In a lawsuit filed in Pennsylvania, participants in the Ricoh USA 401(k) plan alleged the company’s board and the board’s retirement plan committee breached their fiduciary duties in connection with the plan.
Specifically, the suit alleges that the company saddled plan participants with above-market record-keeping fees.
“The plans’ fiduciaries decided to pay for administration and record keeping by adding nine basis points to the expense ratio of each fund in the plan,” the lawsuit alleges. “This had a devastating effect on plan participants because as the assets in the plan increased the record keeping and administration charges increased exponentially.”
The plan’s record keeper is Alight Solutions, based in Lincolnshire, Illinois.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
