Legal

Acting commissioner Kilolo Kijakazi testified at a congressional hearing on Wednesday at which House members faulted SSA for issuing billions of dollars of overpayments, then demanding that beneficiaries pay the funds back.

After 6 years of litigation, GE will settle the lawsuit - the largest ERISA case alleging retirement plan mismanagement - that claimed underperforming funds were the only actively managed options available to participants.

Small business owners now have a range of options depending on the number of employees, but it's essential to start early, leverage tax-advantaged retirement accounts, diversify investments and plan for an exit strategy.

Just weeks after a federal judge dismissed an ERISA lawsuit against the company over allegations of excessive fees, another employee suit has been filed, claiming the 401(k) plan offered funds that performed worse than alternatives.

Three major law firms have announced the formation of industry groups to help employers audit DEI efforts and navigate compliance issues.

A second judge ruled the DOL's 5-part test to determine what defines "fiduciary" should be struck down, which was a victory for the Federation of Americans for Consumer Choice, an advocacy group for insurance distributors.

The ESG Working Group plans to focus on how ESG-centric investing prioritizes ideology over profits, they say, to the detriment of consumers, claiming "the Biden Administration is making it harder for Americans to retire."

The Labor Department's Spring agenda includes a proposal that would amend the regulatory definition of a fiduciary, taking into account practices of investment advisers and the expectations of plan sponsors and participants.