Defined Contribution

Most employers understand the basics of annuities but need help getting conversational about them with employees, similarly to when target-date portfolios were first offered in 1994, according to TIAA's report.

Some of the biggest changes that employers must comply with will go into effect in 2025 – required auto-enrollment into new retirement plans, higher catch-up contribution limits, student loan payment matching and updates to long-term part-time worker retirement eligibility.

The IRS reminded account holders, and their beneficiaries, with employer-sponsored retirement plans and IRAs, of the upcoming Dec. 31 deadline — or face penalties.

The financial services firm failed to detect "hundreds" of instances when former employees misappropriated client funds because it did not have a reasonable system in place, said the Securities and Exchange Commission.

Since some 401(k) plans now offer the option to invest in crypto assets like bitcoin and the DOL has not required fiduciaries to monitor all crypto options, the Government Accountability investigated in response to a request from the House Committee on Ways and Means. 

Gen Z and millennials are particularly susceptible to social media financial advice, which is why employers should host financial literacy workshops, webinars, or provide regular communications that raise awareness about the risks of unverified financial advice.