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Federal Court Backs DOL in ESG Rule Suit by Red State AGs
“Having considered the motions, pleadings, and relevant law,” a federal court judge has backed the Labor Department in a suit brought by 26 red state Attorneys General challenging the so-called ESG rule. The coalition[i] that brought the suit in January 2023, alleged that the 2022 Rule “undermines key protections for retirement savings of 152... Read More >>
Persisting Gender Gap Shadows Workplace Financial Wellness Programs
Research by HerMoney Media and Principal Financial Group highlights a continuing gender gap in workplace financial wellness programs. The study finds that even though men and women save similar amounts of their incomes, significant differences exist in their confidence and understanding of money management and investing. Survey Overview The 2023... Read More >>
Plan Priorities and Pain Points
This quarter sponsored by: Nuveen, a TIAA company As we look ahead to next year, we asked plan sponsors what their plan priorities are for 2024, their expected pain points, and how PSCA can help. Though the most pressing of SECURE 2.0 provisions has been delayed for two years, bringing a collective sigh of relief from the industry,... Read More >>
House GOP Leaders Criticize DOL Investigations, Cite Effects on Plan Sponsors
Noting that “prolonged investigations carried out by federal agencies, such as EBSA, create tremendous strain on retirement plan sponsors,” two key House Republicans are pushing back. In a Sept. 19 letter to Acting Secretary of Labor Julie Su, Rep. Virginia Foxx (R-N.C.), chair of the Education and the Workforce Committee, and Rep. Bob Good (R-Va... Read More >>
SAFER Act—Retirement Savings Saving Lives: WiR Third Thursdays
In our August Third Thursday, we discuss the Safer Act, which became a provision in SECURE 2.0 allowing penalty-free withdrawal from retirement plans for victims of domestic abuse. Given the breadth and scope of domestic violence, this educational session offers background information on the Safer Act and its importance. We look towards 2024 when... Read More >>
The Hidden Threat of 'Spending Spikes' on Retirement Security
New research from J.P. Morgan Asset Management and the Employee Benefit Research Institute has shed light on the crucial link between financial wellness and retirement readiness, analyzing an expansive dataset from 29 million Chase households and 11 million 401(k) plan participants. The study, focusing on the period from 2016 to 2020, delves into... Read More >>
Growing Retirement Savings Gap: Impact of Income and Race on Older Workers
A recent Government Accountability Office (GAO) report examines the disparities between retirement accounts of older workers in low-income and high-income brackets. The findings suggest that federal tax incentives may not benefit the broader demographic as intended. Key Findings: Growing Disparities Over Time: The gap in retirement savings... Read More >>
Industry Groups ‘Friend’ Fiduciaries in Excessive Fee Suit Fray
Noting that “a decision in this appeal has the potential to significantly affect Amici’s members, which include plan sponsors and fiduciaries…,” a group of industry trade groups has filed in support of fiduciaries and providers in a federal court. More specifically, the ERISA Industry Committee (ERIC), the American Benefits Council, Society of... Read More >>
Will Cuts to SS Change Plan Designs?
This quarter sponsored by: Nuveen, a TIAA company There has been some talk in the media of Social Security benefits being cut in 2033 is the system is not shored up. Reports say the benefits would face a 23 percent reduction in benefits across the board – more than $17,000 for a newly retired couple and $13,000 for a single new retiree annually... Read More >>
New Fiduciary Rule Sent to OMB By Department of Labor
The Department of Labor sent a new version of a proposed fiduciary rule to the Office of Management and Budget late Sept. 8 for review. Known officially as “Conflict of Interest in Investment Advice,” it would redefine fiduciary investment advice under the Employee Retirement Income Security Act (ERISA). According to a post on the OMB’s... Read More >>