Defined Contribution

A coalition of nearly 20 financial industry trade groups, including the Financial Services Institute and the Insured Retirement Institute, says a 60-day comment period is not enough time to comment on the 500-page proposal.

Under ERISA regulations, the fiduciary has 4 areas of duty: loyalty to the participants, prudence in running the plan, and the ongoing duties to diversify and minimize risk and to follow plan documents, unless they violate ERISA rules.

More details were announced last week on Pres. Biden's new student loan forgiveness plan, which aims to cancel some or all student debt for specific types of borrowers, like those whose balances exceed what they originally owed.

Only 7% of women believe they have sufficient savings to last their entire retirement, and "it's incumbent on us in the financial industry to do a better job of reaching women as early as possible," according to IRALOGIX.

Former Maryland Gov. Martin O'Malley, Pres. Biden's choice to head the Social Security Administration, calls the agency's $21 billion overpayment problem an "outrage" at his confirmation hearing last week.

The IRS announced Wednesday it will increase 401(k) contribution limits to $23,000 (from $22,500 in 2023), a smaller increase than last year's record-breaking amount of $2,000, while limits for employees over 50 remains unchanged.