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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...

House votes to kill DOL's state, city auto-IRA rules

February 15, 2017

The House on Wednesday voted in favor of two resolutions to overturn Labor Department rules issued last year that promote creation of auto-IRA programs by cities and states. The resolutions to kill the Obama-era rules were introduced last week,...

Funds with revenue-sharing fees can be cheapest option in 401(k) plans

February 14, 2017

The use of mutual funds with revenue-sharing fees in retirement plans has come under fire due to a push toward 401(k) fee transparency and an increase in excessive-fee litigation, which often attacks the practice due to cost concerns. But revenue-sharing...

Blackstone acquisition of Aon Hewitt could signal push by private equity into 401(k) plans

February 13, 2017

Amid the flurry of consolidation activity among defined-contribution-plan record keepers over the past few years, Blackstone Group's acquisition of Aon Hewitt's record-keeping business, announced Friday, stands as an outlier. Whereas high-profile...

Investors mix target-date funds and other investments to pursue specific strategies

February 6, 2017

Defined contribution plan participants who hold a target-date fund along with other investments in their accounts might not be misusing or misunderstanding this option. Their mixing of investments can reflect a specific investment strategy,...

Aon Hewitt sued for 401(k) 'kickback' scheme with Financial Engines

January 31, 2017

Aon Hewitt is the latest retirement-plan record keeper to be sued for an alleged kickback scheme with 401(k) advice provider Financial Engines, following similar lawsuits filed recently against three other prominent record keepers. A participant...

How retirement plan advisers can help clients with compliance

January 30, 2017

Retirement plans are complicated, and employers often find themselves too busy to give them appropriate attention. Given the complexity of operating these plans, a large number of plan sponsors may inadvertently be out of compliance, and this...

Some 401(k) advisers seize on Trump tax reform to push Roth

January 27, 2017

Some retirement plan advisers are using the prospect of tax reform in the Trump administration to promote the idea of a Roth 401(k) to employers and their employees. Lower income tax rates are a prominent feature of tax plans presented by both...

401(k) plans make big fund changes following new money market rules

January 25, 2017

Employers have drastically mixed up the “safe” investment options offered in their defined contribution plans in response to new rules that came into effect last year regarding money market funds. The Securities and Exchange Commission's...

Schwab sued over funds offered in its own 401(k) plan

January 23, 2017

A participant in a Charles Schwab Corp. 401(k) plan sued plan and corporate executives, alleging they violated their ERISA duties by offering Schwab funds that were “more expensive than comparable alternatives available in the marketplace.”...

Clients getting divorced may encounter hidden 401(k) fees

January 23, 2017

A profit center. A silent fee. One more kick in the pants. Those are a few of the ways divorce lawyers describe the fee that many 401(k) plan participants have to pay when they need to divide a retirement account in a divorce. As more wealth...

Young retirement robo ForUsAll scoring high employee participation rates

January 20, 2017

ForUsAll, a budding retirement robo-adviser launched by three former Financial Engines employees, is having more success convincing plan participants to save for their futures than the industry as a whole. Companies using the automated advice...

DOL's new FAQs on fiduciary rule focus on circumventing fiduciary status

January 18, 2017

The Department of Labor has issued a second set of answers to questions frequently asked by advisers about its new conflict of interest rule. The document reiterates, reinforces and clarifies key concepts at a technical level through the use...

Second round of DOL fiduciary rule FAQs clears confusion on common compensation practice for 401(k) advisers

January 17, 2017

The Department of Labor, in its recent round of answers to frequently asked questions on the fiduciary rule, green-lit a popular compensation method used by retirement plan advisers that some had called into question following the department's...

Most small employers oppose state, federal government as auto-IRA sponsors: survey

January 13, 2017

While the vast majority of small-business owners support the idea of offering auto-IRAs to their employees, most oppose the plans being sponsored and administered by the state or federal government, according to a survey conducted by The Pew...

10 important client considerations with 401(k) rollovers

January 12, 2017

A tremendous amount of money flows from 401(k)s to IRAs every year through rollovers as individuals retire, switch jobs or just consolidate their wealth. Financial advisers are eager to serve this marketplace due to the opportunity involved....

Why retirement plan advisers should care about the HSA market

January 11, 2017

Why should retirement plan advisers care about health savings accounts? The short answer: The HSA market is growing and there is a void in education and advice, which retirement plan advisers are perfectly positioned to fill. The money in HSAs...

John Hancock picks robo for retirement accounts

January 10, 2017

John Hancock Retirement Plan Services will integrate NextCapital's digital 401(k) platform and begin offering its automated retirement plans and IRA rollovers over the next 12 months. NextCapital's robo-platform allows retirement plan participants...

State auto-IRA programs could be a boon for 401(k) advisers

January 9, 2017

State retirement programs like the ones being established in California and Maryland may, at first blush, seem to pose competition for 401(k) advisers. After all, the programs would seemingly take away potential client prospects. Aside from...

J.C. Penney agrees to pay $4.5 million to settle 401(k) suit

January 6, 2017

Department-store chain J.C. Penney is poised to pay $4.5 million to settle allegations over company stock in the firm's 401(k) plan, following a district court judge's preliminary approval of the settlement. Participants in the company's 401(k)...

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