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Despite increased health care spending in the wake of the pandemic, average balances in health savings accounts increased since 2020, rising from $3,622 to $4,318 in 2021.

The Labor Department's Spring agenda includes a proposal that would amend the regulatory definition of a fiduciary, taking into account practices of investment advisers and the expectations of plan sponsors and participants.

While litigation is not widespread, it's important for plan sponsors to look at operations and shore up practices since there was action on 43 defined contribution cases during the first quarter of 2023, according to Mercer.

Issuing a new fiduciary rule is a "huge priority," as well as guidance on SECURE 2.0 and the ESG rule, said Lisa Gomez, assistant secretary of Labor for the Employee Benefits Security Administration, at a Spring Policy Forum.

From an attempt to override the veto to a legal challenge by Republican state attorneys general in 25 states, the political issues surrounding Labor's ESG rule will continue to swirl for the foreseeable future.

A day after the House voted to block the Department of Labor's new sustainable investing rule, the Senate followed suit, however, Pres. Biden is expected to veto the resolution.

In the wake of SECURE 2.0, the Department of Labor has extended the public comment period for the Voluntary Fiduciary Correction Program that allows fiduciaries to self-correct late participant contributions.

All 50 GOP senators, as well as Democrat Sen. Joe Manchin, plan to re-introduce a resolution attempting to block enforcement of the Department of Labor's new ESG regulation for retirement plans, which took effect Monday.