Defined Benefits

While President Trump promises to “always protect” Social Security, the Schwarz Center for Economic Policy Analysis has suggested steps both Congress and Trump, as well as the SSA Acting Commissioner, should take to restore trust in the federal agency.

Senator Tommy Tuberville has reintroduced the Financial Freedom Act, which would give retirement plan participants the ability to control how their assets are invested, while reversing DOL regulatory guidance on cryptocurrency.

The class action lawsuit filed by employees who alleged they were shorted on pension payments, was originally dismissed after plaintiffs missed the 3-year deadline to file a fiduciary claim, however, the Labor Department came to the workers’ defense.

To clear up any confusion for administrators of both single-employer and multi-employer defined benefit plans, the Department of Labor has issued new guidance for annual AFN notices that are due by April 30, 2025.

Fiserv CEO Frank Bisignano’s nomination was advanced by the Senate Finance Committee, despite strong opposition from Democrats who voiced concerns over his relationship with DOGE officials.

Given the steep plunge in Tesla shares this year, the AFT President is urging money managers to "safeguard retirement assets" and urgently review their current holdings in electric car Tesla, which is a target of political protests amid growing animosity for the brand.