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U.S. employers’ cost to provide employee benefits, measured as a percentage of pay, increased 24% between 2001 and 2015, fueled largely by a doubling in healthcare benefit costs, according to a new analysis by Willis Towers Watson, a leading global advisory, broking, and solutions company. The analysis reveals a major shift in how employers allocate […]
A bill introduced in both houses of Congress would create a pilot program to provide employment benefits to gig workers. This Portable Benefits for Independent Workers Pilot Program Act (S. 1251, H.R. 2685) would allot the U.S. Department of Labor (DOL) $20 million to test portable benefits in fiscal year 2018. “[A] growing number of […]
“Talent wins games, but teamwork and intelligence win championships.” Michael Jordan wasn’t talking here about retirement, and in fact, we don’t know that he ever has. But his words can certainly apply to the subject. In today’s world, each individual must take charge of his or her own retirement. Still, there are many ways others […]
A U.S. Department of Labor (DOL) investigation of an employer-sponsored retirement plan may originate in a variety of ways.
There are a lot of factors at play keeping employees in the workforce longer than before. For example, for many years, pensions have been on the decline (only a small minority of employers offer them now—meaning employees have more responsibility to save for their own retirement and may need to stay working longer in order […]
The fiduciary duty rule crafted by the Obama administration’s Department of Labor (DOL) will become applicable June 9, as the regulatory agency continues to review it for possible changes or reversal.
A California police officer was being evaluated for not properly investigating a sexual abuse incident. The police department decided to proceed with discipline by recommending that the officer be terminated from the department. After the internal investigation was completed and the notice of intent to impose discipline was sent, the officer’s lawyer tried to extend […]
The youngest employees and defined contribution (DC) plan participants often want more automated features to their plans, and most assign their plan sponsors some responsibility for helping them choose the right investments to fund their retirement while it’s still decades away.
In the 2015 film, The Intern, Robert De Niro plays an 80-year-old widower who discovers that he’s bored with retirement and becomes a senior intern at an online fashion site. In true Hollywood fashion, he becomes the hero of the day and rescues the company’s thirtysomething founder, both in terms of her professional and personal […]
Most defined contribution retirement plan participants who are reenrolled in a plan’s default fund remain in that investment a year later, with only a few partially opting out, a recent Vanguard case study of reenrollment found.