Results for "retirement plan advisers"

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California poised to pass state retirement savings law

August 23, 2016

California lawmakers are poised to vote any day on a bill that would greatly expand access to workplace retirement plans among small businesses, a measure that has drawn both praise for helping address a perceived savings shortfall and ire from...

Edward Jones faces proposed class action lawsuit over excessive 401(k) fees

August 22, 2016

Edward Jones is being sued by a participant in the company's 401(k) plan for allegedly causing employees to pay high fees for investment management and record-keeping services that supposedly cost them millions in retirement savings. Many of...

Morgan Stanley hit with $150 million 401(k) lawsuit for self-dealing and excessive fees

August 19, 2016

Morgan Stanley was sued Friday by a former participant in the company's 401(k) plan for excessive retirement-plan fees and self-dealing on the part of the company, which allegedly enriched itself at the expense of employees' retirement savings...

Attorney Jerry Schlichter opens up about 403(b), 401(k) suits

August 18, 2016

By now, Jerry Schlichter is practically a household name among those in the retirement industry. Mr. Schlichter, the founding and managing partner of St. Louis-based law firm Schlichter Bogard & Denton, owes this fame — or notoriety, depending...

Columbia University targeted in $100 million lawsuit over excessive retirement plan fees

August 17, 2016

Columbia University was sued Tuesday on claims its retirement plans charged excessive fees. This follows a string of similar litigation filed over the past week against several top universities, leading to speculation that these suits are merely...

Fiduciary concern clients' No. 1 reason for hiring 401(k) advisers: study

August 17, 2016

In a year when the word “fiduciary” has been tossed around like an unmoored ship in a hurricane, it's perhaps not surprising that, for the first time, 401(k) plan sponsors are saying concern over fiduciary duty is the top reason they choose...

Duke, Johns Hopkins, UPenn and Vanderbilt latest schools under fire for excessive 403(b) fees

August 11, 2016

It's been two days since Yale, MIT and NYU were sued for excessive fees in their retirement plans, and lawyers have already added four more to the pile: Duke University, Johns Hopkins University, the University of Pennsylvania and Vanderbilt...

Yale, MIT and NYU targeted in excessive-fee lawsuits concerning retirement plans

August 9, 2016

A trio of renowned universities — Yale University, New York University and the Massachusetts Institute of Technology — were sued on Tuesday over allegations that their defined-contribution plans charged employees excessive plan fees, leading...

Morningstar launching 401(k) service for broker-dealers worried about DOL fiduciary risk

August 8, 2016

Morningstar Inc., the mutual fund research and ratings shop, is planning to launch a 401(k) service early next year for broker-dealers looking to minimize risk created by a Labor Department fiduciary regulation. Many industry watchers have argued...

Neuberger Berman sued for excessive 401(k) fees

August 4, 2016

Neuberger Berman, an investment manager with $246 billion in assets under management, has been sued by a participant in the company's 401(k) plan for alleged self-dealing, whereby the firm offered a high-fee, poorly performing proprietary fund...

Franklin Templeton sued by employees for self-dealing in 401(k) plan

August 1, 2016

Franklin Resources Inc., the asset management firm operating under the name Franklin Templeton Investments, has been sued for self-dealing in its own 401(k), joining a growing list of similarly situated companies targeted by their employees...

Retirement plan advisers should keep current clients happy to get new ones: MassMutual study

August 1, 2016

Retirement plan advisers can get new clients by keeping the ones they have satisfied and happy, according to a new MassMutual study released Monday. The study showed that 58% of employers that sponsor retirement plans found their adviser through...

DOL's rule on state retirement plans arrives at OMB

July 27, 2016

A Labor Department rule governing state-based retirement plans for the private sector has taken its final step toward finalization, after the regulatory agency sent the measure to the Office of Management and Budget for review. The OMB, which...

Make Medicare easier by using auto pay

July 22, 2016

Summertime is the time to kick back, relax and take it easy. Whether you are on Medicare yourself or are a caregiver for someone who is, one thing you can do to make things easier is to set up auto payment of premiums. Using auto payment for...

Key fiduciary decisions loom for retirement plan advisers using money market funds

July 21, 2016

In October 2008, the Reserve Primary Fund "broke the buck," and its $1 net asset value dropped to 97 cents. That may not seem like much, but it sent shock waves through an industry already shaken by the Lehman Brothers bankruptcy two days prior....

Social Security reform awaits next president

July 20, 2016

All is quiet in Washington this week as Republicans descend on Cleveland for their national convention and Democrats prepare to invade Philadelphia next week to anoint their presumptive nominee. The lull gave me time to review the numerous Social...

New York Life sued by employees claiming excessive 401(k) fees

July 20, 2016

New York Life Insurance Co. is the newest member to the ever-growing list of asset managers and retirement plan providers being sued by their employees for fiduciary breach in the company 401(k) plan. Current participants in two New York Life...

Cetera, plan sponsor sued for excessive fees in $25 million 401(k)

July 19, 2016

For the second time in two months, a small 401(k) plan is at the center of a lawsuit alleging excessive plan fees. The independent broker-dealer, Cetera Advisor Networks, has been named as a co-defendant — a move experts call a twist of sorts...

401(k) plan advisers take more of an interest in record keepers' cybersecurity practices

July 18, 2016

In an era when costly cyberattacks and data breaches are becoming more common, 401(k) plan advisers are beginning to scrutinize data-security practices at record-keeping firms. “It's certainly something we haven't requested detailed information...

Bill to create universal retirement accounts introduced

July 14, 2016

Legislation creating universal retirement accounts for American workers was introduced Wednesday by Rep. Joe Crowley, D-N.Y. The proposed SAVE UP — Secure, Accessible, Valuable, Efficient Universal Pension accounts — bill calls for employers...

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