Defined Benefits

After replacing its pension plan with a cash-balance plan last year, IBM has now completed a PRT, transferring $6 billion in defined benefit pension plan obligations for 32,000 participants.

In a report released last month, the Government Accountability Office estimated that about 10 million borrowers – more than one-quarter of the total – were behind on payments as of the end of January.

Just like auto enrollment and the default selection of target-date funds, the adoption of auto portability was given a push by SECURE 2.0 and the upcoming Saver's Match Program will allow low-income workers to save even more for retirement.

The IBM lawsuit caught the attention of Labor Department, which claims the three-year deadline to bring a fiduciary claim doesn't apply because workers didn't have "actual knowledge" of the ERISA violation.

Companies need to fully understand what the plan fees are so they can be "fully transparent" with their workers, said law firm Schlichter Bogard, which is representing plaintiffs suing TIAA for steering them into high-fee investments.

Collaborate with your HR and workplace experience teams to gather feedback on the financial benefits that matter most to your employees and ideal candidates, and start implementing the benefits that will best support them.