Retirement Regulation

From an attempt to override the veto to a legal challenge by Republican state attorneys general in 25 states, the political issues surrounding Labor's ESG rule will continue to swirl for the foreseeable future.

While the new retirement law offers unique opportunities for employers, companies need to consider how much value employees will place on the new savings vehicles, such as automatic enrollment and emergency savings.

Pres. Biden rejected legislation that would have blocked the new DOL rule allowing retirement portfolio managers to weigh climate change and other environmental issues in their investment decisions,

With the new provisions of this recently passed retirement law, employers have a lot more options to offer employees, from an emergency savings account to a student loan-401(k) match.

Among the new law's 93 provisions are new mandatory rules for part-time workers, as well as an optional provision for employers to include a student loan/401(k) matching plan.

A day after the House voted to block the Department of Labor's new sustainable investing rule, the Senate followed suit, however, Pres. Biden is expected to veto the resolution.