Results for "401(k)"

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Plan producers shy away from fiduciary insurance

March 24, 2008

In the weeks following a ground-breaking Supreme Court case allowing individual 401(k) participants to sue employers, lawyers have been recommending that advisers require plan sponsors to purchase fiduciary insurance. The idea is simple, but...

Competition fierce in 401(k) recruiting

March 24, 2008

Strengthening the client relationship is key to growing revenue in the 401(k) business, according to Fidelity Investments of Boston’s latest research. Fidelity found that advisers who make a focused effort on serving existing clients can potentially...

Connecticut is planning to offer first small-business 401(k) plan

March 17, 2008

Connecticut is seeking to become the first state to offer a low-cost 401(k) plan designed for small businesses. The state comptroller's office has proposed that a bill be introduced in the Legislature to create a 401(k) plan for small businesses...

Fidelity's 401(k) platform raised

February 28, 2008

Fidelity Advisor’s 401(k) platform offered to advisers had record growth in 2007 and total recordkeeping assets rose 26% from 2006 to $21.1 billion at the end of 2007, Boston-based Fidelity Investments announced. A record 516 new plans were...

Fees push managed accounts off 401(k) default lists

February 25, 2008

Managed accounts aren't popular default options in 401(k) plans, because fees are too high for plan executives to justify, leaving them concerned about fulfilling their fiduciary responsibility, experts say. The Pension Protection Act of 2006...

Pressure to be fiduciaries intensifies

February 25, 2008

Last week's U.S. Supreme Court decision to allow individual participants to sue 401(k) plan administrators will put further pressure on financial advisers to ensure that they are adhering to their fiduciary status, industry observers say. Some...

Finding niche in 401(k) consulting

February 25, 2008

While target marketing usually means targeting a specific audience, sometimes a product target also can bring success. One adviser who has prospered with this approach is Steven Kaye, president of American Economic Planning Group in Watchung,...

Individuals may now sue 401(k) plans

February 20, 2008

The U.S. Supreme Court has unanimously ruled that individual participants can file lawsuits against plan administrators to recoup losses. Today’s decision will impact 50 million workers with $2.7 trillion invested in 401(k) plans. The case...

Fido’s DC record-kept assets grow

February 14, 2008

Fidelity Investments reported today that record-kept assets in its defined contribution services business grew 8% to $851.4 billion in 2007, from $791.8 billion in 2006. In the same time period, the number of participants grew to 13.6 million,...

Plan sponsors brace for new regs

February 11, 2008

New rules from the U.S. Department of Labor regulating fee disclosures are meant to help 401(k) plan participants better understand what they’re paying for, but complying with these regulations will be an arduous task, said a number of leading...

Annuities gain ground in retirement market

February 11, 2008

Despite initial concerns about portability, cost and complexity, annuities in defined contribution plans are slowly gaining momentum, according to a new report. The report, which was released late last month by Boston-based Financial Research...

UBS and Genworth team up on life option

January 23, 2008

UBS Global Asset Management and Genworth Financial Inc. has announced their collaboration on a guaranteed income for life option for 401(k) participants. The new benefit will go with UBS’s target retirement funds and other investment options....

New regs may give 403(b)s new life

January 14, 2008

Starting in 2009, new rules will change the landscape of the 403(b) industry, making the plans look more like 401(k)s and increasing their attractiveness to savvy advisers in the process, industry leaders believe. The 403(b) is a retirement...

Citi, Merrill, Morgan hit with ERISA claims

January 14, 2008

Employee plaintiffs are lining up to sue the major brokerage firms over losses in company stock. A number of proposed class actions have been filed against Citigroup Inc., Merrill Lynch & Co. Inc. and Morgan Stanley, all of New York. According...

Liebrock jumps from Fidelity to Captrust

January 7, 2008

Former Fidelity Investments vice president Dave Liebrock has joined Captrust Financial Advisors, an independent advisory firm, as the company's senior vice president in Boston. He worked at Fidelity Investments Institutional Services Company...

401(k) disclosure regs floated

December 12, 2007

The Department of Labor proposed a new rule for fiduciaries meant to increase fee disclosure in 401(k)s. The new rule is intended to help fiduciaries determine the reasonableness of the fees paid to service providers and is also intended to...

401(k)s not enough for young workers

December 11, 2007

Young workers just entering the workforce will only save enough money in their 401(k)s to replace 22% of their pre-retirement income, according to a Government Accountability Office report released today by House Education and Labor Committee...

CPAs for small businesses may offer 401(k) plans

December 10, 2007

Certified public accountants who serve small businesses are poised to offer 401(k) plans to their clients, said Chandra Bhansali, president of AccountantsWorld LLC, an online company that provides payroll assistance to 110,000 accountants. A...

New Form 5500 implementation eats time and money

December 3, 2007

The unveiling of the revised Internal Revenue Service Form 5500 comes with both relief and trepidation. The form promises to improve the transparency of 401(k) plan fees but will be costly and time-consuming to implement, and complex to complete....

A reversal of policy on rollovers

November 19, 2007

The Pension Protection Act of 2006 included a provision that would permit non-spouse plan beneficiaries to transfer assets directly from the plan to a properly titled inherited individual retirement account. Also permitted was the ability of...

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