EBSA Field Assistance Bulletin 2026-01

Good news for plan sponsors with a real fiduciary process. (Not so good for those asking “what’s a real fiduciary process?)

EBSA just released Field Assistance Bulletin 2026-01: Guiding Principles for EBSA Enforcement Priorities. (Link in comments)

Here’s the line that jumped out at me:

“To the extent that enforcement activity is solely based on a prudence breach, and given that ERISA is a law of process and not results, EBSA must avoid cases that unfairly second-guess process-based fiduciary judgments.”

If you’ve followed my posts, you know I keep coming back to the same point:

ERISA rewards process. Not perfection.

This bulletin doesn’t change the legal standard.

But it does tell you where EBSA is aiming, and what that means for plan sponsors doing the work.

Four clear goals:

1. Target egregious conduct and significant harm (especially bad-faith actors)

2. Don’t “regulate by enforcement” (no novel interpretations debuted through investigations)

3. More senior-level review before major enforcement initiatives move forward

4. Defined investigation timelines (18 months routine, 30 months complex)

If you have documented decisions, a record of what you reviewed, and evidence of ongoing monitoring, EBSA is saying it should not be second-guessing that work.

Not immunity, but real protection for sponsors who are genuinely trying to do the right thing.

One thing the bulletin makes clear is the focus on conflicts of interest as an enforcement priority.

So “good process” is not “we got a good outcome,” or “we hired a reputable vendor.”

It’s: “this is how we identified, evaluated, documented, and controlled conflicts.”

If a vendor gets paid more when you choose Plan A over Plan B, that’s not automatically a problem.

But if nobody can explain how that incentive was evaluated and managed, you’re exposed.

Bulletin in comments.