Defined Contribution

Rep. Rick Crawford's 401(edu) plan proposal, family leave proposals and meal delivery came up at a House Ways and Means brainstorming session.

The banking giant has been hit with a class action lawsuit, alleging it used retirement plan contributions from departing employees to "offset its employer contributions" rather than reducing plan administrative fees, violating ERISA.

Participants contributed an average of 7.8% of pay (up from 7.4% in 2022), and employers contributed 4.9% of pay (up from 4.7%) for a combined savings rate of 12.7%, according to PSCA's annual survey of 401(k) plans.

On Wednesday, the justices were divided on the class action lawsuit on behalf of 28,000 Cornell University employees accusing the school's retirement plans of paying excessive recordkeeping fees.

"CryptoMom" Hester Peirce, who was appointed by President Trump to the SEC in 2018, will lead the new task force to develop clear rules for digital assets, encouraging compliance and reducing fraud.

Trillion dollar asset manager Northern Trust has also quit Climate Action 100+, an investor-led initiative of financial institutions, as pushback over ESG investing continues.