Results for "new york life insurance co"

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Jerry Schlichter's fee lawsuits have left an indelible mark on the 401(k) industry

September 23, 2017

At first glance, Sept. 11, 2006, may not stand out as a remarkable date in American history. But to retirement wonks, it is: That's the day a personal injury lawyer from St. Louis filed a flurry of lawsuits against major corporations, alleging...

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...

DOL fiduciary rule pushes indexed annuity carriers to develop new products

May 25, 2017

Insurance companies, especially those that are indexed-annuity-centric, have been launching annuity products within the past several months in anticipation of the Department of Labor's fiduciary rule, which is expected to cause a big disruption...

Forget bingo! More Americans are working part-time in retirement

May 6, 2017

Mandy Hummel needed a change. A resident of Grass Valley, Calif., located outside Sacramento in the foothills of the Sierra Nevada mountains, Ms. Hummel had spent the last several years of her career working in customer service for a company...

Many acquisitions of DC record-keeping businesses lose luster over time

February 22, 2017

Companies that once swallowed up DC record keepers and other benefits businesses to diversify, expand and increase shareholder value are now regurgitating them to consolidate — again to increase shareholder value. The latest example is Aon...

New York Life settles 401(k) lawsuit for $3 million

February 16, 2017

New York Life Insurance Co. has agreed to settle a lawsuit alleging the firm engaged in self-dealing in its 401(k) plans for the sum of $3 million. Plaintiffs brought the excessive-fee suit against New York Life in July 2016, seeking relief...

JPMorgan sued for self-dealing in its 401(k) plan

January 26, 2017

JPMorgan Chase & Co. has been sued by a participant in its 401(k) plan for allegedly causing employees to pay millions of dollars in excessive fees through a scheme motivated by “self-interest.” The plaintiff claims JPMorgan, as well as...

Prudential, Captrust win 401(k) fiduciary breach lawsuit

January 4, 2017

Prudential Financial and CAPTRUST Financial Advisors have defeated allegations of fiduciary breach in a 401(k) lawsuit against the two companies and the employer sponsoring the retirement plan. Connecticut district court judge Victor A. Bolden...

Edward Jones hit with second lawsuit over excessive 401(k) fees

November 15, 2016

Edward Jones has been sued for excessive fees and self-dealing in its 401(k) plan, representing the second such legal ordeal to befall the company this year and coming amid a barrage of litigation targeting financial services companies for their...

Voya targeted in 401(k) fee suit hinging on relationship with Financial Engines

September 14, 2016

Voya Financial Inc. has been targeted for self-dealing in a new 401(k) lawsuit centering on the provider's relationship with managed-account provider Financial Engines Inc. A participant in the Nestle 401(k) Savings Plan, for which Voya serves...

Chevron 401(k) suit dismissal seen as 'big loss' for plaintiffs' bar

September 2, 2016

The recent dismissal of an excessive-fee lawsuit against fiduciaries of Chevron Corp.'s 401(k) plan is a significant defeat for plaintiffs' attorneys and a rebuke to several recurring arguments they've made in such litigation, according to fiduciary...

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...

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...

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...

Rising interest rates pushing annuity product development

March 22, 2016

Insurers are trying to capitalize on an environment of rising interest rates by developing annuities that would benefit investors as rates increase. Security Benefit Life Insurance Co., Allianz Life Insurance Co. of North America and New York...

3 steps to get going on harvesting those tax losses

November 30, 2015

Given the volatility in various financial markets, 2015 is shaping up as a year that will offer many investors ample opportunities for tax-loss harvesting. Tax-loss harvesting, a strategy in which an investor sells one or more depreciated assets...

Yellen, yuan and yields: Global economies are more closely linked than ever

October 20, 2015

We've recently been reminded that, for better or worse, the world is more connected than ever. A steep correction in China's stock market last quarter, touched off by concerns over the country's slowing economy, rattled global commodity prices,...

The latest data on life insurance companies and long-term-care providers

September 20, 2015

Life insurance companies, ranked by direct premiums Company 2014 direct premiums ($M) Market share Metropolitan $11,261.1 7.66% Northwestern Mutual $9,516.4 6.48% New York Life $8,185.6 5.57% Prudential of America $7,731.1 5.26% Lincoln National...

15 years later, Nuveen Investments gets a go-ahead on ETFs

June 10, 2015

Fifteen years ago, Nuveen Investments Inc. asked the Securities and Exchange Commission for permission to sell exchange-traded funds. This week, the regulator said yes. In a move that will likely clear the way to Nuveen offering its own ETFs...

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