Retirement Advisor

The biggest change would be for employees to pay a higher retirement contribution rate of 4.4% of their salary, according to Representative James Comer, who is Chairman of the House Oversight Committee and Government Reform Committee.

The “magic number” is $200,000 less than the $1.46 million reported last year, however, 25% say they have just one year or less of their current annual income put aside for retirement, according to Northwestern Mutual.

Rolling out a financial wellness program is necessary now more than ever, particularly for younger workers as well as near-retirees.

This week, New Jersey became the last state to get on board with the National Association of Insurance Commissioners new rule, after agents and brokers grew wary of the DOL’s efforts to bring annuity sales under a fiduciary umbrella with its latest fiduciary rule.

A New York jury awarded 26,000 employees $ $38,760,232 in an ERISA fiduciary breach lawsuit over unreasonable recordkeeping and administrative fees from their retirement plan provider.

Financial stress doesn’t stay at home. It follows employees to work. And with so many people feeling the effects of market volatility, the role of the employer continues to evolve.

Senator Bill Cassidy, ranking member of the Senate Health, Education, Labor and Pensions Committee, has issued a white paper outlining proposals to provide retirement plans to independent workers.

The Labor Department’s rule that allows environmental, social and governance factors to be considered when choosing investments for retirement plans has been challenged since it took effect in 2023, but now the DOL has asked the appeals court to suspend proceedings.