Expert Opinion

Since failure to comply with the regulations pertaining to 401(k) administration can lead to significant financial penalties, business leaders need to familiarize themselves with the new retirement plan rules starting with 2023.

Those who proactively get ahead of the game's new rules will be best positioned to serve the needs of their companies, as well as current and former plan participants, while also protecting themselves against liability.

These three tactics can stop employees from underutilizing their benefits (even when preventive care is fully covered), which is a recipe for absenteeism, long-term poor health outcomes and employee resentment.

Two thought leaders - and hosts of Out Front Ideas webinar series - review the biggest challenges and new developments expected to impact health care, retention and employee benefits in the coming year.

With the passage of this landmark legislation, significant administrative guidance on changes to retirement plans will be forthcoming from the IRS and the DOL, but here is a preliminary summary of the most relevant changes.

The new regulation opens the door for employers to adopt (or convert their existing cash balance plans) to market-return cash balance plans, without a minimum fixed rate, and with the opportunity to have a scale of pay credits that materially increase by age or service.