Defined Contribution

The American Council of Life Insurers and others are seeking to overturn the fiduciary rule finalized last month because it "undermines the expertise of state authorities who are responsible for overseeing annuities."

The Labor Department is amending the Abandoned Plan Program, originally adopted in 2006, so trustees can distribute assets from bankrupt companies' retirement plans to workers and retirees, starting July 16, 2024.

Most employees would prefer financial benefits such as a company stock plan, and a broad-based plan tied to payroll such as employee stock purchase plans may be a good fit, as more employees will be able to participate.

About half of millennials (56%) and Gen Z talk (49%) about money regularly, compared to 22% of baby boomers, according to CNBC, but employers can encourage employees by offering financial education.

There is a disconnect between the idealistic notion of early retirement vs. the reality of prioritizing saving for it, and one clear area for improvement for many employers is offering financial education, according to a new survey.

Employers depend greatly on their advisors and consultants – called "gatekeepers," in a new retirement income white paper that says 83% of plan participants said their employers should offer in-plan retirement income options.