Analysis

Reasons given range from needing more retirement savings to lack of traditional retirement activities due to pandemic.

While the short-term consequences to retirement savers are likely to be minimal, long-term impacts could surface.

"Anything that negatively affects workforce participation — and productivity of workers — has a huge effect on our global competitiveness," said Robert Kaplan, president of the Federal Reserve Bank of Dallas.

President Biden now faces major challenges in accomplishing his health care agenda; among the biggest will be bridging partisan divides.

Attorneys for both plaintiffs and employers anticipate that the pace of litigation will remain high in coming months. But new litigation trends have also emerged.

Advisors and sponsors should keep an eye on legislation that could include several proposed changes in how 401(k) plans are designed and managed.