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The DOL's complaint against BCBSM, Inc., as well as the series of lawsuits against other TPAs and insurers, may redefine the landscape of fiduciary responsibilities and the role of TPAs in plan administration.

To stop the "leakage" of retirement cash-outs when employees switch jobs, the Department of Labor proposes new rules regarding fees under SECURE 2.0, which is aimed at expanding auto-portability transactions.

Unlike emergency savings accounts that employers have rolled out over the past few years, these new SECURE 2.0 pension-linked accounts have auto-enrollment but employees must be given the chance to opt out.

The Department of Labor alleges Blue Cross Blue Shield of Minnesota wrongly passed along a "provider tax" - a state tax paid by hospitals and clinics - to 370 self-funded employer health plans it administers.

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.

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.

Plan sponsors and advisors could face heightened scrutiny under the proposed fiduciary rule, however, they can learn more about the new regulation at a virtual public hearing next week or file public comments by Jan. 2, 2024.

A bipartisan bill introduced in the Senate on Wednesday removes barriers that have discouraged companies from offering employer-sponsored retirement plans to Americans under 21 by lowering the participation age to 18.