Defined Contribution

Modeled after the Thrift Savings Plan for federal employees, the Retirement Savings for Americans Act that would automatically enroll private workers without access to a workplace retirement plan is supported by the Economic Innovation Group.

With the steep plunge in Tesla shares this year, the Lehigh County Pension Board, which oversees $500 million in retirement funds, passed a resolution last week to pause new investment in Tesla and will seek to completely divest its holdings.

Senators Chris Coons, Bill Cassidy, Tim Kaine and Susan Collins reintroduced legislation to require the SSA to mail statements about how much a person has paid into Social Security and Medicare every five years to those between 25 and 54.

This week, the Department of Education began alerting around 195,000 defaulted borrowers that their federal benefits will be subject to garnishment in 30 days.

Thirty-three percent of American workers said they have made a decision that negatively impacts their retirement readiness, such as reducing or eliminating 401(k) contributions.

The health organization's class action lawsuit, filed by an employee alleging the company used forfeited plan funds from departing employees to pay administrative expenses was dismissed, after a federal judge found no fiduciary breach.