Retirement Regulation

New state laws are attempting to solve a problem: Few private sector workers save for retirement without an employer-sponsored retirement plan, so it's important for small businesses to take steps now to set up a strategy.

Retirement savings for Gen X is highly concentrated among top earners, however, the SECURE 2.0 provision for part-timers, which takes effect in 2024, could represent "meaningful change" for these workers, says a new report.

Employee Fiduciary, a small business retirement plan advisory, called on the DOL to make fees more transparent for plan participants, in response to a feedback request on its new SECURE 2.0 Reporting and Disclosure requirements.

With SECURE 2.0 signed into law, featuring new auto-enrollment requirements, retirement advisors can help prepare payroll systems for the new regulations, otherwise employers will face the possibility of fines.

The new legislation is a win-win for workers and small businesses, offering access to expanded retirement plan benefits for employees and helping to level the playing field for small businesses competing to retain top talent.

While the official announcement will come in October, the IRS contribution limit for retirement accounts will likely be a modest $500 increase for 2024, according to a new Milliman report.

Sen. Bill Cassidy and Rep. Virginia Foxx sent a letter to Acting Labor Secretary Julie Su to "cease further action" on a new fiduciary rule, which has "created unnecessary instability for retirement plans."

After a lot of pushback from employers and retirement industry organizations on a key SECURE 2.0 catch-up contribution change for higher-income employees, the IRS announced an "administrative transition period."