Defined Contribution

The updated form, which includes improved reporting by pooled employer plans and addresses provisions in the SECURE Act 2.0, is estimated to reduce overall filing costs for employee benefit plans by $95 million.

The investment firm's hiring of mostly customer service and tech jobs is in contrast to other asset management firms, such as Goldman Sachs and Morgan Stanley, which have announced company layoffs.

The majority of retirement plan changes go into effect over a span of the next one to three years, but putting certain protocols in place now will help ease the burden while navigating through the vast array of new regulations.

Employers need to get ahead of the curve in engaging their plan administrators, amending their plans and communicating significant changes to employees, such as emergency withdrawals and student loan match.

The Vestwell-Carson Group partnership will boost small and midsize retirement plans, while Fidelity's acquisition of fintech firm Shoobx will add value to its Workplace Investing Division.

The proposal would create a two-tier system – one for those who directly invest with a mutual fund, and another for those that invest through intermediaries, such as the typical retirement plan participant, say opponents.