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Oregon becomes first state to launch auto-IRA program

July 5, 2017

Oregon has become the first state to launch an automatic-enrollment, payroll-deduction IRA program, known as an "auto-IRA," for private-sector workers. It brings to fruition a concept that's been discussed among policymakers for more than a...

Connecticut governor signs bill to improve 403(b) plan fee transparency

June 30, 2017

Retirement plan providers servicing some 403(b) plans in Connecticut will be required to disclose investment fees and compensation paid to those giving participant investment advice, courtesy of a new law signed by the state's governor this...

Nationwide's 401(k) record-keeping fees are excessive, lawsuit claims

June 28, 2017

Nationwide has been sued for allegedly charging 401(k) plans excessive record-keeping and administration fees in a lawsuit that also challenges the practice of assessing fees based on the amount of plan assets. Plaintiff Alana Schmitt, a participant...

Waddell & Reed latest active fund manager sued for 401(k) self-dealing

June 28, 2017

Waddell & Reed Financial Inc., which sponsors the Waddell & Reed and Ivy-branded investment funds, has been sued for self-dealing in its own 401(k) plan, joining a string of other asset managers to have been targeted recently for similar allegations....

'Less pressure' on changes to defined contribution plans under tax reform: Graff

June 26, 2017

The state of political affairs in Washington is making it less likely that there will be major changes to the treatment of defined contribution plans under any upcoming tax-reform legislation, an executive with the largest association for retirement...

DOL rule poses problems for advisers' daily routines

June 22, 2017

The greatest difficulties in adjusting to the new DOL fiduciary standard for retirement accounts are found in financial advisers' daily routines, says a new report from Aite Group consultants. Aite's survey of 152 financial advisers who actively...

Voya's win in 401(k) fee suit involving Financial Engines bodes well for other record keepers

June 22, 2017

The dismissal of a lawsuit against Voya Financial Inc. for its relationship with 401(k) robo-adviser Financial Engines could be a harbinger of success for other major retirement-plan record keepers locked in similar legal battles. Judge Lorna...

Market forces could cause fundamental changes to small and midsize 401(k) markets

June 21, 2017

For years, experts have predicted the small-plan 401(k) market would have to change. Although prices have come down, they are still high when compared with larger plans, and the market is rife with inefficiencies. However, a series of dramatic...

Collective investment trusts getting more attention from 401(k) advisers

June 21, 2017

Mutual funds hold the lion's share of 401(k) assets, but another investment vehicle -— collective investment trusts — are quickly emerging as a contender. Indeed, among the largest 401(k) plans, or those with more than $1 billion in assets,...

Putnam, Fidelity win respective 401(k) lawsuits

June 20, 2017

Putnam Investments and Fidelity Investments have prevailed in separate legal fights centering on their fiduciary duty to retirement plans, at a time when financial services companies are increasingly being targeted for 401(k) self-dealing. A...

New York Life's MainStay lays off defined-contribution wholesalers amid challenging market

June 16, 2017

MainStay Investments, the mutual fund and exchange traded fund distribution arm of New York Life Insurance Co., has laid off some of its wholesalers calling on retirement plan advisers and consultants, as the defined contribution market grows...

Capital Group, the sponsor of American Funds, sued for self-dealing in its 401(k) plan

June 15, 2017

The recent lawsuit lodged against The Capital Group Companies Inc. for alleged self-dealing in the company's 401(k) plan is one of several similar legal battles being waged with large asset managers, and could prove difficult for plaintiffs...

The little-known alternative to multiple employer plans gaining popularity with advisory firms

June 13, 2017

Multiple employer plans have become a hot topic in retirement-plan circles of late. MEPs allow small employers to pool their buying power and achieve the lower costs otherwise reserved for larger-plan counterparts. Some eye them as a way to...

$470M retirement-focused RIA joins LPL

June 13, 2017

A hybrid registered investment advisory shop overseeing roughly $470 million in qualified retirement plan assets has affiliated with LPL Financial as its broker-dealer. The firm, Black Box Pension Advocates, which is located in Solon, OH, was...

Merrill Lynch to settle 401(k) lawsuit for $25 million

June 12, 2017

Merrill Lynch has agreed to a $25 million settlement in a 401(k) lawsuit alleging the firm breached its fiduciary duties when it failed to ensure a small-retirement-plan client received mutual-fund sales discounts to which it was entitled. The...

Northrop Grumman settles fiduciary breach lawsuit with DC plan participants

June 12, 2017

Northrop Grumman and participants in two company 401(k) plans have agreed to a $16.75 million settlement over allegations that plan executives violated their fiduciary duties under ERISA. Participants sued two Northrop Grumman plans in September...

Stepping out of the defined contribution 'echo chamber'

June 8, 2017

With the competition among defined contribution plan advisers tough and expected to get even tougher as the Department of Labor fiduciary rule forces inexperienced advisers to exit the market, plan advisers need to step out of the DC "echo chamber"...

The disclosure 401(k) advisers may be missing under the DOL fiduciary rule come June 9

June 8, 2017

When the Department of Labor's fiduciary rule kicks in June 9, previously non-fiduciary advisers to 401(k) plans will need to furnish important new disclosures to their clients acknowledging their newly minted fiduciary status. The kicker: The...

Where retirement advisers should focus their preparations for the DOL fiduciary rule

June 8, 2017

It's now official: On June 9, the Department of Labor's fiduciary rule will take effect. The heart and soul of the rule, and the part on which all retirement advisers should focus their preparations, is the requirement to have and follow "impartial...

401(k) record keepers making big bets on managed accounts

June 1, 2017

Fidelity Investments and Empower Retirement are making big bets on 401(k) managed accounts, and competing defined-contribution-plan record keepers are poised to follow suit. What isn't yet clear is if these bets will pay off for retirement plans...

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