Retirement Trends

Two weeks ago, the Supreme Court heard arguments in Cornell University's 403(b) excessive fees lawsuit, but the high court refused to hear AT&T's bid for review of its 401(k) ERISA lawsuit on Monday.

While a recent 401(k) fiduciary survey claimed more than 700,000 American companies could be at risk of fines and legal penalties for fiduciary failures in their retirement plans, one retirement expert now claims that most of these ERISA "red flags" are unfounded.

The biggest change would be for employees to pay a higher retirement contribution rate of 4.4% of their salary, according to Representative James Comer, who is Chairman of the House Oversight Committee and Government Reform Committee.

The "magic number" is $200,000 less than the $1.46 million reported last year, however, 25% say they have just one year or less of their current annual income put aside for retirement, according to Northwestern Mutual.

Rolling out a financial wellness program is necessary now more than ever, particularly for younger workers as well as near-retirees.

This week, New Jersey became the last state to get on board with the National Association of Insurance Commissioners new rule, after agents and brokers grew wary of the DOL's efforts to bring annuity sales under a fiduciary umbrella with its latest fiduciary rule.