DOL says this is its first public position on pension risk transfers since 2024 litigation began

False

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litigation

The Department has not previously published a public position on pension risk transfers since 2024 and the amicus brief is the first such public position.

Source summary

The U.S. Department of Labor filed an amicus brief in Konya v. Lockheed Martin to clarify legal standards for pension risk transfers (PRTs), arguing that ERISA gives fiduciaries deference when they act with prudence and loyalty and that decisions to annuitize are a settlor function reserved for plan sponsors. The brief contends the plaintiffs lack Article III standing, warns that litigation-driven second-guessing could impede employers from derisking, and represents the department’s first public position on PRTs since a surge of related class actions began in 2024.

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Latest fact check

The Department of Labor had already issued a public report and news release on pension risk transfers on June 24, 2024 (EBSA report to Congress reviewing Interpretive Bulletin 95-1), which postdates the class-action filings that began in March 2024. Therefore the Jan. 9, 2026 amicus brief was not the Department's first public position on pension risk transfers since litigation began in 2024; the June 24, 2024 report is a prior public position on the topic. Verdict: False — the Department publicly addressed pension risk transfers in June 2024 after the 2024 wave of litigation, contradicting the claim that the amicus brief was its first public position since those suits began.

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Timeline

Update · Jan 10, 2026, 05:33 AMFalse
The Department of Labor had already issued a public report and news release on pension risk transfers on June 24, 2024 (EBSA report to Congress reviewing Interpretive Bulletin 95-1), which postdates the class-action filings that began in March 2024. Therefore the Jan. 9, 2026 amicus brief was not the Department's first public position on pension risk transfers since litigation began in 2024; the June 24, 2024 report is a prior public position on the topic. Verdict: False — the Department publicly addressed pension risk transfers in June 2024 after the 2024 wave of litigation, contradicting the claim that the amicus brief was its first public position since those suits began.
Original article · Jan 09, 2026
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