Retirement

Employers emphasize an increase in health and dental insurance, while employees say increased pay and 401(k) matches are tops, and this could be part of the ongoing issue of high turnover, a new study suggests.

The Insured Retirement Institute released its 2024 Federal Retirement Security Blueprint, urging Congress to enact changes within retirement legislation and the DOL to withdraw its proposed fiduciary rule.

The DOL has introduced complex admin costs – to support SECURE 2.0's new automatic transfer rule for small-balance 401(k)s of workers who change jobs – and they should be eliminated, says the ERISA Industry Committee.

Only 31% of single women felt optimistic about their financial outlook, compared to 39% of married women, which is why 90% of financial advisors are targeting more women in the next 12 months, says Nationwide.

With employee burnout driving high turnover, a growing number of firms offer paid or partially paid leave, but careful thought needs to go into designing and implementing how health coverage and 401(k)s fit into the picture.

Testifying before the Senate, SSA Commissioner Martin O'Malley said the agency is changing its policy of recouping past overpayments, after it took an aggressive stance last year by clawing back $4.7 billion from beneficiaries.

There's a major shift underway in the financial services industry – the convergence of workers' retirement and wealth needs, which have been placed in separate domains, much to the dismay of the average investor, says T. Rowe Price.

With new provisions in SECURE 2.0 taking effect in 2024, employers have new options they can leverage to engage with employees who want more workplace benefits, such as student loan matching and emergency savings.