Retirement

DOL proposed rule requires retirement plan advice ‘in investor’s best interest’

10/31/2023

The Biden administration on Oct. 31 proposed requiring financial advisors working on retirement-plan accounts to act in the best interests of investors, not the companies that create investment products. The core of the new rule—issued by the Department of Labor’s Employee Benefits Security Administration—is an updated definition of investment advice fiduciary. EBSA will enforce the rule if it becomes final, probably in 2024.

401(k) plans will open to more long-term part-timers

10/25/2023

Both SECURE 1.0 and SECURE 2.0 revise the conditions under which long-term part-time employees must be allowed to participate in your 401(k) plan. SECURE 1.0’s amendments are effective with the 2024 plan year, which means these employees will soon be eligible to participate in your plan. You need to count these employees’ service hours and reach out to them now.

Don’t want a 401(k) plan? Beware state auto-enrollment laws

10/04/2023

If you don’t offer a 401(k) plan now, SECURE 2.0’s requirements may be enough to dissuade you from ever offering one. But this doesn’t mean you’re totally off the hook.

Millennials and Gen Z: Lower the retirement age!

09/18/2023

More than half of millennial and Gen Z workers surveyed—51%—want to lower the full retirement age.

Retirement plan fiduciaries to pay more than $124 million for mismanaging profit sharing

07/24/2023

Fiduciaries of a retirement plan sponsored by an IT outsourcing firm—including the plan’s investment advisors—will pay more than $124.6 million to resolve violations of federal law related to their failure to properly manage the profit-sharing portion of the plan.

4 generations of employees face differing retirement realities

07/24/2023

The Transamerica Center for Retirement Studies recently surveyed members of four generations that make up the American workforce these days—Generation Z, millennials, Generation X and baby boomers. The topic: retirement expectations. Unsurprisingly, their views differ.

SECURE 2.0: Is it the answer to both the retirement crisis and employee retention?

07/19/2023

With HR struggling to boost retention numbers, some experts believe SECURE 2.0 provides part of the solution. “SECURE 2.0 is the most sweeping legislation we have seen in the retirement industry,” said Mike Griffin of UBS Workplace Health Solutions.

Encourage employees to save for retirement

07/14/2023

If your company offers a retirement plan, mentor your team members and encourage them to participate. And if not, you can still encourage them to save via the various programs available.

Survey: Americans much less confident about retirement security

05/01/2023

Americans are increasingly worried they won’t have enough money saved to retire comfortably, according to the Employee Benefits Research Institute’s 2023 Retirement Confidence Survey. A major concern: the effects of inflation on their retirement plans.

Biden’s first veto preserves ESG retirement plan fiduciary rule

04/03/2023

President Biden saved his first use of the presidential veto pen for an issue affecting HR. On March 20, he vetoed a bipartisan congressional resolution that would have overturned a Department of Labor rule that allows retirement plan fiduciaries to weigh environmental, social and governance factors when deciding how to invest plan funds.