Retirement

Amid heightened inflation concerns, workplace retirement plans need to go beyond simply offering a 401(k) and match – and must now include ongoing financial advisory, investment planning and income solutions, according to the financial services firm.

Not only should employers offer lifetime income, workers feel it is an employers’ responsibility to do so, which represents a dramatic increase in interest in guaranteed lifetime income, according to new research from Nuveen and TIAA Institute.

Most working Americans plan to rely on Social Security as their primary source of retirement income, followed by a 401(k), but side hustles will also play a key role across generations.

Governor Josh Stein has signed the State Investment Modernization Act, which establishes the North Carolina Investment Authority to make investment decisions now only made by one person, the state treasurer.

The dismissal of JP Morgan Chase’s lawsuit, alleging misuse of forfeited funds in its 401(k) plan to offset employer contributions, aligns with other federal judges rejecting the misuse claim under ERISA.

The Senate draft of the new tax bill cut retirement provisions in the House bill that would have reduced current federal workers’ retirement benefits, but added a provision that would reduce benefits for newly hired workers.

The Securities and Exchange Commission announced last week that it is withdrawing proposals that would have applied to investment managers regarding ESG and cybersecurity disclosures, as well as safeguarding assets, and crypto custody management.

A federal judge in Minneapolis has approved the huge settlement against the health insurer for depleting the retirement savings of 350,000 employees due to “poorly performing” target date funds.