Expert Opinion

This new legislation allows employer-sponsored retirement plans to have an emergency savings account within them, effective after December 31, 2023.

Now, both employers and plan sponsors will need to make some technological adjustments in order to expand automatic enrollment, speed up deployments and ensure compliance.

There is a looming retirement-readiness problem that is not going away: Employers need to motivate employees to take action and participate in their 401(k) plan (and not leave "free money" on the table).

Convertible benefits can help CHROs accomplish this goal by reallocating resources that have already been budgeted to personalized forms of support for their employees.

Some of the world's largest asset managers are warning that markets are underestimating inflation, just like a year ago – and offer little hope that a recession will spur the Fed to cut rates.

Whether via audit or some other review process, it's not uncommon for employers to discover that a plan failure has occurred, however, most errors are resolvable — and potentially without fees or penalties — under the right circumstances.

As the job market remains hot, the pressure is on to promote a company's unique set of rewards and benefits in order to position itself as a great place to work.

The question is not whether the new legislation impacts plan sponsors, it's which of the more than 90 provisions apply to them and when do they take effect.