Results for "defined contribution plans"

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Illinois governor proposes making Secure Choice retirement program optional for employers

August 16, 2018

Illinois Gov. Bruce Rauner issued an amendatory veto Tuesday making it optional for employers to participate in the state's Secure Choice program. There now are three possible actions. Legislators could approve the change, allow the technical...

Are 401(k) adviser aggregators the new 'wirehouses' for elite retirement plan advisers?

August 16, 2018

The death of traditional wirehouses that's predicted periodically by industry experts is greatly exaggerated. Wirehouse advisers — those housed in the wealth management divisions of Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — stay...

Deutsche Bank settles 401(k) self-dealing lawsuit for $21.9 million

August 15, 2018

Deutsche Bank has reached a $21.9 million settlement in a lawsuit alleging the investment bank enriched itself at the expense of its employees by loading its company 401(k) plan with proprietary funds. Deutsche's settlement, which still needs...

Pensions are the new tax dodge, especially for rich business owners

August 15, 2018

There's one area where the traditional pension plan is getting new life: as a tax dodge for wealthy business owners. Pensions, also known as defined-benefit plans, can be used by doctors, law partners and wealth managers to stash hundreds of...

Why you should still take the fiduciary high ground on 401(k) rollovers

August 14, 2018

Only in Washington, some might say, can you find a regulation that for all intents and purposes is dead and buried yet still lives on. The Fifth Circuit Court of Appeals issued its mandate to vacate the Department of Labor fiduciary rule in...

DOL fiduciary rule death leaves 401(k) advisers in legal 'grey area' with rollovers

August 9, 2018

It's no secret that the broad financial industry despised the Department of Labor fiduciary rule. The regulation, which lived a short while before dying in court, upended the status quo with respect to retirement savers, cracking down on brokers'...

Citigroup reaches $6.9 million settlement in 401(k) lawsuit

August 6, 2018

Citigroup Inc. has reached a $6.9 million settlement with plaintiffs in a more than decade old lawsuit alleging the financial services firm stuffed its retirement plan with expensive in-house investments, thereby enriching the company at the...

401(k) robo Guideline tries to woo advisers with new service

August 6, 2018

Guideline Inc., one of several upstart companies trying to woo small 401(k) plans by pitching their relatively low costs and technology, has launched a product that targets retirement plan advisers. Guideline, founded roughly a year and a half...

American Funds offering TDFs in collective investment trusts

August 3, 2018

Capital Group, the asset manager behind the American Funds investment brand, is planning to offer its target-date mutual funds in a collective-investment-trust-fund vehicle later this year, in a move to seize on the growing popularity of CITs...

Fidelity's zero-cost funds raise issues for 401(k) advisers

August 2, 2018

Fidelity Investments is making 401(k) advisers' lives a little more complicated. The Boston-based behemoth dropped some eye-popping news Wednesday: as of Friday, it will begin offering two index mutual funds with a price tag of 0.00%. Yes, funds...

3 ways advisers should prepare for ESG conversations with 401(k) clients

August 2, 2018

Retirement plan advisers likely won't know when environmental, social and governance investing — also known as sustainable investing and impact investing — factors will be of interest to clients. That's why they need to develop a plan in...

Why the 'Father of the 401(k)' is both right and wrong about small plans

August 1, 2018

There's no question that smaller companies are under greater pressure than ever to offer a retirement plan to workers, either because of state requirements or to attract employees in a market with a historically low level of unemployment. But...

LPL not selling Worksite Financial Solutions 401(k) platform

July 27, 2018

LPL Financial will not sell its Worksite Financial Solutions 401(k) platform, a decision that follows an expression of interest to buy the program by Global Retirement Partners, the largest retirement-focused advisory firm in LPL's network....

Systems glitch sends erroneous text messages to some Vanguard customers

July 25, 2018

Some participants in 401(k) accounts administered by the Vanguard Group received an erroneous text message Tuesday night saying that a loan from the account was being processed and the proceeds would soon be sent to the account holder's bank....

New focus on workers who don't take a full match

July 24, 2018

Participants in defined contribution plans are increasingly contributing enough to take full advantage of employer matches, thanks to plan design changes and a greater emphasis by employers on targeting communications to those who are falling...

Fidelity, Empower to keep fiduciary services for 401(k) plan participants

July 23, 2018

Fidelity Investments and Empower Retirement, two of the largest record keepers of defined-contribution plans, will continue to provide fiduciary advice to 401(k) participants via their call centers, even though the Department of Labor's fiduciary...

401(k) advisory firms with custom TDFs offer pain, solace to asset managers

July 20, 2018

Target-date funds built by firms with large networks of 401(k) plan advisers are beginning to gather significant assets, posing a direct threat to some asset managers trying to distribute their own products. Consider Retirement Plan Advisory...

Fidelity backs away from being 'point in time' fiduciary for 401(k) plans

July 18, 2018

Fidelity Investments will no longer serve as a fiduciary when it helps employers select investments for their 401(k) plans, moving away from a policy the firm adopted last year in response to the Department of Labor's fiduciary rule. Fidelity,...

Fidelity adds more financial planning to its 401(k) managed accounts

July 17, 2018

Fidelity Investments, the largest record keeper of defined-contribution plans, has upgraded its managed account service to encompass more holistic financial planning and advice for 401(k) investors. Observers say the move signals a trend that's...

Efforts to help gig economy workers save for retirement gaining ground

July 10, 2018

With a sizable portion of American workers doing temporary, contract or on-demand work, the pressure is on everyone — companies, policymakers, the retirement industry and workers themselves — to figure out ways to make them better prepared...

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