The Department of Labor today issued an interim final rule implementing section 203 of the bipartisan Secure Act of 2019 requiring that defined contribution plans (such as 401(k) plans) include two lifetime income illustrations on a plan participant’s pension benefit statement at least once every 12 months.
ABA today welcomed the Department of Labor’s long-awaited re-proposal to regulate investment advice fiduciaries under the Employee Retirement Income Security Act.
The American Bankers Association this week urged the Department of Labor to withdraw a proposal that would limit pension fiduciaries’ consideration of environmental, social and governance-related issues when selecting plan investments.
With interest around sustainable investing—sometimes referred to as environmental, social and governance (or ESG) investing—on the rise, the Department of Labor this week issued a proposed rule that would confirm Employee Retirement Income Security Act requirements for plan fiduciaries to select investments and investment courses of action based solely on financial considerations relevant to the risk-adjusted economic value of a particular investment or investment course of action.
The Department of Labor today issued its long-awaited re-proposal to regulate investment advice fiduciaries under the Employee Retirement Income Security Act.
A new study by the Consumer Financial Protection Bureau today found that just over half of retired Americans who retired between 1992 and 2014 were able to maintain their same level of spending for five years after retiring.
As the American Bankers Association has long advocated, the Department of Labor today issued its final rule to modernize retirement disclosures by facilitating the use of electronic delivery for participant notices and disclosures through the creation of a new safe harbor.
One in five adults employed in February had been furloughed or laid off by April, according to the Federal Reserve’s annual Report on the Economic Well-Being of U.S. Households released today.
Acknowledging the challenges currently facing American workers and retirees as the coronavirus pandemic continues, ABA joined two dozen other trade organizations in a letter to Congress last week seeking immediate relief for retirement plan participants, retirees and employers offering retirement plans.
In a comment letter to the Department of Labor today, ABA expressed support for a recent proposal that would modernize retirement disclosures by facilitating the use of electronic delivery for participant notices and disclosures.