Results for "defined contribution plans"

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Lawmakers want to reform rules around RMDs

September 18, 2018

Washington is eyeing an update to rules around required minimum distributions, which could result in big changes for financial advisers' retiree clients in the near future. Two retirement bills winding their way through Congress' legislative...

Captrust, prominent 401(k) advice firm, ramps up its wealth management business

September 17, 2018

Captrust Financial Advisors is a powerhouse in the realm of retirement plan advisers. However, the firm, which has $278 billion in client assets under advisement, is shifting to retail rather than institutional clients to drive its next phase...

401(k) adviser disclosures need an important update

September 17, 2018

A fiduciary serves a vital role in society. In the most basic form, a fiduciary is expected to make dispassionate decisions in the sole interest of the less informed. To serve in the role requires the fiduciary to embrace the twin duties of...

House committee passes open MEP bill

September 14, 2018

The House Ways and Means Committee passed a retirement savings bill Thursday that seeks to expand access to workplace retirement plans. The Family Savings Act of 2018, introduced by Rep. Mike Kelly, R-Pa., was approved in a 21-14 vote. Perhaps...

Tax Reform 2.0 adds to momentum for open MEPs

September 11, 2018

The House of Representatives is building on recent momentum to enact a popular retirement-security measure seeking to make it easier for small businesses to offer workplace savings plans. Rep. Kevin Brady, R-Texas, chairman of the House Ways...

How to keep your 401(k) clients out of court

September 10, 2018

While 401(k) lawsuits show no sign of letting up, the man at the forefront of class-action retirement plan litigation foresees a day when this will change. "Ultimately, it may be that 401(k) cases end because [retirement plan] sponsors change...

A market sell-off could mean more 401(k) lawsuits

September 10, 2018

The current bull market is nearly 10 years old. Unemployment is low in many industries, there are more 401(k) millionaires than ever before and wage growth is looking up. Anyone saving in a 401(k) is likely doing pretty well right now. However,...

Ohio National, a big variable annuity provider, exits the annuity business

September 7, 2018

Ohio National Financial Services Inc., among the top 20 sellers of variable annuities, is quitting the annuity business and is simultaneously laying off 300 employees, signaling the challenges of the variable annuity market in recent years....

Trump administration hypocrisy on retirement security

September 6, 2018

Is President Donald J. Trump a hypocrite when it comes to retirement security? His actions certainly suggest so. On Aug. 31, Mr. Trump signed an executive order meant to strengthen retirement security by expanding access to workplace retirement...

Open MEPs would be game-changer for 401(k) advisers

September 4, 2018

The president inched open multiple employer plans a step closer to reality Friday when he signed an executive order directing government agencies to make it easier for small employers to offer these retirement plans. If the Labor and Treasury...

Fidelity breaks through $2 trillion in retirement assets

August 28, 2018

Fidelity Investments became the first retirement-plan record keeper to amass $2 trillion in assets on its platform, bolstered by record sales numbers over the past year and a surging stock market. Defined-contribution assets — including those...

LPL lets more advisers do fiduciary 401(k) business

August 28, 2018

LPL Financial has relaxed some of the internal qualifications necessary to service 401(k) plans in an advisory capacity on its corporate RIA, effectively permitting more advisers to service plans as a fiduciary. LPL, the nation's largest independent...

The biggest obstacle to America's retirement security

August 28, 2018

Despite what we hear from uninformed politicians, conflicted lobbyists, the pandering mass media and most of the 401(k) industry, the biggest obstacle to solving the retirement crisis is the lack of engagement among the senior management at...

Illinois governor proposes making Secure Choice retirement program optional for employers

August 16, 2018

Illinois Gov. Bruce Rauner issued an amendatory veto Tuesday making it optional for employers to participate in the state's Secure Choice program. There now are three possible actions. Legislators could approve the change, allow the technical...

Are 401(k) adviser aggregators the new 'wirehouses' for elite retirement plan advisers?

August 16, 2018

The death of traditional wirehouses that's predicted periodically by industry experts is greatly exaggerated. Wirehouse advisers — those housed in the wealth management divisions of Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — stay...

Deutsche Bank settles 401(k) self-dealing lawsuit for $21.9 million

August 15, 2018

Deutsche Bank has reached a $21.9 million settlement in a lawsuit alleging the investment bank enriched itself at the expense of its employees by loading its company 401(k) plan with proprietary funds. Deutsche's settlement, which still needs...

Pensions are the new tax dodge, especially for rich business owners

August 15, 2018

There's one area where the traditional pension plan is getting new life: as a tax dodge for wealthy business owners. Pensions, also known as defined-benefit plans, can be used by doctors, law partners and wealth managers to stash hundreds of...

Why you should still take the fiduciary high ground on 401(k) rollovers

August 14, 2018

Only in Washington, some might say, can you find a regulation that for all intents and purposes is dead and buried yet still lives on. The Fifth Circuit Court of Appeals issued its mandate to vacate the Department of Labor fiduciary rule in...

DOL fiduciary rule death leaves 401(k) advisers in legal 'grey area' with rollovers

August 9, 2018

It's no secret that the broad financial industry despised the Department of Labor fiduciary rule. The regulation, which lived a short while before dying in court, upended the status quo with respect to retirement savers, cracking down on brokers'...

Citigroup reaches $6.9 million settlement in 401(k) lawsuit

August 6, 2018

Citigroup Inc. has reached a $6.9 million settlement with plaintiffs in a more than decade old lawsuit alleging the financial services firm stuffed its retirement plan with expensive in-house investments, thereby enriching the company at the...

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