Navigating Cryptocurrency Investments in Employer-Sponsored Retirement Plans

Cryptocurrency has revolutionized the financial landscape, emerging as a high-risk, high-reward investment option. As its popularity grows, the question of incorporating cryptocurrency into employer-sponsored retirement plans has sparked debate among regulators, employers and investors alike.

Prior Guidance and Current Change

Over the past few years, federal guidance on cryptocurrency in retirement plans has fluctuated. In 2022, the Department of Labor (DOL) under the Biden administration issued guidance encouraging plan fiduciaries to “exercise extreme care” in considering whether to include cryptocurrency in employer-sponsored retirement plans, citing concerns over volatility and fiduciary risks. However, the Trump administration rescinded this guidance in May, taking a more neutral stance on cryptocurrency in retirement plans and potentially opening the door for broader exploration of crypto investments. These shifts reflect the evolving regulatory approach to cryptocurrency as an investment class.

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DOL and Other Agencies Announce Non-Enforcement of 2024 Regulation Regarding the Mental Health Parity and Addiction Equity Act

The Departments of Labor and Health and Human Services, along with the Internal Revenue Service (Agencies) recently announced they will not enforce regulations promulgated in 2024 regarding the Mental Health Parity and Addiction Equity Act (MHPAEA) (2024 Final Rule), implementing changes Congress made to the MHPAEA by way of the Consolidated Appropriations Act of 2021 (CAA). The Agencies noted they will reconsider or modify the 2024 Final Rule (and potentially other guidance) and review each department’s respective enforcement approach. Before the recent change in enforcement position, the DOL, in particular, had emphasized that MHPAEA compliance was one of its top enforcement priorities.

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