Prudential Retirement plans to launch the service, Advice and Income Engines, sometime during the first quarter of 2021. It will provide retirement planning and personalized portfolio management to Prudential’s defined-contribution plan participants.
The VirginiaSaves program would be similar to automatic IRAs used in several states, including Oregon, Illinois and California. Virginia’s House of Delegates passed the measure last week by a vote of 56 to 44.
Can a divorced person still collect Social Security benefits on an ex’s earnings record?
The Insurance broker is buying Cleveland, Ohio-based Pension Solutions Inc., parent of AdviseMe National Advisors, which advises on about $1.1 billion in assets for 150 retirement plans.
HSAs have no annual use-it-or-lose-it requirements, and balances can be carried forward from year to year and withdrawn tax-free in retirement to pay for medical expenses, such as Medicare and long-term care premiums — but not Medigap premiums.
The Labor Department has stepped up its audits of plans that have lost track of participants, and noted last month that in 2020 alone, investigators had helped reunite missing participants with plan benefits “with a present value in excess of $1.4 billion.”
Health savings accounts, often confused with flexible spending accounts, are prized for their tax leniency. But many things hold them back, including the high-deductible health plans to which they are tethered.
Across age, income and education levels, people who are still paying down college debt on average had much smaller defined-contribution plan balances and in some cases were less likely to own a home, according to a study from the Employee Benefit Research Group.
The company was far from being the first to register with the Department of Labor as a pooled plan provider. But its fully bundled service, which includes administration, fiduciary oversight and the plan’s investments, indicates that Fidelity is confident that it will not run afoul of the regulator.
The deal for Florida-based Fulcrum Partners will expand the footprint of the giant insurance broker’s registered investment adviser.
The deal will reinforce MassMutual’s focus on its retail annuities business. Last year, the company sold its defined-contribution record-keeping business to Empower Retirement via a reinsurance transaction with a ceding commission of $2.35 billion.
TIAA Institute research paper finds that even eliminating RMDs would have little effect on government revenues and says the effect on retirees depends on whether they have a bequest motive.
Some retirement plan advisers have cut green investing options from 401(k) plans following Trump's last-minute rule change.
Total U.S. annuity sales hit $58.7 billion in the last three months of the year, up 2% from the $57.6 billion during the same timeframe in 2019, according to data published by Limra’s Secure Retirement Institute. But sales were down for the full year.
The deal with Foley Trasimene values Blackstone Group's benefits administrator at about $7.3 billion including debt. Blackstone bought the unit from Aon in 2017.
As several recent deals show, such as OneDigital's purchase of Truist's RPA business, banks offer retirement plan advisers a chance to grow their business.
A nonworking wife with no Social Security benefits of her own cannot collect on her husband’s earnings record until he files for his Social Security benefit.
An evenly divided Senate might tweak rather than overhaul investment-advice policy, such as the treatment of rollovers, while resisting some tax increases Biden advocated during the election.
Fidelity Investments became the latest to register with the Department of Labor as a pooled plan provider. The PEP, which appears to target small businesses, could significantly boost the company’s presence in that market – the bulk of Fidelity’s defined-contribution plan business is with large employers.
Plaintiffs allege excessive fees and other claims against the auto maker and drug company, while a participant in a plan using American Trust as trustee claims a major distribution was made without his permission. The University of Pennsylvania settled a long-running case over its 403(b).
