Defined Benefits

Nearly half (46%) of respondents said they want help deciding how to invest their retirement savings — the top reason participants seek workplace financial guidance.

Following a successful pilot program, New York employers with 10 or more employees that do not already offer a qualified retirement plan will now be able to provide their employees the opportunity to save for retirement at work.

“Fear mongering” has driven people to claim benefits earlier because of loss of trust in the SSA, resulting in a large number of Americans claiming benefits while still employed, according to the Schwartz Center for Economic Policy Analysis. 

The IRS must provide a safe harbor permitting all plan administrators to rely on wage information on W-2s when determining whether employees have exceeded the catch-up wage threshold of $145,000, recommends the American Institute of CPAs.

SECURE 2.0 has expanded access to PEPs that allows smaller unrelated employers to join together under a single retirement plan, and now the Department of Labor will soon issue new guidance.

In September, Senate Minority Leader Chuck Schumer will introduce the Keep Billionaires out of Social Security Act, targeting President Trump’s DOGE cuts to the SSA, to help “reduce wait times and improve access” for seniors, he said.