Defined Contribution

Following the sudden departure of its CEO, the health insurer is now facing an employee lawsuit, alleging UnitedHealth reduced its employer contributions to the 401(k) plan by more than $19 million by using forfeited funds from departing employees, an ERISA violation.

Under current law, employers may only use surplus pension assets for other benefits if they terminate the pension plan, but the American Benefits Council said their proposals would raise billions of dollars of revenue and be beneficial for employees, employers and taxpayers.

The Employee Ownership Fairness Act and The Employee Ownership Representation Act would allow employees to save more money for retirement and invest more in their employer's stock ownership plan.

The health insurer is accused of using forfeited funds from departing employees to reduce employer contributions to the retirement plan instead of using the funds to reduce administrative fees.

The House probe of the Pension Benefit Guaranty Corporation last year over $127 million that was "improperly" paid to dead participants in the Teamsters pension bailout was a key topic of discussion at Janet Dhillon's hearing to be the next PBGC head.

While President Trump promises to "always protect" Social Security, the Schwarz Center for Economic Policy Analysis has tactical recommendations for President Trump, as well as legislative action Congress should take, to restore trust in the federal agency.