Compliance

To stop the "leakage" of retirement cash-outs when employees switch jobs, the Department of Labor proposes new rules regarding fees under SECURE 2.0, which is aimed at expanding auto-portability transactions.

Unlike emergency savings accounts that employers have rolled out over the past few years, these new SECURE 2.0 pension-linked accounts have auto-enrollment but employees must be given the chance to opt out.

Having a regular assessment of the plan will help identify areas needing improvement, ways benefits can adjust to the needs of participants, and optimal safeguards against risks or liabilities.

The IRS has issued initial guidance to help plan sponsors implement the new pension-linked emergency savings accounts - and is open to comments in order to limit participant abuse of sidecar account matching contributions.

The Centers for Medicare & Medicaid Services has finalized its prior authorization rule – and insurers have to provide a specific reason for denying an urgent medical service request, as well as automate the authorization process.

"Many employers are unaware — or are surprised to learn — the realities of what their employees experience when it comes to workplace safety and mental health," Mike Dahir, Traliant's CEO, said.

Data privacy professionals are keeping an eye on the set of state laws primed to go into effect in 2024.

Some of the new retirement regulations are mandatory, such as increases in mandatory distributions, while some are optional, like the student loan matching contributions, but the changes are significant for every generation.