Defined Contribution

More details were announced last week on Pres. Biden's new student loan forgiveness plan, which aims to cancel some or all student debt for specific types of borrowers, like those whose balances exceed what they originally owed.

Only 7% of women believe they have sufficient savings to last their entire retirement, and "it's incumbent on us in the financial industry to do a better job of reaching women as early as possible," according to IRALOGIX.

Former Maryland Gov. Martin O'Malley, Pres. Biden's choice to head the Social Security Administration, calls the agency's $21 billion overpayment problem an "outrage" at his confirmation hearing last week.

The IRS announced Wednesday it will increase 401(k) contribution limits to $23,000 (from $22,500 in 2023), a smaller increase than last year's record-breaking amount of $2,000, while limits for employees over 50 remains unchanged.

On Wednesday, the Federal Reserve left its benchmark interest rate unchanged – in the 5.25%-5.50% range – for the second meeting in a row.

The retirement planning landscape needs to adopt a "more personal" approach to help people "navigate the unexpected," like job losses, caregiving and other financial hardships, according to a new Goldman Sachs report.

The Labor Department proposed new rules on Tuesday that would ensure financial advisors make recommendations "in the saver's best interest" and not sell them lower-returning products in order to maximize their own fees.

Evaluating and designing a benefits package that packs a punch is a big lift that requires the involvement of an organization's top decision makers, who may want to assess employees' needs, preferences and expectations. .