People who self-directed their investments shifted to more conservative allocations, with an average decrease in equities by 17 percentage points during the first quarter of 2020.
The invested money reached $23.8 billion at the end of 2020, up more than 51% from the $15.7 billion seen at the end of 2019, according to a report Monday from HSA research and consulting firm Devenir.
Data from InvestmentNews Research and an annuities webcast show that more advisers are interested in the products.
Personal information used to cross-sell other services is not a plan asset, a court found. Two new 401(k) lawsuits were also filed against Icon Clinical Research and Wesco Distribution.
Over the past several years, the pace of dealmaking has accelerated, and valuations for desirable RPAs have climbed to earnings multiples that not long ago would have stunned buyers and sellers. That makes the present a very good time to consider becoming part of a larger firm.
In the past week alone, at least three PEPs have been announced. Those include plans from American Trust, Access Retirement Solutions and a new entity from venture capital firm Magis Capital Partners, Sallus Retirement.
That will likely have a lasting effect on retirement savings for those workers, nearly 70% of whom said they will not pay back any portion of the distributions they took under the CARES Act, according to data from Principal Financial Services.
The company's new Retirement Select service is competing against state-sponsored auto IRAs, and it comes as other firms are exploring the pooled-employer plan market.
The error occurred in October, when the Vanguard 529 Plan switched from age-based portfolios to target-enrollment portfolios, the company said in an email.
Plaintiffs sued BlackRock Institutional Trust Co. in 2017, alleging that the firm engaged in self-dealing and breached its fiduciary duty by including numerous in-house products on the plan menu.
