Results for "401(k)"

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401(k) plans are trifecta of confusion

March 14, 2018

The three major stakeholders in 401(k) plans — plan sponsors, record-keepers and the plan participants themselves — are often miles apart in their views of the plans and the positions of other stakeholders. That is the finding of research...

SunTrust Banks, 401(k) participants settle fiduciary-breach lawsuit

March 15, 2018

Participants and fiduciaries of the SunTrust Banks Inc. 401(k) Plan, Atlanta, agreed to a preliminary settlement in which plaintiffs will receive $4.75 million and executives will make several changes to plan policies. The preliminary settlement,...

More 401(k) plans move away from revenue-sharing model

March 12, 2018

Many 401(k) plans are moving away from revenue sharing as executives cite the need for greater transparency, simplicity and democracy in how fees are assessed to participants. Defined contribution plan consultants say federal fee regulations...

Latest Wells Fargo flap underscores need for fiduciary standard

March 8, 2018

The most recent scandal brewing at Wells Fargo Advisors, this one regarding questions from the Justice Department about potentially inappropriate recommendations on rollovers for 401(k) plan participants, underscores yet again why the financial...

Warren, Daines bill would help establish a database for orphaned 401(k) accounts

March 2, 2018

Two senators are trying to help workers locate retirement savings they may have forgotten when they switched jobs. On Thursday, Sens. Elizabeth Warren, D-Mass., and Steve Daines, R-Mont., introduced the Retirement Savings Lost and Found Act,...

How to design a 401(k) plan that's lawsuit-proof

March 6, 2018

Lawsuits targeting 401(k) plans have become commonplace over the past decade. It's no longer much of a surprise to hear that another plan sponsor has been sued over some aspect of its plan design, and speculation is that such legal action will...

DC participants with 401(k)s and HSAs have higher savings rates for 401(k) and overall

February 8, 2018

Defined contribution plan participants who are eligible to participate in 401(k) plans and health savings accounts save more than people who just use 401(k) plans, according to research by Alight Solutions. "These people are proactively saving,"...

Future retirees more vulnerable to income shocks

February 21, 2018

The two major shocks that hit the elderly today are a spike in medical expenses and a sharp drop in income upon becoming a widow. While some of today's retirees are financially fragile, most appear able to absorb shocks without incurring hardship,...

How low can 401(k) advisory fees go?

February 28, 2018

The race to the bottom is accelerating, and the bottom is nowhere in sight. Even before the regulatory spotlight shone brightly on defined-contribution plan fees as the result of Department of Labor rules promulgated in 2012, many plan sponsors,...

Pension risk transfers swelled nearly 70% in 2017

March 2, 2018

Employers offloaded pension liabilities at nearly record levels in 2017, a reflection of the fact that pension plans have become more costly to keep on the books, longevity has increased and 401(k) plans have grown more popular. Rising interest...

Mutual of Omaha sued over 401(k) plan fees, investment options

January 29, 2018

A participant in the 401(k) plan of Mutual of Omaha sued the company and plan executives alleging violations of ERISA due to excessive fees and to the plan's use of proprietary funds. "The fiduciary defendants selected numerous investment options...

Popular 403(b) resource launching directory of fiduciary advisers

February 26, 2018

A popular resource for participants in 403(b) plans, which are retirement plans for educational institutions, nonprofits and churches, is trying to stop what it sees as abusive sales conduct toward retirement savers by launching a directory...

NYU lawsuit becomes first 403(b) fee case to go to trial

February 23, 2018

A lawsuit charging New York University with charging excessive fees in its retirement plan is heading to trial, after a federal judge on Thursday denied the university's motion for summary judgment in the case. However, the judge on Friday entirely...

How 401(k) deductions were saved in budget drama

January 22, 2018

Fears of drastic changes to retirement savings tax advantages during the recent tax reform deal failed to materialize, thanks to the efforts of an unusual coalition, old-fashioned lobbying and a presidential tweet. The allure of reducing the...

Why defined-contribution plan innovation is so slow

February 14, 2018

At a recent defined-contribution industry conference, the topic presented by one of the panels, which included an executive from a company that sponsors a large retirement plan, was "radical innovation." Before the discussion could begin, the...

4 ways to build a 401(k) for baby boomers

February 14, 2018

Retirement plan advisers need to start thinking about how to design 401(k) plans to reflect the increasing numbers of baby boomers in the workforce. There was a nearly 50% jump in people over the age of 75 in the workforce between 1996 and 2016....

Two workplace retirement savings bills introduced in House

December 4, 2017

Two bills that would require most employers to offer a defined contribution plan and simplify some retirement savings rules have been introduced in the House by Ways and Means Committee ranking member Richard Neal, D-Mass. The proposed Automatic...

401(k) plan sponsors are increasingly hiring fiduciary advisers

February 13, 2018

Employers sponsoring a 401(k) plan, especially small business owners, are increasingly hiring investment advisers who serve as fiduciaries to their retirement plan, new research suggests. About 70% of all 401(k) plans used an independent investment...

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...

Retirement savers flee stocks as market slides

February 8, 2018

Retirement savers violated a cardinal rule of investing this past week: They sold into a plunging market. After racing into equities in January, they did an about-face as markets fell last Friday. Savers moved into money and fixed-income funds,...

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