Defined Contribution

The alarming pay gap between WNBA and NBA basketball players offers a glimpse into the 30% retirement income gap between men and women – and TIAA sheds light on how plan sponsors can best reach women participants.

A former Wells Fargo employee filed a lawsuit last week, alleging that the bank mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit instead of plan participants.

While Congress is interested in making it easier for employers to offer pension plans since DC plans might not provide enough retirement income, employers need to think "more holistically" about programs, says NIRS.

The Rhode Island Secure Choice Retirement Savings Program will follow the structure of other "Secure Choice" savings programs already implemented or approved in 16 states.

The new fiduciary rule, which mainly applies to 401(k) plans, expands the definition of fiduciary advice to HSA providers or employers, who should avoid recommending how account holders should invest their funds.

Financial advisers will play a critical role in educating plan sponsors, who have been a little reluctant to put annuities inside of a 401(k) plan until SECURE 2.0 now makes it more advantageous for employers, says trade group LIMRA.