Retirement

The Rhode Island Secure Choice Retirement Savings Program will follow the structure of other "Secure Choice" savings programs already implemented or approved in 16 states.

Retirees claim that AT&T selected a "risky" insurer, Athene Annuity and Life, to conduct the $8.05 billion pension risk transfer of plan assets, but the company claims it is not responsible for a decision made by its independent fiduciary.

The new fiduciary rule, which mainly applies to 401(k) plans, expands the definition of fiduciary advice to HSA providers or employers, who should avoid recommending how account holders should invest their funds.

Financial advisers will play a critical role in educating plan sponsors, who have been a little reluctant to put annuities inside of a 401(k) plan until SECURE 2.0 now makes it more advantageous for employers, says trade group LIMRA.

It's been 50 years since the passage of the Employee Retirement Income Security Act of 1974, and while experts agree the law has been beneficial to retirement savers, many say it also contributed to a decline in pension plans.

More than half of both Gen Z and millennials say they are excited about AI and generative AI tools that could benefit their financial lives.