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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...

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,...

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...

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...

As DOL fiduciary rule takes effect, B-Ds focus on compliance

June 9, 2017

After seven years of rule-making fraught with political intrigue, intense lobbying and an abundance of conjecture, the Labor Department's fiduciary rule is getting its day in the sun. Today marks the beginning of a phased implementation period...

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...

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...

Labor Secretary Acosta: Concerns with DOL fiduciary rule 'not heard' during original rulemaking

June 7, 2017

Secretary of Labor Alexander Acosta hinted Wednesday that the Obama administration didn't adequately consider "concerns" raised during the rulemaking process surrounding the Department of Labor's fiduciary rule. Mr. Acosta made the remark during...

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...

Wells Fargo, in 'atypical' outcome, wins 401(k) lawsuit

May 30, 2017

Wells Fargo & Co. has prevailed in a lawsuit alleging the firm breached its fiduciary duty to the company 401(k) plan by offering proprietary target-date funds. Minnesota district court judge David S. Doty granted Wells Fargo's motion to dismiss,...

Simple disclosure of conflicts touted by opponents of DOL fiduciary rule not effective

May 24, 2017

Now that the industry knows the DOL fiduciary rule will go into effect on June 9, it's important to step back and understand what's at stake and who stands to benefit from — or be hurt by — potential revisions to the rule, which may happen...

Vermont poised to become latest state to set up retirement plan for small businesses

May 22, 2017

Vermont will likely become the latest state to create a retirement plan for its small businesses, in a play to boost retirement savings by increasing the number of private-sector employees covered by a workplace plan. The Vermont legislature...

What plan sponsors look for in a 401(k) adviser

May 21, 2017

They aren't dissatisfied, but plan sponsors want more from their advisers. A recent survey of plan sponsors by the National Association of Plan Advisors and The Plan Sponsor University found 53% are satisfied with their adviser and 55% are satisfied...

How 401(k) advisers can create effective financial wellness programs

May 21, 2017

For all the buzz employer financial wellness programs are receiving, they may be short-lived. When our team at Duke University's Common Cents Lab evaluates financial wellness programs, we focus on one key area: Is the program using proven methods...

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