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In the defined contribution market, the first quarter of 2023 saw an spike in lawsuits and a drop in retirement confidence, however, Congress' main priority now is SECURE 2.0 implementation, according to Mercer.

The new limits mark the largest-ever increase to the amount Americans can set aside in health savings accounts.

For employers who wish to offer employees earning more than $145,000 a catch-up contribution option, they must first contact their plan recordkeeper to request the changes, which can sometimes take months to be implemented.

At the committee level, there is a lot of bipartisan activity for health care reform for 2023 that includes PBM reforms and insulin caps in the commercial market, as well as regulatory guidance on the new retirement bill SECURE 2.0.

The study said that 53% of respondents said their ACA compliance requirement were overly burdensome, 21% said the requirement were somewhat burdensome.

The mandatory SECURE 2.0 provisions that must be implemented within the next two years are generally action items for human resource and benefits professionals, benefits committees, and recordkeepers.

The National Federation of Small Business is urging Congress to expand access to HSAs and HRAs and expand tax credits to small businesses in order to level the playing field between large and small employers.

The average employee burdened by financial stress loses a fourth of their weekly productivity. Here's how benefits advisors can help.