Results for "403(b) plans"

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Northwestern University beats Jerry Schlichter 403(b) lawsuit

May 29, 2018

Northwestern University has become the second college to beat back allegations of retirement-plan mismanagement, prevailing in a lawsuit brought by prominent plaintiffs' attorney Jerry Schlichter. The lawsuit, Divane et al v. Northwestern University...

Retirement plan sponsors tread lightly with capital preservation

May 29, 2018

In providing capital preservation options for investment menus, some defined contribution plan executives have wound up in the crosshairs of participants' lawsuits alleging fiduciary breaches of the Employee Retirement Income Security Act. Some...

$14 billion hybrid Sheridan Road staying with LPL, launching own RIA

May 25, 2018

Sheridan Road Financial, an advisory firm overseeing roughly $14 billion, has decided to leave Independent Financial Partners, a mega hybrid registered investment adviser, to start up its own RIA. At the same time, Sheridan Road, which has a...

In a first, University of Chicago settles 403(b) lawsuit for $6.5 million

May 24, 2018

The University of Chicago has agreed to settle a retirement-plan lawsuit for $6.5 million, becoming the first of about 20 prominent universities facing allegations over 403(b)-plan mismanagement to take such a step. Plaintiffs filed the lawsuit,...

How 401(k) advisers can increase their fees

May 23, 2018

It seems that the race to the bottom for 401(k) and 403(b) advisory fees will not slow down anytime soon. But some plan advisers have found a way not only to halt the trend, but actually increase fees. The first step advisers can take to maintain...

Supreme Court decision likely to prevent brokers from filing class-action lawsuits

May 22, 2018

A Supreme Court decision handed down yesterday will likely curb brokers' ability to band together in lawsuits against broker-dealers to fight perceived wrongdoing in the workplace. In a 5-4 decision, the Supreme Court on Monday ruled that companies...

Oregon auto-IRA success shows national program would 'work well,' advocate says

May 16, 2018

Oregon's auto-IRA program has only been around a few months, but its early success demonstrates a similar framework could work at the national level, a proponent said at a congressional hearing Wednesday. Oregon launched a pilot phase of its...

LPL closing Worksite Financial Solutions 401(k) platform

May 14, 2018

LPL Financial announced that it is closing Worksite Financial Solutions, a program that helps 401(k) participants and advisers with rollovers from retirement plans, at the end of September. Andy Kalbaugh, managing director and divisional president...

Bill Kline out as head of Gallagher's $55 billion retirement-plan aggregator

May 9, 2018

Bill Kline, the head of Arthur J. Gallagher & Co.'s retirement plan consulting unit — which has more than 60 advisers overseeing $55 billion in defined-contribution-plan assets — has left amid a reorganization of his group. Mr. Kline, 53,...

Litigation, scale push private colleges to adopt multiple employer plans

April 23, 2018

Pioneers circled their wagons for mutual protection, and a new trend emerging in the 403(b) space employs a roughly similar tactic. Small and independent, nonprofit private colleges — in search of ways to improve the retirement outlook for...

What a court decision teaches 401(k) advisers about choosing stable-value funds

April 19, 2018

In order to reduce their risk of fiduciary liability, 401(k) plan sponsors often seek to offer an investment menu that satisfies the requirements of ERISA Section 404(c), which eliminates the risk associated with investment choices by plan participants....

Are 401(k) advisers the next DOL targets?

April 11, 2018

The Chicago office of the Department of Labor seems to be targeting 401(k) plan advisers and, if one firm's experience is a guide, the office appears to be targeting large regional firms rather than less experienced advisers. Specialized retirement...

LPL loses $1.8 billion retirement group

April 11, 2018

Ingham Retirement Group, a $1.8 billion advisory firm based in Miami, has left LPL Financial. The firm — a national, independent shop that provides retirement plan consulting and record-keeping, actuarial and investment advice services —...

Judge dismisses parts of Yale 403(b) suit, lets others stand

April 4, 2018

A federal court judge in Hartford, Conn., has dismissed a few complaints in a lawsuit alleging ERISA violations in Yale University's 403(b) plan, while rejecting most of the university's petition that all complaints be thrown out. The split...

Retirement plan advisers ignore content marketing at their peril

March 28, 2018

When I ask retirement plan advisers about their biggest concerns, the most common answer — even in turbulent markets or amid dramatic regulatory changes — is finding new clients. All successful plan advisers have found good ways to prospect,...

Should you use those free tools the 401(k) wholesaler gave you?

March 22, 2018

In the competitive environment surrounding retirement plans nowadays, having any extra advantage is something advisers want and need. The way many retirement plan advisers stand out is by using tools to provide feedback to plan sponsors on a...

Aon Hewitt wins 401(k) lawsuit over robo-adviser kickbacks

March 21, 2018

Aon Hewitt has won a lawsuit alleging that it engaged in a kickback scheme with a 401(k) plan robo-adviser that inflated costs for retirement plan participants. The lawsuit, originally filed in January 2017 on behalf of participants in the Caterpillar...

More 401(k) plans move away from revenue-sharing model

March 12, 2018

Many 401(k) plans are moving away from revenue sharing as executives cite the need for greater transparency, simplicity and democracy in how fees are assessed to participants. Defined contribution plan consultants say federal fee regulations...

Senate bill aims to boost 401(k) annuities, small-employer retirement plans

March 8, 2018

New bipartisan legislation in the Senate aims to increase the use of annuities in 401(k) plans, and boost retirement-plan adoption by small employers through a particular type of defined-contribution plan known as an open multiple employer plan....

Vanguard extends TDF dominance with 'unbelievable' growth

March 6, 2018

Vanguard Group has extended its grip on the target-date-fund market over the past few years, as attention to low costs and passive management continues to offer substantial tailwinds for the fund giant. Vanguard controlled $623 billion in total...

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