On August 25, 2023, the Internal Revenue Service issued guidance extending the effective date of a controversial provision of the SECURE 2.0 Act of 2022 (“Secure Act 2.0”) for an additional two years. Read more.

More and more workers are taking hardship distributions from their 401(k) accounts, a recent report shows. Bank of America’s June 2023 Participant Pulse study reveals nearly 16,000 participants withdrew money to cover a financial hardship in Q2 of this year—up 36% compared to the same quarter in 2022. Read more.

A full two-thirds of employees don’t receive guidance on managing their retirement plan benefit while offboarding. Leaving 401(k) or 403(b) balances behind can result in orphaned accounts that sit unmonitored and unmanaged by participants for years, as opposed to remaining an active part of their retirement planning. Read more.

Two-fifths of pre-retirees say they plan to start taking Social Security benefits before they reach full retirement age, according to a recent Schroders report. And just 10% intend to wait until age 70 in order to qualify for maximum payments. Read more.