Results for "401(k)"

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Fido’s DC record-kept assets grow

February 14, 2008

Fidelity Investments reported today that record-kept assets in its defined contribution services business grew 8% to $851.4 billion in 2007, from $791.8 billion in 2006. In the same time period, the number of participants grew to 13.6 million,...

Plan sponsors brace for new regs

February 11, 2008

New rules from the U.S. Department of Labor regulating fee disclosures are meant to help 401(k) plan participants better understand what they’re paying for, but complying with these regulations will be an arduous task, said a number of leading...

Annuities gain ground in retirement market

February 11, 2008

Despite initial concerns about portability, cost and complexity, annuities in defined contribution plans are slowly gaining momentum, according to a new report. The report, which was released late last month by Boston-based Financial Research...

UBS and Genworth team up on life option

January 23, 2008

UBS Global Asset Management and Genworth Financial Inc. has announced their collaboration on a guaranteed income for life option for 401(k) participants. The new benefit will go with UBS’s target retirement funds and other investment options....

Citi, Merrill, Morgan hit with ERISA claims

January 14, 2008

Employee plaintiffs are lining up to sue the major brokerage firms over losses in company stock. A number of proposed class actions have been filed against Citigroup Inc., Merrill Lynch & Co. Inc. and Morgan Stanley, all of New York. According...

Liebrock jumps from Fidelity to Captrust

January 7, 2008

Former Fidelity Investments vice president Dave Liebrock has joined Captrust Financial Advisors, an independent advisory firm, as the company's senior vice president in Boston. He worked at Fidelity Investments Institutional Services Company...

401(k) disclosure regs floated

December 12, 2007

The Department of Labor proposed a new rule for fiduciaries meant to increase fee disclosure in 401(k)s. The new rule is intended to help fiduciaries determine the reasonableness of the fees paid to service providers and is also intended to...

401(k)s not enough for young workers

December 11, 2007

Young workers just entering the workforce will only save enough money in their 401(k)s to replace 22% of their pre-retirement income, according to a Government Accountability Office report released today by House Education and Labor Committee...

CPAs for small businesses may offer 401(k) plans

December 10, 2007

Certified public accountants who serve small businesses are poised to offer 401(k) plans to their clients, said Chandra Bhansali, president of AccountantsWorld LLC, an online company that provides payroll assistance to 110,000 accountants. A...

New Form 5500 implementation eats time and money

December 3, 2007

The unveiling of the revised Internal Revenue Service Form 5500 comes with both relief and trepidation. The form promises to improve the transparency of 401(k) plan fees but will be costly and time-consuming to implement, and complex to complete....

Lawyers fear service providers may be made fiduciaries

November 19, 2007

The greatest risk facing the 401(k) system is that plan service providers will be declared legal fiduciaries as a result of litigation. That is the assessment of Steve Saxon, a principal lawyer with Groom Law Group Chartered of Washington, who...

A reversal of policy on rollovers

November 19, 2007

The Pension Protection Act of 2006 included a provision that would permit non-spouse plan beneficiaries to transfer assets directly from the plan to a properly titled inherited individual retirement account. Also permitted was the ability of...

Users happy with automatic enrollment

November 8, 2007

Ninety-eight percent of adults now enrolled in an automatic-enrollment 401(k) plan are glad their companies offer the service, according to a survey by Retirement Made Simpler, a coalition formed by AARP, the Financial Industry Regulatory Authority...

Helping advisers capture 401(k) rollovers

November 7, 2007

John Hancock announced a new program today designed to help 401 (k) plan advisers capture and retain rollover assets when participants leave 401 (k) plans. John Hancock Retirement Income & Rollover solutions, a unit of John Hancock Financial...

Citigroup faces 401(k) participant lawsuit

October 31, 2007

Citigroup Inc. was sued by a participant in its $12 billion 401(k) plan. The participant alleges theNew York-based firm committed a variety of ERISA fiduciary breaches when Citigroup affiliates and subsidiaries were hired to manage money for...

Huntleigh launches Blue Ocean 401(k)

October 30, 2007

Huntleigh Capital Management Inc. announced today that it has launched Blue Ocean 401(k), a full-service 401(k) plan. The St. Louis-based firm touts this plan, which falls within its Blue Ocean Portfolios, as the lowest cost full service 401(k)...

Transparency urged at 401(k) hearing

October 24, 2007

Legislation that would require complete transparency with regard to 401(k) fees for all participants is set to be introduced in the Senate this week. “There is a basic right for consumers to clearly know how much products and services are costing...

Miller may drop requirement for index fund from 401(k) bill

October 15, 2007

House Education and Labor Committee Chairman George Miller, D-Calif., is expected to remove a controversial requirement from his 401(k) bill that a low-cost index fund be included in all such plans, said an industry official. The revised legislation...

Barclays adds annuity feature to 401(k)s

October 10, 2007

Barclays Global Investors has introduced a 401(k) program called SponsorMatch, which creates a new way for employers to give defined contribution plan participants the longevity protection of a defined benefit plan. The program, expected to...

Personalized service the norm at Highline Wealth Management

October 8, 2007

The walls of Neal Simon's office at Highline Wealth Management LLC are lined with the images of people he and his wife photographed during their travels through China, Guatemala, India, Indonesia and Peru. The diverse faces on the walls remind...

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