Defined Contribution

"Fear mongering" has driven people to claim benefits earlier because of loss of trust in the SSA, resulting in a large number of Americans claiming benefits while still employed, according to the Schwartz Center for Economic Policy Analysis. 

The IRS must provide a safe harbor permitting all plan administrators to rely on wage information on W-2s when determining whether employees have exceeded the catch-up wage threshold of $145,000, recommends the American Institute of CPAs.

While diversification and return potential drive interest, most advisors say greater ERISA/regulatory clarity is also needed, according to Empower's survey.

The Illinois Secure Choice Savings Program now requires employers to ensure that enrollees' accounts are individual retirement accounts, which can be contributed to from multiple employers and allow employees to retain their accounts when switching jobs.

As the Social Security Trust Fund is projected to run dry in 2033 and DOGE cuts are taking a toll on access to benefits, workers say Congress should increase the Social Security payroll tax rate or raise the retirement age, according to a Transamerica report.

The Department of Labor has requested a third 60-day extension to consider next steps in the consolidated federal court case challenging the Biden-era fiduciary rule.