Defined Benefits

The conglomerate announced its plan to halt pensions for non-union workers, shortly after IBM's announcement to resurrect DB plans, while other firms might need to reassess their own retirement strategies to assure an optimal fit.

There's an increasing recognition of the need to help participants convert their accumulated savings into a reliable income stream during retirement, according to the new Institutional Retirement Income Council report.

It is in a company's best interests to consider their 401(k) plans and how well they are doing for ALL employees - and offer financial wellness to those who are struggling financially, according to a recent WTW webcast.

Health and retirement benefits are more important now than they've ever been as employers compete for top talent, with employees' mental health now taking a more prominent place in a company's benefits package.

Following record-high sales in 2022, first half 2023 sales of annuities (which now include free withdrawal provisions) jumped 28% to $182.7 billion, the highest ever recorded in the first 6 months of a year, according to LIMRA.

SECURE 2.0 increases the cap for mandatory force-outs on account balances from $5,000 to $7,000 after December 31, 2023, however, plan sponsors may want to have more assets in the plan to lower fees for all participants.