Results for "401(k)"

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Tax reform: How the House bill changes rules for retirement savings

November 3, 2017

The headline news for retirement plan advisers Thursday upon the unveiling of the House tax bill was that a reduction in the pre-tax 401(k) savings limit is off the table, for now. But there are plenty of other details in the tax-reform legislation,...

House tax chief says he plans to preserve 401(k) pretax limits

November 1, 2017

House Ways and Means Chairman Kevin Brady says he doesn't plan to reduce the pretax contributions American workers can make to 401(k) retirement plans — "unless there's broad agreement" among investment advisers that a different system would...

Trump administration seeks to give boost to 401(k) annuities

October 31, 2017

The Trump administration wants to give a shot in the arm to annuities in 401(k) plans by encouraging rules to make it more palatable for plan sponsors to offer such products. The Treasury Department issued a report calling for the Labor Department...

Ted Benna, father of the 401(k), thinks tax reform that favors Roths is 'pretty stupid'

October 30, 2017

Ted Benna, widely known as the father of the 401(k) plan, believes an idea being debated in Washington to lessen the pre-tax contributions workers can make to a retirement plan is "pretty stupid." Mr. Benna was a pioneer of the 401(k) plan,...

Clients facing late-career job loss can tap 401(k)s early

October 27, 2017

The unemployment rate continues to tick down, close to what many economists consider the level of full employment. That's a testament to both the relative strength of the economy and business' willingness to hire. For sure, the recovery from...

Trump, House tax chief send mixed signals on 401(k) tax break

October 25, 2017

President Donald J. Trump repeated his desire to keep tax breaks for workers' 401(k) contributions Wednesday — just hours after the chief tax writer in the House said his panel was exploring ways to change retirement savings in legislation...

Use of auto enrollment leaps, survey finds

October 24, 2017

Auto enrollment surged in popularity among defined contribution plan sponsors, with 68% using this plan design in 2017, according to a survey by Alight Solutions published Tuesday. "This was a surprise," Robert Austin, the Charlotte, N.C.-based...

Do advisory boards create perceived conflicts for DC plan advisers?

October 24, 2017

Many defined contribution plan advisers join the advisory boards of record keepers and asset-manager providers they use. But do these board memberships create perceived conflicts in the eyes of the Department of Labor and 401(k) or 403(b) plan...

Xerox wins lawsuit alleging 'kickback' scheme with Financial Engines

October 23, 2017

Xerox HR Solutions has won a lawsuit alleging it engaged in a pay-to-play scheme with the robo-adviser Financial Engines, marking the third defeat this year for plaintiffs bringing such charges against 401(k) record keepers. Xerox's defined...

Shift to Roth 401(k)s 'highly likely' part of tax reform: former Treasury official Mark Iwry

October 19, 2017

Optimism from past weeks regarding the fate of 401(k) tax benefits under tax reform is beginning to wane, with some signaling that employees would have to pay taxes upfront on at least a portion of their retirement savings. Mark Iwry, a non-resident...

IRS raises 2018 contribution limit for qualified plans to $18,500

October 19, 2017

The Internal Revenue Service has raised the contribution limits for employees who participate in 401(k), 403(b) and most 457 plans to to $18,500 in 2018, up from the current limit of $18,000. The IRS also increased the income ranges for determining...

GAO report says American retirement system not providing adequate security

October 18, 2017

The three pillars of the American retirement system — Social Security, workplace retirement plans and individual savings — will not provide adequate retirement security for a growing number of people, according to a report issued Wednesday...

Prudential wins appeal of 401(k) fee lawsuit

October 12, 2017

Prudential Financial Inc. has again won a lawsuit alleging it breached its fiduciary duties by receiving revenue-sharing payments from investment options in a client's 401(k) plan. The lawsuit, Rosen v. Prudential Retirement Insurance and Annuity...

What can Tabasco sauce teach advisers about 401(k) loans?

October 11, 2017

As plan advisers, our guidance might help increase a plan's overall participation and average deferral rate, but there is little we can do to help people when they're confronted with a large, unanticipated expense. For some, this means dipping...

401(k) referrals rare from wealth managers despite DOL fiduciary rule

October 11, 2017

Conventional wisdom is that the Department of Labor's conflict-of-interest rule would result in a flood of referrals from wealth management advisers and other less-specialized retirement plan advisers to retirement-plan specialists. Beware of...

Thank Richard Thaler for that bigger nest egg

October 10, 2017

If you have a 401(k) plan at work, there's a good chance that you're saving more for retirement because of Richard Thaler. The Nobel Prize for economics tries to recognize important research with far-ranging consequences — but Thaler, awarded...

A primer on stable value funds for retirement plan advisers

October 9, 2017

Retirement plan advisers should not set and forget stable value funds. These funds can be an excellent supporting character in a diversified global portfolio for the right defined-contribution-plan clients. But good advisers take nothing for...

DOL fiduciary rule ups ante for monitoring of 401(k) record keepers

October 4, 2017

The Department of Labor fiduciary rule is changing how retirement plan advisers help their clients monitor record-keeping firms such as Fidelity Investments and Empower Retirement. The regulation, which raises investment-advice standards in...

DOL fiduciary rule: Challenges for RIAs under the BICE

September 29, 2017

On Aug. 31, the Department of Labor proposed to extend the applicability date for the full best-interest contract exemption to July 1, 2019. In all likelihood, that proposal will be finalized before the end of the year. With that in mind, what...

General Electric 401(k) participants sue over poor-performing GE Asset Management funds

September 28, 2017

Three participants in General Electric Co.'s 401(k) plan filed a lawsuit against the company, alleging it violated the Employee Retirement Income Security Act of 1974 by breaching its fiduciary duties. The lawsuit, filed in U.S. District Court...

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