Defined Benefits

Health and retirement benefits are more important now than they've ever been as employers compete for top talent, with employees' mental health now taking a more prominent place in a company's benefits package.

Following record-high sales in 2022, first half 2023 sales of annuities (which now include free withdrawal provisions) jumped 28% to $182.7 billion, the highest ever recorded in the first 6 months of a year, according to LIMRA.

SECURE 2.0 increases the cap for mandatory force-outs on account balances from $5,000 to $7,000 after December 31, 2023, however, plan sponsors may want to have more assets in the plan to lower fees for all participants.

Since only 37% of Americans feel confident that they would be able to retire, it's imperative to meet employees where they're at when confronting their retirement planning options, according to a new survey.

It sounds like good news that interest rates remain unchanged – in the 5.25%-5.50% range – but the Fed is hoping to maintain progress by keeping rates at a 22-year high to curb the nation's sharpest inflation spike in 4 decades.

IBM's recent announcement to switch to a "hybrid" model of defined benefit plan could make the case to bring back a version of the classic retirement benefit, which could be a powerful tool for retention in a tight labor market.

From the era of guaranteed lifetime pensions to the modern 401(k), pension risk transfers have become the linchpin connecting the past, present and future of retirement benefits – and allows firms to offload the burdensome legacy.

More and more public sector workers are relying on DC plans for their retirement savings, however, half of them in their 60s had less than $40,000 in their account balances, according to new research from EBRI.