Results for "new+york+life+insurance+co"

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From the C suite with New York Life's Yie-Hsin Hung: Getting more women invested

November 14, 2019

With women projected to inherit about 70% of the great wealth transfer over the next decade, New York Life Investment Management spent 2019 focused on helping financial advisers improve their outreach and communications with female investors....

MFS settles 401(k) lawsuit for $6.9 million

June 17, 2019

Investment manager Massachusetts Financial Services Co. has reached a settlement of nearly $7 million in a lawsuit alleging the company enriched itself at the expense of employees' retirement savings by loading its 401(k) plans with costly,...

Lessons for those 'graduating' to retirement

June 13, 2019

To those newly retired, I offer my congratulations. Those of us who provide financial guidance to this growing segment of consumers know that this is a critical time and a major transition in the lives of people who have worked hard throughout...

Eaton Vance settles 401(k) lawsuit for $3.45 million

May 8, 2019

Eaton Vance will pay $3.45 million to settle a class-action lawsuit alleging it mismanaged its company 401(k) plan and profited at the expense of its employees by offering them in-house mutual funds. The settlement furthers a trend playing out...

Fiduciary duty and the choice between active and passive

March 26, 2019

There is nothing passive about being a fiduciary investment adviser, even when it comes to making decisions about passive investing. The duty of care requires the adviser to proactively exercise the skill, prudence and good judgment of a professional...

Being underinvested can be a risky business for preretirees

January 14, 2019

Preretirees who suffered large portfolio losses in the economic collapse of 2008 may feel reluctant, or entirely too scared, to invest in the stock market and take the chance of getting burned again. Some may have experienced the double bubble...

Waddell & Reed settles 401(k) lawsuit for $4.9 million

November 21, 2018

Waddell & Reed Financial Inc. is settling a lawsuit that alleges it loaded its company 401(k) plan with costly in-house investments by agreeing to pay nearly $5 million. The class-action lawsuit claimed the asset manager breached its fiduciary...

Jackson National to settle 401(k) self-dealing lawsuit for $4.5 million

November 5, 2018

Jackson National Life Insurance Co. has reached a $4.5 million settlement in a self-dealing lawsuit that alleged the company profited at the expense of its employees by adding high-cost proprietary investment funds to its 401(k) plan. The settlement...

Fidelity sued again for 401(k) plan mismanagement

October 11, 2018

Fidelity Investments Inc. has been sued by participants in its company 401(k) plan for alleged self-dealing that caused the firm to profit at the expense of its employees saving for retirement. The lawsuit filed against Fidelity — Moitoso...

Deutsche Bank settles 401(k) self-dealing lawsuit for $21.9 million

August 15, 2018

Deutsche Bank has reached a $21.9 million settlement in a lawsuit alleging the investment bank enriched itself at the expense of its employees by loading its company 401(k) plan with proprietary funds. Deutsche's settlement, which still needs...

Companies start paying employee student loan debt

July 9, 2018

Employers are trying to help employees alleviate the burdens of outstanding student loans by offering to pay off some of the debt — which totals more than $1.4 trillion in the U.S. alone, according to the Federal Reserve. It's a relatively...

Invesco sued for 'indiscriminately' loading 401(k) plan with in-house funds

June 4, 2018

Invesco has been sued for allegedly stacking its 401(k) plan with proprietary investments, joining the ranks of more than 20 asset managers who have had to defend against similar claims of mismanagement by employees seeking to claw back lost...

Startup offers annuities online on a subscription plan

March 1, 2018

Matt Carey studied Arabic at the University of Pennsylvania, preparing for what he hoped would be a career at the Central Intelligence Agency. Eleven years later, he's pitching annuity contracts. He's actually happy about that. A summer job...

Jerry Schlichter's fee lawsuits have left an indelible mark on the 401(k) industry

September 23, 2017

At first glance, Sept. 11, 2006, may not stand out as a remarkable date in American history. But to retirement wonks, it is: That's the day a personal injury lawyer from St. Louis filed a flurry of lawsuits against major corporations, alleging...

New York Life's MainStay lays off defined-contribution wholesalers amid challenging market

June 16, 2017

MainStay Investments, the mutual fund and exchange traded fund distribution arm of New York Life Insurance Co., has laid off some of its wholesalers calling on retirement plan advisers and consultants, as the defined contribution market grows...

DOL fiduciary rule pushes indexed annuity carriers to develop new products

May 25, 2017

Insurance companies, especially those that are indexed-annuity-centric, have been launching annuity products within the past several months in anticipation of the Department of Labor's fiduciary rule, which is expected to cause a big disruption...

Forget bingo! More Americans are working part-time in retirement

May 6, 2017

Mandy Hummel needed a change. A resident of Grass Valley, Calif., located outside Sacramento in the foothills of the Sierra Nevada mountains, Ms. Hummel had spent the last several years of her career working in customer service for a company...

Many acquisitions of DC record-keeping businesses lose luster over time

February 22, 2017

Companies that once swallowed up DC record keepers and other benefits businesses to diversify, expand and increase shareholder value are now regurgitating them to consolidate — again to increase shareholder value. The latest example is Aon...

New York Life settles 401(k) lawsuit for $3 million

February 16, 2017

New York Life Insurance Co. has agreed to settle a lawsuit alleging the firm engaged in self-dealing in its 401(k) plans for the sum of $3 million. Plaintiffs brought the excessive-fee suit against New York Life in July 2016, seeking relief...

JPMorgan sued for self-dealing in its 401(k) plan

January 26, 2017

JPMorgan Chase & Co. has been sued by a participant in its 401(k) plan for allegedly causing employees to pay millions of dollars in excessive fees through a scheme motivated by “self-interest.” The plaintiff claims JPMorgan, as well as...

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