401(k) Specialist Issue 3 - 2024 - 2

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Remember to check out the latest 401(k) Specialist Pod(k)ast for exclusive, timely insight on the issues
that matter to 401(k) advisors from the biggest names in the retirement market. Some recent guests include
Jeri Savage, Lead Retirement Strategist at MFS Investment Management, talking about the road to
better retirement outcomes; Fixed income opportunities with Invesco's Matt Brill; Solving the portability
puzzle with Allianz Life's Ben Thomason; and a Fiduciary Rule update with GPM ERISA attorney Allie Itami.
Access all the pod(k)asts from the 401(k) Specialist website or wherever you listen to podcasts!
401(k) REGULATION
DOL Opens Abandoned Plan Program to Retirees of Bankrupt Companies
Social Security beneficiaries will see a lower cost-of-living adjustment (COLA) for 2025, as the Social
Security Administration (SSA) in mid-October released a finalized adjustment of 2.5% following cooled
inflation in the third quarter of 2024.
On average, Social Security retirement benefits for 72.5 million Americans will increase by about $50
per month starting in January.
" Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people
keep up with expenses even as inflation has started to cool, " said Martin O'Malley, commissioner of Social
Security.
Some other adjustments that take effect in January of each year are based on the increase in average
wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable
maximum) is slated to increase to $176,100 from $168,600.
This year's COLA is smaller than in recent years, compared to 2024's moderate 3.2% and 2022's high of
8.7%. Over the last decade, the Social Security COLA has averaged at about 2.6%.
401(k) REGULATION
Fiduciary Duty, Reg BI Highlight SEC 2025 Exam Priorities
Advisor adherence to fiduciary standards of conduct and a heightened focus on Regulation Best Interest
are among the main focus areas of the 2025 examination from the Securities and Exchange Commission's
Division of Examinations.
The Division publishes its examination priorities annually to inform investors and registrants of potential
risks in the U.S. capital markets and to make them aware of the examination topics that the Division
plans to focus on in the new fiscal year. This year's examinations will prioritize perennial and emerging
risk areas, such as fiduciary duty, standards of conduct, cybersecurity, and artificial intelligence.
" The Division of Examinations 2025 priorities enhance trust in our ever-evolving markets, " said SEC
Chair Gary Gensler. " In examining for compliance with our time-tested rules, the Division plays a critical
role in protecting investors and facilitating capital formation. Working with registrants to understand the
rules helps ensure that markets work for investors and issuers alike. "
The SEC's Fiscal Year 2025 Examination Priorities can be accessed here.
401(k) PRODUCTS
Half of New Retirement Plan Adopters Opt for Pooled Plans
In a new survey of more than 400 adopting employers, nearly half of them (47%) took advantage of the
availability of a pooled plan to introduce their first employee retirement plan.
Transamerica recently released its first-ever survey of pooled retirement plan adopters, a study it says
reinforces the power these shared plans wield in expanding access to retirement savings plans. Many
survey respondents were small- to mid-sized organizations and startups that have previously not offered
retirement plans to employees because of the cost, administrative and fiduciary responsibilities.
Another key survey finding is that 44% of respondents said the top reason for offering a retirement plan
was as a tool to attract employees. As employers of all sizes vie for talent, retirement savings plans are a
benefit that can help employers stay competitive. It also found that 72% of start-ups and 61% of organizations
converting to a pooled solution said it improved retirement planning for employees.
The report is available on Transamerica's website.
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ISSUE 3 2024 | 401kSpecialist.com
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401(k) Specialist Issue 3 - 2024

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