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.

Slightly upping default auto-escalation rates - from 1% to 2% - and escalation intervals in defined contribution plans could improve savings without discouraging participation, according to Voya research.

The firm cited a "technical issue" in a letter of acceptance to the Financial Industry Regulatory Authority for overstating projections on customer statements for nearly a year and failing to quickly address customer reports.

While 38% of Gen X and 29% of baby boomer investors expect a prolonged period of severe downturn, 56% of Gen Z and 50% of millennials say they still expect to retire on time, according to the Nationwide Retirement Institute.

Expanding retirement plan coverage so that all workers can save for retirement is key to improving retirement security, particularly small companies that can take advantage of SECURE 2.0's new provisions, says a new study.

The House Financial Services Committee approved a bill that would permit CITs in all 403(b) plans to grant access to these lower-cost funds for nonprofit employees and public workers.

Driven by lower fees, plan sponsors often choose collective investment trusts (CITs) as the preferred vehicle for target date funds over mutual funds, according to Morningstar.

The cuts in savings mirror a larger financial challenge, with 30% of Americans finding it difficult to make ends meet and 39% lacking nonretirement savings sufficient to cover one month of living expenses, says a new study.