Retirement & Benefits

The DOL's complaint against BCBSM, as well as the series of lawsuits against other TPAs and insurers, may redefine the landscape of fiduciary responsibilities and the role of TPAs in plan administration.

To stop the "leakage" of retirement cash-outs when employees switch jobs, the DOL proposes new rules aimed at expanding auto-portability transactions.

These new SECURE 2.0 pension-linked accounts can have auto-enrollment but must give employees the chance to opt out.

The lawsuit alleges that CFO John Rex interfered, for "commercial" reasons, with a decision by the company's investment committee to drop a set of target-date funds.

IBM's recent announcement that it is switching to a "hybrid" model of defined-benefit plan could make the case that bringing back a modern take on the classic retirement benefit could support retention in a tight labor market.

The ERISA Industry Committee, which represents the largest employers in the U.S., is calling on Congress to re-examine the premiums paid by companies that sponsor defined-benefit plans.