Legal

Some of the new retirement regulations are mandatory, such as increases in mandatory distributions, while some are optional, like the student loan matching contributions, but the changes are significant for every generation.

The lawsuit, filed on behalf of UnitedHealth's 200,000 current and former employees, alleges CFO John Rex interfered with the company's decision to drop "one of the worst-performing target date options in the entire market."

Plan sponsors and advisors could face heightened scrutiny under the proposed fiduciary rule, however, they can learn more about the new regulation at a virtual public hearing next week or file public comments by Jan. 2, 2024.

In the new report released last week, the agency reveals it recovered $4.9 billion in overpayments but still has a $23 billion uncollected overpayment balance, despite repeated attempts to contact beneficiaries.

A bipartisan bill introduced in the Senate on Wednesday removes barriers that have discouraged companies from offering employer-sponsored retirement plans to Americans under 21 by lowering the participation age to 18.

After 18 financial groups asked for a 60-day extension for the DOL's proposed new fiduciary rule last week, the department told them it is not warranted, reiterating that comments are still due Jan. 2.