Retirement Regulation

As the Employee Retirement Income Security Act turns golden, one industry expert takes a look at its impact.

Recently, numerous class action 401(k) lawsuits have been filed by participants over misuse of forfeited assets from former employees, including Bank of America, Wells Fargo and Nordstrom.

In July, a judge put the Department of Labor's new Retirement Security Rule, which was set to go into effect September 23, on hold, where it seems likely to remain until after the presidential election.

The program includes an HSA, a retiree HRA and an educational assistance program, as well as a 401(k) plan.

Employees may want to retire at age 65, but expect to do so nearly a decade later because of increasing living expenses and a lack of guaranteed income for retirement, say 47% of Americans in a new Equitable survey.

The IRS notice instructs employers planning to provide matching retirement contributions to employees making student loan payments, aligning with the new SECURE 2.0 provision.