Results for "401(k)"

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Rollovers are all bad! Use only direct transfers

September 5, 2019

"When you throw the ball, three things happen and two of them are bad." — Attributed to Woody Hayes (maybe); could also be Darrell Royal, Bernie Moore, or even Gen. Robert Neyland, no one really knows "When you do a rollover, three things...

Abigail Johnson of Fidelity reaches deal to avoid testifying at 401(k) trial

September 6, 2019

Abigail Johnson, chairman and chief executive of Fidelity Investments, will not have to testify at an upcoming trial regarding the Massachusetts Institute of Technology 401(k) plan, marking a stark de-escalation of tensions that had flared in...

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...

Fidelity says number of 401(k) millionaires hits record high

August 21, 2019

Fidelity Investments said the number of retirement savers with at least $1 million in their account hit a record, as did the employee savings rate, according to data from 401(k) plans that it administers. The average employee contribution rate...

Fidelity, Jerry Schlichter trade barbs over Abigail Johnson testimony in 401(k) lawsuit

August 28, 2019

Fidelity Investments and plaintiff's attorney Jerome Schlichter are engaged in a war of words over the potential for Fidelity chairman and CEO Abigail Johnson to appear and testify at an upcoming trial around 401(k) mismanagement.​ The lawsuit...

Hybrid robo looking to offer financial wellness to retirement plan sponsors

August 28, 2019

Financial advisers promote services like "comprehensive financial planning" and "financial wellness" to differentiate themselves from digital advice startups and justify their fees, but now at least one robo-adviser is looking to do the same....

Robo-advisers are dead. Long live digital advisers

August 27, 2019

"Humans solve human problems." So says Steve Wilbourne, CEO of Questis, a financial wellness fintech provider. Mr. Wilbourne, a former adviser, realized that technology alone will not solve the financial problems of the 90 million defined-contribution...

We've got Americans back to work. Now let's help them retire.

August 14, 2019

The Tax Cuts and Jobs Act has unleashed historic economic growth for millions of Americans. Now is the time for Congress to act to consolidate these economic gains by securing retirement benefits for current and future retirees. According to...

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...

DOL readies proposal for more digital 401(k) disclosures

August 21, 2019

The Department of Labor is close to proposing a rule that would boost digital delivery of employees' 401(k) statements, a prospect that has drawn excitement from the retirement plan industry but concerns investor advocates worried that a shift...

Charles Schwab lawsuit win has big implications for all 401(k) plans

August 21, 2019

Charles Schwab Corp. has won its appeal of a 401(k) lawsuit that could have broad implications for all 401(k) sponsors by reducing the number of employee class action lawsuits. The firm was challenging a 2018 ruling in California district court...

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...

Lack of transparency is hurting the 401(k) industry

August 14, 2019

During a recent plan sponsor education program, a professional from a major investment provider was advocating for using annuities for retirement income within 401(k) plans even though the money manager was not an annuity provider. A few plan...

Walgreens hit with $300 million 401(k) lawsuit over target-date funds

August 12, 2019

Walgreen Co. has been hit with a lawsuit alleging its "imprudent" decision to keep certain target-date funds in its 401(k) plan caused employees to lose $300 million in cumulative retirement savings. The lawsuit, brought by 12 current and former...

Cross-selling gaining prominence in retirement-plan lawsuits

August 12, 2019

Cross-selling by record keepers has become a hot-button issue in retirement-plan lawsuits, raising broader awareness and questions around how service providers can use participant data. Consider Johns Hopkins University, which agreed last week...

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...

Average Fidelity 401(k) balance increases sixfold over past decade to almost $300,000

May 9, 2019

Investors who've had 401(k) accounts at Fidelity for a decade saw their average balance increase sixfold to almost $300,000 since the market bottomed after the global financial crisis, the company said. Workers saving for retirement saw their...

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...

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...

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