The plaintiffs maintained that Fidelity was a fiduciary to the plan in respect to the selection of investment options, but courts did not buy that argument. Separately, New York Life and USI Insurance face new 401(k) lawsuits.
Small-business owners across industries who are nearing retirement have said they are worried about their financial security.
There are various factors beyond Covid infections to consider, some of which could have a positive effect on life expectancy, and other that could take away from it, according to a recent report published by longevity-risk consulting firm Club Vita.
Companies that compensate workers with stock have a big incentive to get those employees to consider the holdings in the context of their overall financial plan, according to Fidelity.
The two rules were among the most heavily contested measures instituted by the DOL under former Secretary Eugene Scalia, with the 401(k) rule drawing nearly 9,000 public comments, most of which opposed it.
Plaintiffs in the separate cases allege the sponsors allowed the plans to have excessive investment-management and record-keeping fees.
The state is the latest among many that have taken steps toward adopting such programs, which are intended to dramatically expand access to retirement savings plans at work for employees of small businesses.
Plans administered by women more often include target-date funds, automatically enroll workers and have better plan governance, according to a new report.
American Century, Prime Capital Investment Advisors, Nationwide and Lincoln Financial Group collaborated, along with others, on the QDIA.
New research shows that while Covid-19 has hurt retirement prospects for women in general, Black and Latina women face greater financial challenges than white women.
