Retirement Regulation

Pres. Biden rejected legislation that would have blocked the new DOL rule allowing retirement portfolio managers to weigh climate change and other environmental issues in their investment decisions,

With the new provisions of this recently passed retirement law, employers have a lot more options to offer employees, from an emergency savings account to a student loan-401(k) match.

Among the new law's 93 provisions are new mandatory rules for part-time workers, as well as an optional provision for employers to include a student loan/401(k) matching plan.

A day after the House voted to block the Department of Labor's new sustainable investing rule, the Senate followed suit, however, Pres. Biden is expected to veto the resolution.

These six provisions highlight how 401(k) plans will be increasingly serving additional holistic purposes, such as emergency savings, student loan matches and penalty-free withdrawals for domestic abuse victims.

For small business owners, there are new rules for 401(k)s, incentives to create new plans and tax breaks that you should be aware of.

The updated form, which includes improved reporting by pooled employer plans and addresses provisions in the SECURE Act 2.0, is estimated to reduce overall filing costs for employee benefit plans by $95 million.

The majority of retirement plan changes go into effect over a span of the next one to three years, but putting certain protocols in place now will help ease the burden while navigating through the vast array of new regulations.