Defined Contribution

About 70% of the 401(k) plan—nearly $2 billion—was invested in one fund, when "much cheaper" versions of this investment were available, allege employees in the class action lawsuit, on behalf of 38,000 participants.

In early January, President Biden signed the new law, which will boost Social Security retirement payments to police and firefighters, but now payments (though retroactive) will be delayed.

Here are six of the big retirement stories that employers, advisors and plan sponsors (and retirement editors, like myself) need to keep on top of in the coming year.

The class action lawsuit, filed on behalf of 60,000 plan participants, alleges the airline failed to replace a "chronically underperforming" large-cap fund holding over $2 billion in retirement plan assets for 15 years – and "still continues to this day."

Demand for in-plan retirement income is strong as defined benefit plans continue to be phased out, according to Michael Dullaghan of Franklin Templeton.

This generation may be managing parental care, supporting adult children, and perhaps still raising kids under 18, however, a majority (54%) believe they need help from a financial professional to achieve their retirement goals, according to Edelman.