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Retirees may prefer a Non-Guaranteed Retirement Income Payout over guaranteed income options due to flexibility and lower costs, according to the Institutional Retirement Income Council.

Discussed below are some of the most common contractual provisions that plan fiduciaries and benefits advisors must know to avoid and/or expose a self-serving PBM.

The investment firm is among 600 organizations worldwide whose pension funds and benefits plan providers had their participants' data breached recently, and should be "a wake-up call" to all plan sponsors, say industry experts.

The Retirement Security Rule, finalized on April 23, is polarizing and is sure to face significant legal challenges (one lawsuit has already been filed), because the rule applies a new, heightened fiduciary duty to the insurance industry.

According to the DOL, the new fiduciary rule levels the playing field for insurance agents, brokers, financial planners and registered investment advisors to adhere to a best interest standard when providing investment advice.

The Federation of Americans for Consumer Choice's lawsuit states that the Department of Labor's new "rushed" fiduciary rule is similar to a proposal struck down by the federal appeals court a decade ago.

The 2018 rule sought to expand opportunities for smaller employers to join together to serve as the sponsor of a single, multiemployer health plan but was never implemented after a court ruling blocked it.

On Tuesday, the Department of Labor finalized its Retirement Security Rule that updates the definition of an investment advice fiduciary, while critics say millions could now lose access to professional financial guidance.