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Currently, plan sponsors must provide documentation and sign a penalty of perjury statement with EBSA, and as a result, many do not utilize the program. The new procedure would streamline the process.

The question is not whether the new legislation impacts plan sponsors, it's which of the more than 90 provisions apply to them and when do they take effect.

The cause for the funding challenge is that spending for Social Security is set to increase sharply in relation to GDP in the next decade as the large baby-boom generation retires, according to the CBO.

"Our strategy is to send a message to other insurance companies that they have an obligation to pay under those statutes," said Steven Adler, a partner at Mandelbaum Barrett.

Due to inflation, some of the new numbers are substantially higher than their 2022 counterparts.

It's time to do a top-to-bottom review, taking a holistic approach that enables employers and advisors to check the overall health of the plan and gauge how prepared it is to deal with changes.

This largest-ever rescue covers 350,000 workers and retirees of the Central States Pension Fund, one of the largest multi-employer pension plans in the nation that was projected to become insolvent in 2026 prior to the pandemic.

Employers claim that the health care company, now known as Elevance Health, breached its fiduciary duties under ERISA because they were denied access to plan claims due to mismanagement of funds.