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The cause for the funding challenge is that spending for Social Security is set to increase sharply in relation to GDP in the next decade as the large baby-boom generation retires, according to the CBO.

"Our strategy is to send a message to other insurance companies that they have an obligation to pay under those statutes," said Steven Adler, a partner at Mandelbaum Barrett.

Due to inflation, some of the new numbers are substantially higher than their 2022 counterparts.

It's time to do a top-to-bottom review, taking a holistic approach that enables employers and advisors to check the overall health of the plan and gauge how prepared it is to deal with changes.

This largest-ever rescue covers 350,000 workers and retirees of the Central States Pension Fund, one of the largest multi-employer pension plans in the nation that was projected to become insolvent in 2026 prior to the pandemic.

Employers claim that the health care company, now known as Elevance Health, breached its fiduciary duties under ERISA because they were denied access to plan claims due to mismanagement of funds.

The benefits industry catches its breath after a year filled with change and disruption, as opportunities abound heading into 2023.

The student loan relief plan has created a moment for employers and service providers to influence employees earning LMI through products and benefits that meet their needs, wants and aspirations.