Workers who do not have access to a retirement plan at work can open a MyRA account for as little as $25 and contribute $5 or more every paycheck.

Public defined benefit plans, endowments and foundations also lost ground in January as a result of the falling equity markets.

Defined benefit plan assets increased 8.11 percent to $5.67 trillion and defined contribution assets jumped nearly 17 percent to $2.68 trillion.

In 2013, the DOL collected $1.69 billion in fines, voluntary fiduciary corrections and informal complaint resolutions, a 33 percent increase over 2012s $1.27 billion tab.

Under the legislation, an employer-provided 401(k) must include automatic enrollment and a lifetime income option. If it does not, it must change its plan to do so.

Benefits, wages and salaries for civilian workers increased 0.6 percent in December, while benefits costs increased 2.2 percent for the year.

Some believed the Universal, Secure and Adaptable (USA) Retirement Funds Act of 2014 was the right solution while others felt its approach was too complicated.

The National Association of Registered Agents and Brokers Reform Act of 2014 would allow agents like broker-dealers to operate in many states without having to obtain individual licenses in each of those states.