Retirement Regulation

With recent changes to the design of health care plans, there is more room for employers to violate their fiduciary obligations; however, they can take steps to ensure that they are meeting those responsibilities.

Now that the Abandoned Plan Program, which offers guidance on distributing assets from bankrupt companies' retirement plans, is in effect, the American Retirement Association offers recommendations to the DOL.

A preliminary injunction, granted Thursday by a federal judge, puts the implementation of the Labor Department's controversial new Retirement Security Rule, set to take effect September 23, on hold until further order of the court.

The Employee Benefits Security Administration's Abandoned Plan Program launches its online portal to assist in winding up individual account pension plans that have been abandoned by bankrupt companies.

The new RMD rule, finalized by the IRS, requires annual minimum inherited retirement assets to begin the year after the participant's death.

The new guidance follows a new provision in SECURE 2.0, allowing employees to withdraw $1,000 from their retirement accounts for medical care or "any other necessary emergency personal expenses," according to the IRS.