Retirement Regulation

Although plan amendments and related changes to summary plan descriptions may be delayed, identifying applicable changes and taking necessary steps is crucial for compliance.

The new law bolsters small businesses' ability to provide retirement benefits to their employees by offering tax credits to offset costs, however, for advisors, it's an unprecedented opportunity to tap into a new revenue stream.

"The broad-reaching new fiduciary rule regulates retirement accounts far beyond employer-sponsored benefits," said subcommittee Chairman Rep. Bob Good, R-Va., but proponents said the old rules no longer protect investors.

Student loan borrowers making payments have significantly lower 401(k) contribution rates, however, some of the impact of the payments was lessened by auto-enrollment or employer contribution match, says a new report.

The Starter 401(k) gives those employers not already offering a retirement plan an alternative option, automating the process to make traditional 401(k) plans more accessible, especially to smaller companies.

As ideas on how best to help employees save money for retirement continue to advance, employers and plan sponsors will need to stay abreast of the changing regulatory requirements and evolving participant needs.