Results for "401(k)"

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Fidelity dogged again by 401(k) quid-pro-quo allegations

August 7, 2019

Fidelity Investments has again been accused of engaging in a quid-pro-quo type relationship with a 401(k) plan sponsor, which allegedly cost employee retirement savers millions of dollars in return for bigger profits. The latest episode involves...

401(k) lawsuits creeping down to smaller plans

August 6, 2019

Lawsuits filed against employers for allowing excessive fees to be charged in their 401(k) plans have, until fairly recently, targeted only the largest entities, those with more than $1 billion in their retirement plans. However, lawsuits filed...

Reducing the number of 401(k) record keeper partners poses a challenge for plan advisers

July 30, 2019

Most retirement plan advisers work with dozens of record keepers because it's easier not to force new clients to change their 401(k) record keeper when the plan adviser is hired. But it's hard for plan advisers to manage working with so many...

DOL rule enables small businesses to offer retirement plans through trade associations

July 29, 2019

Small employers who belong to the same trade association will be able to band together to offer retirement plans to their employees under a Labor Department rule released Monday. Under the DOL rule, retirement programs could be offered by associations...

SECURE Act Could Ruin Your 401(k)

July 29, 2019

Saving for retirement can be a perilous endeavor in the U.S., thanks in part to the Trump administration's moves to weaken safeguards against unscrupulous sellers of financial products. Now Congress is poised to make things worse — by undermining...

Do data-privacy rules make cross-selling more difficult?

July 20, 2019

Data privacy rules are causing concern that cross-selling retail products and services to 401(k) plan participants may not always be kosher. Brokerage executives attending InvestmentNews' recent Retirement Plan Adviser Broker-Dealer Think Tank...

Convergence of retirement and wealth management is next 'battleground'

July 20, 2019

Brokerage executives and financial advisers see the convergence of wealth management and the retirement business as a major moneymaking opportunity, and are implementing measures to capitalize on it. This convergence, which sees wealth managers...

Dearth of young advisers who can meet participant needs

July 20, 2019

The cliché that problems are just opportunities in disguise is rarely true. But sometimes they can be. And sometimes they can solve really big problems. For example, there are tens of millions of defined contribution participants in need of...

Goldman Sachs has what other 401(k) firms want

July 19, 2019

Goldman Sachs is poised to reap big profits from the 401(k) market. I'm not talking about its traditional asset management business, however — it's in wealth management that the firm could make its biggest mark. To many 401(k) industry executives,...

3 lessons for advisers from 401(k) and 403(b) class-action settlements

July 17, 2019

Retirement plan committees and financial advisers need to pay attention to class-action litigation and settlements to better manage their fiduciary risks. Some of the claims in those lawsuits are obvious; others foreshadow emerging issues that...

Small 401(k) plans lag on important metrics

July 17, 2019

Small 401(k) plans lag their larger counterparts on important metrics such plan participation and automatic enrollment. Small retirement plans — those with less than $20 million — had a plan-weighted participation rate of 72% last year,...

3 aspects of retirement affected by divorce

July 15, 2019

Divorce rates for people age 50 and over have doubled since 1990, according to the Pew Research Center. Divorce can have both positive and negative impacts on happiness and finances. Michael Finke, chief academic officer of the American College...

LPL partners with Nationwide on 401(k) training for bank channel advisers

July 12, 2019

LPL Financial has just concluded a pilot program with record keeper Nationwide to train LPL financial advisers in banks and credit unions to do retirement plan business, with the hope of ultimately capturing more small-market 401(k) clients....

The SECURE Act: Completing an unfinished masterpiece

July 12, 2019

Congress is considering legislation that could ensure dignified retirements for millions more Americans. The House of Representatives recently passed the Setting Every Community Up for Retirement Enhancement Act, which builds on the best elements...

Hub in talks to buy $40 billion LPL branch Global Retirement Partners

July 11, 2019

Insurance brokerage Hub International is in talks to buy Global Retirement Partners, the largest retirement-focused branch of LPL Financial with $40.1 billion in assets, according to two sources with knowledge of the discussions. GRP, a registered...

Fidelity says it's entitled to alleged 'secret payments' in 401(k) plans

July 9, 2019

Fidelity Investments said it is legally entitled to payments it receives in connection with 401(k) investments and that the collection of such fees has become necessary for record keepers given the prevailing economics of the industry. Fidelity,...

Treasury proposes curtailing 'one bad apple' rule for MEPs

July 2, 2019

The Treasury Department Tuesday issued a proposed regulation to water down the "one bad apple" rule that critics claim has prevented broader uptake of certain retirement plans by employers. The one bad apple rule applies to a type of defined-contribution...

Gucci settles 401(k) lawsuit for $1.2 million

June 25, 2019

Luxury fashion designer Gucci America Inc. has agreed to settle for $1.2 million a lawsuit alleging it mismanaged its 401(k) plan to the detriment of employees' retirement savings. Heather Janda Hay, a former plan participant, alleged Gucci,...

Congress members ask GAO to study fallout from death of DOL fiduciary rule

June 24, 2019

High-level Democrats in the Senate and House of Representatives have asked a congressional watchdog to study the fallout from the now-defunct Department of Labor fiduciary rule, including the regulation's effect on a wide range of business practices...

Reg BI: How rollovers are changing under the new SEC rules

June 20, 2019

The Securities and Exchange Commission in early June made the most significant changes to investment-advice standards in more than two decades — and rollovers were no exception. Regulation Best Interest imposes a new standard for brokers,...

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