United States: Retirement, Superannuation & Pensions

The PBM regulatory landscape is evolving rapidly at both the federal and state levels, making it critical for our clients involved in the PBM space to stay apprised of developments in the industry as they happen. Our team actively monitors these to provide you with this quarterly PBM Policy and Legislative Update. This update builds on prior issues and highlights federal and state activity from October 2025 to mid-February 2026.

The Consolidated Appropriations Act of 2026 introduces sweeping changes to pharmacy benefit manager oversight, mandating comprehensive disclosure requirements and rebate pass-through obligations that will fundamentally...

The Employee Benefits Security Administration has proposed significant changes to retirement plan benefit statement delivery requirements, implementing Section 338 of the SECURE 2.0 Act. These new regulations will require plans to provide paper statements in certain cases and update electronic disclosure safe harbors, with plan sponsors needing to understand compliance steps before the effective date for plan years beginning after December 31, 2025.

Welcome to Goodwin’s ERISA Litigation Update. Litigation involving ERISA-governed benefits plans has exploded in recent years. Lawyers in our award-winning ERISA Litigation practice have extensive experience litigating these cases across the country, as well as representing clients in Department of Labor investigations.

The recent rise in state law regulation of pharmacy benefit managers (PBMs) and prescription drug pricing continues to test the limits of preemption under the Employee Retirement Income Security Act of 1974, as amended (ERISA).

For high-earning professionals with years of education, training, and dedication behind them, the ability to exercise their specialized skills and earn income is more fragile than most realize.

Since 2018, more than 30 lawsuits have been filed against sponsors of defined benefit pension plans alleging that certain benefits payable under the plans are not actuarially equivalent.

Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.

In the State of the Union address on February 24, President Trump said the following about a possible Administration proposal to allow workers to have access to a new type of retirement...