Many Americans are retiring much sooner than expected, often due to health problems, layoffs, or other unanticipated events. As a result of premature departures, employers may find themselves facing a host of issues, including knowledge gaps and talent shortages. A robust retirement plan offering, combined with holistic financial wellness initiatives, can help address these challenges by supporting recruitment and retention. 

A growing number of workers are raiding their employer-sponsored retirement plans to cover emergency expenses, highlighting an alarming trend in employee retirement security. Hardship withdrawals can carry significant long-term financial consequences, especially since funds cannot be paid back to the plan. 

By implementing proactive strategies, you can help your employees build financial resilience while preserving retirement funds.

Despite market turbulence, financial experts continue to advise retirement plan investors to “stay the course” rather than react impulsively.

Insight from Rob Austin, Head of Thought Leadership at Alight Solutions, suggests that sponsors should focus on reminding participants about derisking strategies without encouraging them to lock in paper losses unnecessarily.

We understand most retirement savers aren’t financial experts, and that can make preparing for retirement feel overwhelming. The good news is achieving a successful retirement doesn’t have to be complicated.

By following a few basic steps, you could set yourself up for long-term financial security.

The IRS has proposed new regulations mandating automatic enrollment in most new 401(k) and 403(b) plans starting in 2025. Understanding these requirements is essential for compliance and effective plan management. Read our latest blog to learn about key provisions, exemptions, and how to prepare your plan.

Read our latest blog on the Department of Labor’s new self-correction procedures under the Voluntary Fiduciary Correction Program (VFCP), effective March 2025. This important update allows plan sponsors to independently correct common errors related to late participant contributions and inadvertent loan failures, simplifying compliance and reducing administrative burdens. Stay informed on how these changes can benefit your retirement plan administration.

The DOL has announced inflation-adjusted increases to civil penalties for retirement plan compliance failures, effective for penalties assessed after January 15, 2025. These updated penalties impact late filings, failure to provide required documents, and other key plan obligations. Our latest blog outlines the new penalty amounts and what plan sponsors need to know to stay compliant and avoid costly fines in the year ahead.

Our latest blog examines the DOL's new "non-enforcement policy" allowing transfers of accounts under $1,000 to state unclaimed property funds without penalties. Learn the specific requirements your plan must meet, what makes a state fund eligible, and how to implement a compliant missing participant program aligned with DOL best practices.