Participants had accused the plan's fiduciaries of using poorly performing investment options.
Small businesses are being told to sign up for coverage. Fintech firms and established 401(k) providers see an opportunity to showcase their services as an alternative to state-run programs before what is essentially a brand-new market.
The board overseeing the Thrift Savings Plan, which has 6 million active and retired participants, says that it subscribes to a strict indexing discipline.
The ability to invest in cryptos ranked dead last among features that participants want to see in their retirement plans, Morningstar survey finds.
Last year, account holders moved an estimated $623 billion from their 401(k)s to IRAs, up from $565 billion in 2019, a 10% increase, according to a report Tuesday from Limra’s Secure Retirement Institute.
Northwestern Mutual survey finds most respondents' financial planning is focused on the short term, with only 14% actively planning more than five years out.
Lack of diversity is a problem for the financial service industry, and especially the DC market, where most advisers are white males. That is also true of industry executives, most of whom went to college in the Northeast or were trained by a provider there.
Savers are ditching the formula that's anchored retirement plans for more than half a century, after already low interest rates hit rock bottom during the pandemic.
Legislators focused on whether there was a need to improve retirement saving and sought to address whether the 401(k) system has failed Americans by disproportionately favoring affluent and white savers. Republicans also used much of their speaking time to deride the Democrat-led American Rescue Plan signed into law in March, which included bailout money for underfunded multiemployer pension plans.
The Maine Retirement Savings Program would allow private-sector workers to contribute to a Roth IRA from their paychecks. The bill has gone to Maine Gov. Janet Mills.
Pensions are all but nonexistent for younger workers, and many are worried about cuts to Social Security.
Retirement is a beat that’s covered extensively by InvestmentNews, and this week's edition is no exception.
Digital assets are slowly being accepted by big financial firms, but given the critical role that 401(k)s play in building Americans’ retirement savings, the plans should be one of the last places to sign up for crypto.
Much like 401(k)s, 403(b) plans have very little explicit consideration for environmental, social and governance criteria. An estimated 1% of plan assets are in ESG funds.
The Justice Department says the deal, which would create the world's largest insurance brokerage, is anticompetitive.
Michael Domingos, the firm's head of sales and strategic relations, has been at Prudential for 28 years and was appointed to his current role in 2019. The news comes several months after a report that Prudential was considering a sale of its retirement business.
Anyone who has tried to roll assets out of a DC plan knows how difficult and time-consuming it can be.
Group says nonprofessional plan fiduciaries who oversee assets in pension plans, foundations, endowments and trusts often don’t understand their responsibilities
An academic study posted this month on the Social Science Research Network found that about $790 million in IRA assets were in limbo in 2017, with account owners 72½ and older failing to take RMDs.
Establishing a national trust charter has been a priority since CEO Bob Oros took over in January 2019. The new Hightower Trust Company is expected to be open for business later this year.
