Administration Updates Rules on Junk Fees in Retirement Planning

SEC regulation will close loopholes allowing advisors to recommend products that do not offer benefits. President Joe Biden and administration officials have announced tightened rules to clamp down…

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Suit Filed to Block ESG Investing Rule

25 state attorneys general filed to stop progressive governance over retirement plans. Utah and Texas led a court filing signed by 25 states, requesting that a federal judge…

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Public Comments Reopened for Proposed Amendment to DOL Policy

The discussions are to focus on retirement-focused investment plans. At the end of March, the Department of Labor (DOL) reopened public comments on its proposed amendment to their…

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President Vetoes Bill on ESG Investing 

The legislation would have reversed the Labor Department rule.  “I just vetoed my first bill,” President Biden announced Monday.  The Labor Department had previously issued a rule allowing…

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Labor Department Finalizes Secure Act Implementation

Assistant secretary for benefits announces changes to 5500 Annual Return Form. The Department of Labor announced changes to the 2023 Form 5500 Annual Return/Report of Employee Benefit Plan.…

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Senate Passes Bill Blocking ESG Investing Rule 

President Biden’s veto is expected.  Late last year, the Department of Labor modified its rules, explicitly permitting retirement plans to offer Environmental, Social, and Governance (ESG) options. ESG…

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Half the States Sue to Stop ESG Rule

The rule involves state  401(k) investment funds.  The attorney general of Utah is leading a coalition of 25 states in a suit that seeks to stop a rule…

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Withdrawals From Retirement Plans Increase

Americans are taking “hardship” withdrawals from 40(k) plans.  The Internal Revenue Service allows hardship withdrawal from retirement funds without penalty when there is an immediate or heavy financial…

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Average 401(k) Down $34,000 This Year

Americans have experienced more than $2 trillion in losses.  New economic research has found that the average person’s 401(k) has lost some $34,000 in value since the beginning…

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IRS Admits Website Exposure of Confidential Information

Officials say leaked taxpayer data did not include social security numbers. The Internal Revenue Service has acknowledge that private taxpayer information was accidentally disclosed on its website earlier…

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