Defined Contribution

The Washington Saves program, which will take effect in 2027, was signed into law late last week, and will require certain employers that do not offer a retirement plan to enroll employees into the state-run auto-IRA program.

Two-thirds of Americans said the pandemic has had an even deeper impact on retirement beyond dollars and cents, with younger generations saving an even higher percentage of their income for retirement, according to Fidelity.

Employers emphasize an increase in health and dental insurance, while employees say increased pay and 401(k) matches are tops, and this could be part of the ongoing issue of high turnover, a new study suggests.

The Insured Retirement Institute released its 2024 Federal Retirement Security Blueprint, urging Congress to enact changes within retirement legislation and the DOL to withdraw its proposed fiduciary rule.

The DOL has introduced complex admin costs – to support SECURE 2.0's new automatic transfer rule for small-balance 401(k)s of workers who change jobs – and they should be eliminated, says the ERISA Industry Committee.

Only 31% of single women felt optimistic about their financial outlook, compared to 39% of married women, which is why 90% of financial advisors are targeting more women in the next 12 months, says Nationwide.

With employee burnout driving high turnover, a growing number of firms offer paid or partially paid leave, but careful thought needs to go into designing and implementing how health coverage and 401(k)s fit into the picture.

Testifying before the Senate, SSA Commissioner Martin O'Malley said the agency is changing its policy of recouping past overpayments, after it took an aggressive stance last year by clawing back $4.7 billion from beneficiaries.