Retirement Regulation

On Monday, President Biden cancelled student loan debt for borrowers who attended schools that defrauded students, those with permanent disabilities and public service workers, bringing his total cancellation to $183 billion.

A federal judge in Texas ruled that American Airlines violated its ERISA duties by not focusing “on the best financial benefit” for its 401(k) plan, in the biggest victory yet in a case involving ESG investing.

With regard to SECURE 2.0' s new catch-up provision, the IRS and the Treasury won’t allow employers to require that plan participants make Roth contributions, according to newly proposed guidelines released on Friday.

The world’s largest asset manager, with more than $10 trillion in assets under management, has dropped out of the Net Zero Asset Managers initiative, following the recent withdrawals of Morgan Stanley, Goldman Sachs, JP Morgan Chase and other megabanks.

State securities regulators discovered gaps in the firm’s supervisory process, when customers moved from brokerage to advisory accounts and the financial services firm implemented new policies in response to the now-defunct fiduciary rule.

Participants in the firm’s $2.9 billion 401(k) plan had sued the company, alleging it failed to regularly monitor plan investments and remove underperforming in-house funds.