Legal

The White House Office of Management and Budget has concluded its review of the Department of Labor's new Retirement Security Rule, indicating that the controversial new rule will become final sometime this Spring.

The DOL's latest iteration, proposed in 2023 and soon to become final, will ensure that advisors prioritize their clients' best interests when recommending investments, prompting employers to make necessary adjustments.

While the DOL continues to try to refine its fiduciary rule, with the latest iteration sent to the Office of Management and Budget for review last month, there are several best practices that protect plan sponsors as well as participants.

The DOL has introduced complex admin costs – to support SECURE 2.0's new automatic transfer rule for small-balance 401(k)s of workers who change jobs – and they should be eliminated, says the ERISA Industry Committee.

The DOL offers guidance to assist fiduciaries in navigating a world where cyberattacks have become more and more commonplace, but plan sponsors also need to take the necessary steps to defray unwanted liability.

The RDS program has been the go-to choice for plan sponsors who offer group coverage to retired employees, however, the Inflation Reduction Act makes it difficult now for plans to meet the creditable qualification criteria.

A federal judge didn't mince words when he denied the company's motion for summary judgment in the class-action lawsuit, filed on behalf of the firm's current and former employees, alleging its CFO violated his fiduciary duties.

If small businesses are going to win the talent retention battle in 2024, they may want to offer a retirement benefit that streamlines two of the most significant barriers to offering a plan: cost and ease of administration.