Retirement Trends

Since there have been more than 50 similar 401(k) forfeiture lawsuits filed recently, the Department of Labor has weighed in on the HP lawsuit, now on appeal: “A fiduciary’s use of forfeited employer contributions … alleged in this [HP] case … would not violate ERISA.”

After a year-long legislation effort to strengthen retirement benefits for independent workers, Senator Bill Cassidy has unveiled the Independent Retirement Fairness Act this week.

The Supreme Court will hear a case against the IAM National Pension Fund, which could affect most of the nation’s 1,400 multiemployer plans.

Empower’s CEO has replied to Senator Elizabeth Warren’s letter to him, which questioned the risks of Empower’s new private market program, by responding that the “retirement landscape is changing” and it “succeeds when it evolves.”

SECURE 2.0 required that the Secretary of Labor conduct a study on the PEP industry – and now the DOL has submitted a Request for Information to the White House Office of Management and Budget on PEPs to conduct a study.

The deal gives the investment firm $7.3 billion in assets as it attempts to broaden its holdings of private assets, following BlackRock’s announcement last week of a new all-in-one 401(k) target date fund with private equity.