Results for "defined benefit plans"

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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,...

Whistle-blower Ted Siedle sees pensions as hotbed for fraud

May 10, 2019

Ted Siedle has a bleak outlook about U.S. retirement security. That's the case particularly with public pensions, which Mr. Siedle suggests are essentially hotbeds for fraud and theft. Mr. Siedle is a bit of an authority on the subject — he...

Finra panel awards $454,813 to lawyer who says Morgan Stanley mismanaged retirement fund

April 30, 2019

A Finra arbitration panel awarded $454,813 to a lawyer in a case against Morgan Stanley over how the brokerage managed his retirement fund. The Carpenter Law Firm defined-benefit plan alleged that Morgan Stanley failed to devise an appropriate...

Why 401(k) advisers should stress-test client portfolios

April 29, 2019

Managing risk and return is a central responsibility of every investment fiduciary. Asset allocation and securities selection are the blunt instruments used to shape the contours of a portfolio's risk and return profile. The process of building...

The drawback of Richard Thaler's 401(k)-Social Security idea? Social Security itself

April 22, 2019

Nobel laureate Richard Thaler's idea to increase retirees' Social Security payments by using a portion of their 401(k) accounts is drawing criticism from some corners of the financial-advice industry, primarily due to the current less-than-stellar...

Richard Thaler wants to use 401(k)s to boost Social Security payments

April 18, 2019

Nobel laureate Richard Thaler wants to mesh 401(k) plans with Social Security benefits to help Americans simplify what is perhaps their most daunting and complex financial issue: drawing down retirement assets. Mr. Thaler, who won the Nobel...

Principal-Wells Fargo retirement deal hints at fee compression

April 11, 2019

The blockbuster deal inked by Principal Financial Group and Wells Fargo & Co. earlier this week provides a glimpse into the economics prevailing in the defined-contribution-plan record-keeping business. Specifically, the deal's $1.2 billion...

Kestra loses $11 billion retirement group to LPL

April 4, 2019

Strategic Retirement Partners, an advisory firm with $11 billion in retirement plan assets, has joined GRP Financial, the largest retirement-plan-focused hybrid RIA that uses LPL Financial as its broker-dealer. Strategic Retirement Partners,...

Marsh & McLennan acquires Centurion, a $16 billion retirement group

April 3, 2019

Centurion Group, an advisory firm overseeing $16 billion in retirement plan assets and 400,000 plan participants, is being acquired by Marsh & McClennan Agency, a subsidiary of the national insurance brokerage Marsh. The deal, terms of which...

California wins auto-IRA lawsuit

April 2, 2019

California's auto-IRA program, CalSavers, survived a legal challenge that sought to nullify the state's new retirement vehicle, and some experts see the decision as a positive indicator for states that have similar programs and those considering...

Why the 4% rule may be irrelevant

March 27, 2019

The 4% retirement withdrawal rule has enjoyed a ubiquitous presence in the world of financial planning ever since William Bengen proposed it in 1994. Mr. Bengen's rule states that individuals should withdraw no more than 4% of their retirement...

The U.S. retirement system is far too complex

March 21, 2019

For the past decade, the financial services industry has engaged in a heated debate over the appropriate market conduct standard for investment advice. The debate is ratcheted up a notch in the retirement arena, where the Department of Labor...

Principal-Wells Fargo retirement deal would be among largest ever

March 18, 2019

There would be a new behemoth among record keepers of defined-contribution plans if Principal Financial Group were to follow through on a reported deal to acquire Wells Fargo & Co.'s retirement-plan unit. The deal — which could fetch more...

Richard Neal: the new face driving retirement policy in Washington

December 6, 2018

Retirement policy will have a new face in Washington next year, and that could mean major changes to the 401(k) industry. Rep. Richard Neal, D-Mass., will become chairman of the House Ways and Means Committee when Democrats take control of the...

Sweeping retirement legislation is likely coming soon

October 2, 2018

Sweeping retirement legislation appears to be on the way. With more than one-third of private-sector employees lacking access to retirement plans, there is strong bipartisan support for action to make plans more accessible and enhance features...

The biggest obstacle to America's retirement security

August 28, 2018

Despite what we hear from uninformed politicians, conflicted lobbyists, the pandering mass media and most of the 401(k) industry, the biggest obstacle to solving the retirement crisis is the lack of engagement among the senior management at...

Industry group asks DOL for guidance on finding missing participants

July 26, 2018

The ERISA Industry Committee is asking the Department of Labor to develop guidance for plan administrators tasked with finding missing terminated vested participants. In a letter Wednesday to Preston Rutledge, assistant secretary of labor for...

Appeals court says university cannot force ERISA lawsuits into arbitration

July 25, 2018

A federal appeals court ruled Tuesday that the University of Southern California cannot compel participants in two retirement plans to accept arbitration rather than proceed with a trial to address ERISA complaints against university fiduciaries....

Galvin charges MetLife with inflating bottom line

June 25, 2018

Continuing to turn the heat on MetLife, Massachusetts securities regulator William F. Galvin has charged the insurer with issuing misleading statements relating to its failure to make pension payments to hundreds of retirees in the state that...

Labor Department partners with two life insurers on abandoned plans

June 13, 2018

A previous version of this story incorrectly stated that the Labor Department was going to work with the two insurers to find missing retirement plan participants. The Department of Labor will work with Metropolitan Life Insurance Co. and Brighthouse...

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