Retirement

Governor Josh Stein has signed the State Investment Modernization Act, which establishes the North Carolina Investment Authority to make investment decisions now only made by one person, the state treasurer.

The dismissal of JP Morgan Chase's lawsuit, alleging misuse of forfeited funds in its 401(k) plan to offset employer contributions, aligns with other federal judges rejecting the misuse claim under ERISA.

The Senate draft of the new tax bill cut retirement provisions in the House bill that would have reduced current federal workers' retirement benefits, but added a provision that would reduce benefits for newly hired workers.

The Securities and Exchange Commission announced last week that it is withdrawing proposals that would have applied to investment managers regarding ESG and cybersecurity disclosures, as well as safeguarding assets, and crypto custody management.

A federal judge in Minneapolis has approved the huge settlement against the health insurer for depleting the retirement savings of 350,000 employees due to "poorly performing" target date funds.

The state House and Senate approved the legislation, which would step up efforts to enroll employees in the Maine Retirement Investment Trust, and is now awaiting the governor's signature.