Retirement

This marks the second biggest change this week to Biden-era Labor Department retirement plan investment rules, after the DOL announced it is rolling back its investment warning on allowing crypto in 401(k)s.

As President Trump mulls an executive order that would let private equity into 401(k) plans, DOL gave crypto a huge push forward by rolling back a Biden-era warning to fiduciaries.

Now, the health insurer is facing a second 401(k) suit this year, alleging forfeited funds from departing employees were improperly used, after settling another 401(k) lawsuit in December for a record $69 million.

In 2022, the Department of Labor warned fiduciaries to “exercise extreme care” before adding a cryptocurrency option to their plans, however, today the agency has rescinded that guidance.

This new legislation would ensure that small businesses can receive at least a $2,500 tax credit to help pay for the costs of creating retirement accounts. 

Along with the FTC, the Department of Justice has filed a statement of interest in the lawsuit, accusing the asset management firms of suppressing coal production and driving up prices.