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The ERISA Industry Committee, which represents the largest employers in the U.S., is calling on Congress to re-examine the premiums paid by companies that sponsor DB plans after recent federal pension bailouts.

A bipartisan bill introduced in the Senate on Wednesday removes barriers that have discouraged companies from offering employer-sponsored retirement plans to Americans under 21 by lowering the participation age to 18.

After 18 financial groups asked for a 60-day extension for the DOL's proposed new fiduciary rule last week, the department told them it is not warranted, reiterating that comments are still due Jan. 2.

A coalition of nearly 20 financial industry trade groups, including the Financial Services Institute and the Insured Retirement Institute, says a 60-day comment period is not enough time to comment on the 500-page proposal.

Under ERISA regulations, the fiduciary has 4 areas of duty: loyalty to the participants, prudence in running the plan, and the ongoing duties to diversify and minimize risk and to follow plan documents, unless they violate ERISA rules.

The Labor Department proposed new rules on Tuesday that would ensure financial advisors make recommendations "in the saver's best interest" and not sell them lower-returning products in order to maximize their own fees.

All employer plans are free to cover expenses the employer determines should be covered, however, fully insured plans will generally be forced to cover treatments mandated by state laws, while self-funded plans have more leeway.

The recent cyberattack that compromised data at more than 600 organizations worldwide highlights the need for plan sponsors to become cybersecurity specialists to protect employee data and assets (or lean on expert advice).