Sen. Patty Murray, D-Wash., chair of the Senate Health, Education, Labor, and Pensions Committee, and Sen. Richard Burr, R-N.C., the committee's ranking member, have sent a letter to the Government Accountability Office asking the agency to examine the need for stronger spousal protections in defined-contribution retirement plans.
“Unlike traditional defined benefit retirement plans and the Federal government’s Thrift Savings Plan that have spousal protections, private employer-sponsored defined contribution retirement plans — which have become the most common retirement savings vehicle — currently provide no similar safeguards, the senators wrote. “Under current law, one spouse could take a withdrawal from their account without the other spouse’s knowledge or consent. This could have a devastating effect on the unknowing spouse and family members, especially if they are less familiar with the household’s finances.”
The senators’ letter to GAO comes ahead of a HELP Committee hearing next week that will take a broader look at how to strengthen retirement and enhance savings for Americans.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
