Retirement Regulation

There's an increasing recognition of the need to help participants convert their accumulated savings into a reliable income stream during retirement, according to the new Institutional Retirement Income Council report.

Although 92% of employers thought their retirement benefit offerings were competitive, 61% of their employees thought they could find a better retirement package with a different employer, according to a new Buck report.

Some of the new retirement regulations are mandatory, such as increases in mandatory distributions, while some are optional, like the student loan matching contributions, but the changes are significant for every generation.

At TIAA's recent "Securing Retirement in America" event, experts discussed the Lifetime Income for Employees Act, legislation introduced in Congress in 2023, and other solutions to improve lifetime income for workers.

Defined contribution plans are poised for a major shift, as participants take a more active role in retirement planning with personalized TDFs, advisor managed accounts and lifetime income solutions, according to a Wilshire report.

The IRS announcements include a number of dollar amounts employers will need to know in order to administer their benefit plans for 2024, including the key dollar amounts for retirement plans, FSAs, HSAs and HDHPs.