Results for "401(k)"

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Smart data can improve behavior, outcomes for retirement savers

November 9, 2017

We have all heard of big data, which the defined contribution industry has not leveraged sufficiently and has gotten a black eye for it. At a recent industry conference, I heard Tina Wilson, senior vice president at MassMutual, mention a new...

House tax chief says he plans to preserve 401(k) pretax limits

November 1, 2017

House Ways and Means Chairman Kevin Brady says he doesn't plan to reduce the pretax contributions American workers can make to 401(k) retirement plans — "unless there's broad agreement" among investment advisers that a different system would...

Clients facing late-career job loss can tap 401(k)s early

October 27, 2017

The unemployment rate continues to tick down, close to what many economists consider the level of full employment. That's a testament to both the relative strength of the economy and business' willingness to hire. For sure, the recovery from...

Wells Fargo requires advisers to use level fees for new 401(k) business

November 14, 2017

Wells Fargo Advisors is requiring that financial advisers servicing 401(k) plans do so in a level-fee arrangement for new business, as have other large brokerage firms, in response to the Department of Labor's fiduciary rule. "We have moved...

Merrill Lynch swells ranks of fiduciary 401(k) advisers by over 3,000

November 8, 2017

Merrill Lynch Wealth Management is charging into the fiduciary fray with lightning speed. Since March, when the wirehouse brokerage announced plans to transition its defined-contribution-plan business to a fiduciary model in response to the...

Head of Merrill Lynch's adviser-sold 401(k) sales to depart

November 10, 2017

Joe Mrozek, head of small- and middle-market 401(k) sales at Merrill Lynch, is leaving the firm, a spokeswoman has confirmed. Mr. Mrozek, whose official title is head of small-mid market business development and adviser programs, has taken a...

Use of auto enrollment leaps, survey finds

October 24, 2017

Auto enrollment surged in popularity among defined contribution plan sponsors, with 68% using this plan design in 2017, according to a survey by Alight Solutions published Tuesday. "This was a surprise," Robert Austin, the Charlotte, N.C.-based...

GAO report says American retirement system not providing adequate security

October 18, 2017

The three pillars of the American retirement system — Social Security, workplace retirement plans and individual savings — will not provide adequate retirement security for a growing number of people, according to a report issued Wednesday...

Tax reform: How the House bill changes rules for retirement savings

November 3, 2017

The headline news for retirement plan advisers Thursday upon the unveiling of the House tax bill was that a reduction in the pre-tax 401(k) savings limit is off the table, for now. But there are plenty of other details in the tax-reform legislation,...

Trump, House tax chief send mixed signals on 401(k) tax break

October 25, 2017

President Donald J. Trump repeated his desire to keep tax breaks for workers' 401(k) contributions Wednesday — just hours after the chief tax writer in the House said his panel was exploring ways to change retirement savings in legislation...

Trump administration seeks to give boost to 401(k) annuities

October 31, 2017

The Trump administration wants to give a shot in the arm to annuities in 401(k) plans by encouraging rules to make it more palatable for plan sponsors to offer such products. The Treasury Department issued a report calling for the Labor Department...

Ted Benna, father of the 401(k), thinks tax reform that favors Roths is 'pretty stupid'

October 30, 2017

Ted Benna, widely known as the father of the 401(k) plan, believes an idea being debated in Washington to lessen the pre-tax contributions workers can make to a retirement plan is "pretty stupid." Mr. Benna was a pioneer of the 401(k) plan,...

Xerox wins lawsuit alleging 'kickback' scheme with Financial Engines

October 23, 2017

Xerox HR Solutions has won a lawsuit alleging it engaged in a pay-to-play scheme with the robo-adviser Financial Engines, marking the third defeat this year for plaintiffs bringing such charges against 401(k) record keepers. Xerox's defined...

IRS raises 2018 contribution limit for qualified plans to $18,500

October 19, 2017

The Internal Revenue Service has raised the contribution limits for employees who participate in 401(k), 403(b) and most 457 plans to to $18,500 in 2018, up from the current limit of $18,000. The IRS also increased the income ranges for determining...

Do advisory boards create perceived conflicts for DC plan advisers?

October 24, 2017

Many defined contribution plan advisers join the advisory boards of record keepers and asset-manager providers they use. But do these board memberships create perceived conflicts in the eyes of the Department of Labor and 401(k) or 403(b) plan...

Judge dismisses lawsuit by Wells Fargo 401(k) participants

September 26, 2017

A U.S. District Court judge in Minneapolis dismissed a lawsuit by participants in Wells Fargo's 401(k) plan, saying the plaintiffs failed to demonstrate that plan executives breached their fiduciary duties under the Employee Retirement Income...

General Electric 401(k) participants sue over poor-performing GE Asset Management funds

September 28, 2017

Three participants in General Electric Co.'s 401(k) plan filed a lawsuit against the company, alleging it violated the Employee Retirement Income Security Act of 1974 by breaching its fiduciary duties. The lawsuit, filed in U.S. District Court...

Today's retirees are better off than previously thought

August 1, 2017

Millions of American workers are frozen out of their companies' pension plans. Maybe you get a 401(k), if you're lucky. But the traditional pension is dead. Unless, perhaps, you're already retired. It still lives for millions of older Americans...

What can Tabasco sauce teach advisers about 401(k) loans?

October 11, 2017

As plan advisers, our guidance might help increase a plan's overall participation and average deferral rate, but there is little we can do to help people when they're confronted with a large, unanticipated expense. For some, this means dipping...

401(k) savings continue to hit record highs

August 3, 2017

It's happened again: Retirement savings account balances have hit all-time highs. A string of record 401(k) and IRA account totals now stretches across three consecutive quarters, according to second-quarter data from Fidelity Investments. The...

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