On March 25, President Trump signed an Executive Order requiring federal agencies to stop issuing paper checks for most disbursements by September 30. Exec. Order No. 14,247, 90 Fed. Reg. 14001 (Mar. 25, 2025). To combat what the Executive Order describes as the “risks of fraud, lost payments, thefts, and inefficiencies” associated with paper checks, all executive departments and agencies will be required to transition to electronic funds transfer (EFT) methods, such as direct deposit or credit card payments. This move will bring the vast majority of federal disbursements under Reg E’s purview, as Reg E governs most EFTs initiated to or from a consumer’s personal accounts.

Amid a recent resurgence in litigation targeting pension risk transfer (PRT) transactions, plan sponsors and fiduciaries should take extra care in selecting annuity providers to ensure compliance with fiduciary duties. Read on for a summary of recent developments and insights.