Retirement

To stop the "leakage" of retirement cash-outs when employees switch jobs, the Department of Labor proposes new rules regarding fees under SECURE 2.0, which is aimed at expanding auto-portability transactions.

"Employment extenders" - a growing segment of employees working beyond the traditional age of retirement - have unique needs that may influence how they use existing benefits but simultaneously be looking for new offerings.

Unlike emergency savings accounts that employers have rolled out over the past few years, these new SECURE 2.0 pension-linked accounts have auto-enrollment but employees must be given the chance to opt out.

The American Retirement Association estimates that 19 million additional workers will gain access to a workplace retirement plan through SECURE 2.0's Starter 401(k) provision alone.

An investigation was launched on Tuesday into the PBGC, which a House Committee alleges it failed to stop funds from going to deceased plan participants, even though the PBGC asserts that the funds were not "improperly" paid.

The IRS has issued initial guidance to help plan sponsors implement the new pension-linked emergency savings accounts - and is open to comments in order to limit participant abuse of sidecar account matching contributions.