On Tuesday, the Department of Labor finalized its Retirement Security Rule that updates the definition of an investment advice fiduciary, while critics say millions could now lose access to professional financial guidance.
While the DOL continues to try to refine its fiduciary rule, with the latest iteration sent to the Office of Management and Budget for review last month, there are several best practices that protect plan sponsors as well as participants.
Two-thirds of Americans said the pandemic has had an even deeper impact on retirement beyond dollars and cents, with younger generations saving an even higher percentage of their income for retirement, according to Fidelity.
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.
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.
In a report that highlights generational differences, baby boomers had the highest SDBA balances, followed by Gen X and millennials, but all need practical education from plan sponsors to provide their individual desired outcomes.
Target date funds are becoming a crowded space in the marketplace and managers are looking for ways to differentiate their products through personalization and retirement income, says a Mercer report.
Under a SECURE 2.0 provision that just went into effect in January, qualified student loan repayments may now count as elective deferrals for 401(k) matching contributions from employers.
DebugScreen: mobile
{
"author": {
"name": "Kristen Beckman",
"webUrl": "/author/profile/kristen-beckman/",
"description": "",
"imageLarge": "https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g",
"estimate": 210,
"social": [],
"articles": [
{
"uri": "/2024/04/24/dols-fiduciary-rule-is-now-final-but-critics-wonder-is-it-in-savers-best-interests/",
"title": "DOL's fiduciary rule is now final, but critics say, 'Is it in savers' best interests?'",
"byline": "Kristen Beckman",
"kicker": "News",
"prettyDate": "April 24, 2024",
"timeToRead": "3 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/04/DOL-Fiduciary-Rule-MI-1.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [
{
"uri": "/news/",
"sectionName": "News"
}
],
"summary": "On Tuesday, the Department of Labor finalized its Retirement Security Rule that updates the definition of an investment advice fiduciary, while critics say millions could now lose access to professional financial guidance.",
"body": null
},
{
"uri": "/2024/04/09/401k-plan-best-practices-a-plan-sponsors-2024-fiduciary-checklist/",
"title": "401(k) plan best practices: A plan sponsor's 2024 fiduciary checklist",
"byline": "Kristen Beckman",
"kicker": "Best Practices",
"prettyDate": "April 09, 2024",
"timeToRead": "6 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2021/01/Profitability-Article-202101081727.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [
{
"uri": "/best-practices/",
"sectionName": "Best Practices"
}
],
"summary": "While the DOL continues to try to refine its fiduciary rule, with the latest iteration sent to the Office of Management and Budget for review last month, there are several best practices that protect plan sponsors as well as participants.",
"body": null
},
{
"uri": "/2024/04/03/2024-advisor-of-the-year-finalist-chris-wolpert/",
"title": "2024 Advisor of the Year finalist: Chris Wolpert",
"byline": "Kristen Beckman",
"kicker": "",
"prettyDate": "April 03, 2024",
"timeToRead": "1 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/04/2024-Advisor-of-the-Year-Wolpert-Chris-MI.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [],
"summary": "2024 BenefitsPRO Advisor of the Year finalist Chris Wolpert is passionate about using creativity to educate and create change.",
"body": null
},
{
"uri": "/2024/04/03/the-new-retirement-americans-are-living-more-intentionally-post-pandemic/",
"title": "The 'new retirement': Americans are living 'more intentionally,' post-pandemic",
"byline": "Kristen Beckman",
"kicker": "Research",
"prettyDate": "April 03, 2024",
"timeToRead": "4 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/04/Retirement-Illo-Article-202404021228.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "Two-thirds of Americans said the pandemic has had an even deeper impact on retirement beyond dollars and cents, with younger generations saving an even higher percentage of their income for retirement, according to Fidelity.",
"body": null
},
{
"uri": "/2024/04/02/retirement-trade-group-urges-feds-to-withdraw-dol-fiduciary-rule-pass-33-proposals/",
"title": "Retirement trade group urges feds to stop DOL fiduciary rule, pass 33 proposals",
"byline": "Kristen Beckman",
"kicker": "Market Insights",
"prettyDate": "April 02, 2024",
"timeToRead": "4 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/04/Capitol-Building-Article-202404011412.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [
{
"uri": "/market-insights/",
"sectionName": "Market Insights"
}
],
"summary": "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.",
"body": null
},
{
"uri": "/2024/04/01/2024-advisor-of-the-year-finalist-rosario-avila/",
"title": "2024 Advisor of the Year finalist: Rosario Avila",
"byline": "Kristen Beckman",
"kicker": "",
"prettyDate": "April 01, 2024",
"timeToRead": "1 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/03/2024-Advisor-of-the-Year-Avila-Rosario-MI.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [],
"summary": "2024 BenefitsPRO Advisor of the Year finalist Rosario Avila has always focused on helping others navigate the world around them.",
"body": null
},
{
"uri": "/2024/03/27/secure-2-0-a-golden-opportunity-for-employers-to-better-employee-benefits/",
"title": "SECURE 2.0: A golden opportunity for employers to offer better 401(k) benefits",
"byline": "Kristen Beckman",
"kicker": "Best Practices",
"prettyDate": "March 27, 2024",
"timeToRead": "5 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/03/Secure-2-Act-Small-business-MI.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [
{
"uri": "/best-practices/",
"sectionName": "Best Practices"
}
],
"summary": "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.",
"body": null
},
{
"uri": "/2024/03/26/self-directed-401k-participants-take-the-long-view-but-need-direction-on-scale-of-offerings/",
"title": "Self-directed 401(k) participants take the long view, but need direction on scale of offerings",
"byline": "Kristen Beckman",
"kicker": "Research",
"prettyDate": "March 26, 2024",
"timeToRead": "3 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/03/investment-volatility-Article-202311011007.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "In a report that highlights generational differences, baby boomers had the highest SDBA balances, followed by Gen X and millennials, but all need practical education from plan sponsors to provide their individual desired outcomes.",
"body": null
},
{
"uri": "/2024/03/18/plan-sponsor-priorities-for-2024-top-401k-areas-of-focus-to-match-participant-needs/",
"title": "Plan sponsor priorities for 2024: Top 401(k) areas of focus to match participant needs",
"byline": "Kristen Beckman",
"kicker": "Research",
"prettyDate": "March 18, 2024",
"timeToRead": "6 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2018/10/06-administer-man-employee-paperwork-burden-work.jpg",
"width": "619",
"height": "415"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "Target date funds are becoming a crowded space in the marketplace and managers are looking for ways to differentiate their products through personalization and retirement income, says a Mercer report.",
"body": null
},
{
"uri": "/2024/03/07/student-loan-matching-benefit-how-secure-2-0-now-makes-it-easier-to-implement/",
"title": "Student loan matching benefit: How SECURE 2.0 now makes it easier to implement",
"byline": "Kristen Beckman",
"kicker": "Best Practices",
"prettyDate": "March 07, 2024",
"timeToRead": "5 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/03/Secure-2-Act-Student-Loans-MI-1.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/kristen-beckman/",
"name": "Kristen Beckman"
}
],
"kickerNode": [
{
"uri": "/best-practices/",
"sectionName": "Best Practices"
}
],
"summary": "Under a SECURE 2.0 provision that just went into effect in January, qualified student loan repayments may now count as elective deferrals for 401(k) matching contributions from employers.",
"body": null
}
]
}
}