Retirement Regulation

Kilolo Kijakzai apologized to Congress for understating the extent of the agency's overpayment problem at a hearing, as the Senate voted yesterday to confirm former Maryland Gov. Martin O'Malley as the new commissioner.

The SSA has demanded money back for overpayments from more than 2 million people a year — twice as many people as acting commissioner Kilolo Kijakazi disclosed at an October congressional hearing.

Since only 37% of Americans feel confident that they would be able to retire, it's imperative to meet employees where they're at when confronting their retirement planning options, according to a new survey.

The Senate Finance Committee, which oversees Social Security, plans to meet with the agency every month to address SSA's attempt to claw back $21.6 billion in overpayments sent to beneficiaries in error.

The new legislation provides small employers with increased tax credits for new <br>plans and offers reductions on both start-up costs and administrative burdens, yet 2 in 3 small businesses don't offer 401(k)s, says a new survey.

After denying a request by financial groups to extend the public comment period for the new proposed rule, the DOL is now giving stakeholders a chance to make their case at a virtual hearing on Dec. 13 and 14.