Retirement Advisor

As the new law rolls out, some plan sponsors are questioning whether the government's capabilities to negotiate with Medicare on lower drug prices could prompt manufacturers to increase medication costs for employer plans.

While 83% of employers offer online tools on how to meet retirement readiness goals and 69% offer financial wellness services, only 27% set retirement readiness objectives for participants, according to PGIM DC Solutions.

While litigation is not widespread, it's important for plan sponsors to look at operations and shore up practices since there was action on 43 defined contribution cases during the first quarter of 2023, according to Mercer.

Benefits groups support the proposal, which would require retirement plans to use money forfeited by participants when they leave an employer before the end of a vesting schedule, starting in 2024..

While compensation is important, there's more to employee retention than just paying more: Financial wellness benefits, a health and fitness reimbursement and HSAs make an actual impact in your employees' lives.

Even if this isn't the time to expand your company's benefits roster, you still can add value by providing tailored financial education and information about external support like government-based programs or local backup care.

Slightly upping default auto-escalation rates - from 1% to 2% - and escalation intervals in defined contribution plans could improve savings without discouraging participation, according to Voya research.

The firm cited a "technical issue" in a letter of acceptance to the Financial Industry Regulatory Authority for overstating projections on customer statements for nearly a year and failing to quickly address customer reports.