Most employers understand the basics of annuities but need help getting conversational about them with employees, similarly to when target-date portfolios were first offered in 1994, according to TIAA’s report.
It is hard to predict what the incoming federal administration will do with respect to PBM laws, but it seems that the states will continue to make this a focus.
Some of the biggest changes that employers must comply with will go into effect in 2025 – required auto-enrollment into new retirement plans, higher catch-up contribution limits, student loan payment matching and updates to long-term part-time worker retirement eligibility.
The IRS reminded account holders, and their beneficiaries, with employer-sponsored retirement plans and IRAs, of the upcoming Dec. 31 deadline — or face penalties.
The financial services firm failed to detect “hundreds” of instances when former employees misappropriated client funds because it did not have a reasonable system in place, said the Securities and Exchange Commission.