Retirement Regulation

To date, the federal program, which provides funding to severely underfunded multiemployer pension plans, has approved over $7.7 billion to plans that cover over 154,000 workers, retirees, and beneficiaries.

With 60% of US workers stressed about their finances, they're increasingly looking to employers to roll out more resources to help with not only retirement savings but their overall financial well-being.

At issue is a long-delayed rulemaking that TEA claims is essential to the formation and ongoing operation of ESOPs.

This latest notice, which gives employers until the end of 2025 to make most changes to their 401(k)s, impacts provisions of CARES and Relief Acts that were not addressed by previous deadline extensions.

The Organization for Economic Cooperation and Development outlook provides a snapshot of the synchronized shock stemming from Russia's attack on Ukraine and the ensuing energy crunch that has inflicted a widespread cost-of-living crisis.

If passed this year (and it's likely it will), it could be the biggest retirement legislation in years, essentially getting more workers covered by employer-sponsored plans.

"What we are envisioning at this point is a brief and mild recession. Once that period elapses, the U.S. economy should start to expand again toward the second half of 2023."

Earlier this year, the department told retirement plan sponsors they could face an "investigative program" if they allowed digital currencies in their workplace plans.