SHRM Online spoke with the author of a new report, “The Peak 65 Generation—Creating A New Retirement Security Framework,” about the role annuities can play with, and within, employer-sponsored 401(k) plans to provide protected lifetime income.
More than half of first-time health savings account (HSA) contributors reduce their 401(k) account savings rate, new research shows. This needn’t put their retirement security at risk if some of their HSA dollars are used for long-term savings.
Recently introduced with bipartisan backing, the Securing a Strong Retirement Act, dubbed Secure Act 2, would require employers to automatically enroll new employees in their workplace retirement plan, among other changes.
Joe Biden’s administration is expected to differ from President Donald Trump’s approach to promoting retirement security, with a heavier regulatory hand, benefits advisors said. Biden also supports replacing 401(k) contribution tax breaks with flat-tax credits, among other changes.
In the coming year, benefits managers may find they’re being pitched to jettison their current 401(k) plan in favor of a pooled employer plan (PEP) shared with other employers. A Department of Labor final rule explaining how 401(k) service providers can register as a pooled plan provider clears the way for PEPs to get underway starting Jan. 1, 2021.
The Department of Labor (DOL) released a final rule requiring fiduciaries to select investments for 401(k) and other plans based on participants’ financial interests, rather than nonfinancial factors such as a fund’s environmental, social and governance (ESG) criteria.