Defined Contribution

The ERISA Industry Committee seeks clarity, on behalf of their employer members, on implementing key provisions in SECURE 2.0, including matching student loan contributions, auto-enrollment and 401(k)s for long-term, part-timers.

A group of Republican lawmakers urged the Education Department in a letter to nix its grand-scale bailout, which would provide even greater student debt relief than an earlier attempt struck down by the Supreme Court.

The contruction firm is being sued over the fees retirement plan participants paid after being defaulted into managed accounts, which were "essentially expensive target-date funds," according to the ERISA lawsuit

Retirees may prefer a Non-Guaranteed Retirement Income Payout over guaranteed income options due to flexibility and lower costs, according to the Institutional Retirement Income Council.

Employers can "match" contributions for student loan payments to 401(k)s or offer auto-enrollment in an emergency savings account for participants, who could make contributions up to $2,500.

Since 2012, every state except Alabama has either enacted or introduced legislation that would establish state-facilitated retirement savings programs, and 10 states already have fully operating auto-IRAs.

The American Council of Life Insurers and others are seeking to overturn the fiduciary rule finalized last month because it "undermines the expertise of state authorities who are responsible for overseeing annuities."

The Labor Department is amending the Abandoned Plan Program, originally adopted in 2006, so trustees can distribute assets from bankrupt companies' retirement plans to workers and retirees, starting July 16, 2024.