Retirement Regulation

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.

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.

On Wednesday, the Federal Reserve left its benchmark interest rate unchanged – in the 5.25%-5.50% range – for the second meeting in a row.

The Labor Department proposed new rules on Tuesday that would ensure financial advisors make recommendations "in the saver's best interest" and not sell them lower-returning products in order to maximize their own fees.

Aside from the wealth of provisions offering everything from tax credits to reduced administrative burdens, the new law will be critical in building savings for part-timers, nonprofit workers and those saddled with student debt.