reg. 4662 (Jan. 24, 2024); DOL News Release.

• Generative Artificial Intelligence (AI) Resource Kit is a frequently updated collection of current Practical Guidance materials on generative AI, ChatGPT, and similar tools.
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• Practical Guidance Journal Winter Edition features Generative AI’s explosive impact on the law and legal practice. Explore developments covering Generative AI in discovery, data security, and intellectual property. Also review new private market data for real estate and labor & employment practitioners. 
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• Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content. 
• Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on cutting edge issues in the law: AI, NFTs, Cannabis, and more.

• New and Updated Practical Guidance Content
  • SECURE 2.0 Act Implementation Timeline for Retirement Plan Sponsors
  • Minimum Funding Requirements for Defined Benefit Pension Plans
  • Nondiscrimination Testing in 401(k) Plans: ADP and ACP Tests
  • Retirement Plan Mergers and Spin-Offs
  • Nonqualified Retirement Plan Features Checklist
  • Retention Bonus and Change in Control Agreement
  • Not Done Yet—Employee Benefits Plan Transition and Integration Decisions Continue After M&A Transactions Close

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