At the heart of NFP case is the flexPath target-date series, which was added to Wood Group plan in 2016, when it was essentially brand new. Schlichter Bogard & Denton brought the case.
More than half are seriously considering leaving the profession or retiring early. A third of those thinking about leaving for other fields were tenured professors.
Most of the new PEPs clients have not previously offered a retirement plan to their employees, often because of the administrative burden of setting up a 401(k).
Savers who invest in individual funds outside of their target-dates are generally better off not because of superior investment acumens – they’re just better at putting money into their accounts.
Abbott Labs and Genentech won dismissals in cases against them, although plaintiffs can refile their complaints. Cerner Corp. and BlackRock have reached settlements in class-action cases against them.
Despite new figures showing higher savings rates and account balances, just over half of people said they are worried about how the pandemic will affect their financial security in retirement.
The program, which was launched in 2017, represented nearly $85 million in assets among 88,000 funded accounts at the end of 2020, according to figures from the state. It was the first of several automatic IRA systems that states have rolled out for private-sector workers who otherwise would not have access to a workplace retirement plan.
Last year’s market plunge and quick recovery appear to have changed the way people feel about the value of guaranteed lifetime income, Cannex found. In February 2020, 71% of people said they found guaranteed lifetime income highly valuable, but that figure had dropped to 63% by August.
The changes, which take effect May 1, mark the second time in a year that the company has significantly altered its insurance-series funds to make them match their better-known retail counterparts.
The RISE accounts Edelman is proposing would be funded initially by $5,884, and people would be able to begin receiving retirement income checks starting at age 70.
