Worldwide: Retirement, Superannuation & Pensions

The Coalition for Modern Retirement Solutions submitted a comprehensive comment letter to the Department of Labor regarding proposed fiduciary duties in selecting retirement plan investments. The letter advocates for an asset-neutral, process-based approach while providing detailed recommendations to protect plan fiduciaries from hindsight-driven litigation and enable broader investment options for participants.

The PBM industry continues to evolve through legislative action, litigation, and voluntary industry changes. Below is a brief round-up of recent developments including new federal and state legislation targeting vertical integration, an ERISA preemption challenge to California’s PBM reform law, and a new pharmacy care model announced by Optum Rx.

Public records indicate that PepsiCo, Inc., may have settled an Employee Retirement Income Security Act (ERISA) challenge to its ability to change the terms of its retiree health benefits program.