Results for "defined benefit plans"

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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...

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....

Chattanooga pension fund accuses Wells Fargo of fraud in revenue sharing

May 10, 2018

The Chattanooga, Tenn., Fire and Police Pension Fund intends to file a whistleblower complaint with the Securities and Exchange Commission and Commodity Futures Trading Commission against Wells Fargo, its custodian and trustee, alleging potential...

Pensions offer the self-employed flexibility

December 5, 2010

As of late, most financial advice regarding retirement options has been geared toward company employees. While that covers the largest demographic of working individuals, many Americans do not fall into this category. More than 12% of American...

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...

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...

ING closes $900M CitiStreet acquisition

July 1, 2008

ING Groep announced today that it completed the acquisition of CitiStreet LLC, one of the premier retirement plan and benefit service organization’s in the United States. The deal makes Hartford, Conn.-based ING Wealth Management, a division...

Defined-contribution plans showing returns closer to those of pensions

March 1, 2018

In the past decade, defined contribution plans have seen returns creep closer to those of their defined benefit brethren, as more DC plans have seen improved asset mixes and better plan designs, with more automatic enrollment and better default...

As longevity stalls, corporations enjoy a windfall on pensions, benefits

August 8, 2017

Steady improvements in American life expectancy have stalled, and more Americans are dying at younger ages. But for companies straining under the burden of their pension obligations, the distressing trend could have a grim upside: If people...

Massachusetts finds MetLife 'missing' pensioners, Galvin says

March 1, 2018

The Massachusetts securities regulator has found hundreds of retirees in the state who are owed pension payments by MetLife and whom the insurer said it had been unable to locate. MetLife provided the names to Secretary of the Commonwealth William...

Future retirees more vulnerable to income shocks

February 21, 2018

The two major shocks that hit the elderly today are a spike in medical expenses and a sharp drop in income upon becoming a widow. While some of today's retirees are financially fragile, most appear able to absorb shocks without incurring hardship,...

Careful planning can help public employees avoid Social Security reductions

August 9, 2016

Nothing angers public employees more than rules that reduce the Social Security benefits they have earned by working in the private sector when they are also eligible for a government pension based on work where they did not pay FICA taxes....

Social Security rules for divorced public employees

February 19, 2015

Divorced couples who were married for at least 10 years can claim Social Security benefits on each other's earnings records as if they are still married. But questions may arise when one of the ex-spouses is a public sector employee. Last week,...

How public employees can get around Social Security restrictions

October 8, 2014

In a recent column, I wrote about rules that can reduce or eliminate Social Security benefits for public sector employees. I explained that there are two sets of rules. The first, the Windfall Elimination Provision, applies to some federal,...

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...

IRS shuts lump-sum window for retirees already receiving benefits

July 10, 2015

Defined benefit plan sponsors can no longer replace annuity payments with lump-sum distributions to retirees and their beneficiaries, the IRS said Thursday. With the amendments applying as of July 9, “it definitely has an immediate impact,”...

Social Security offset rules can cut or eliminate benefits

August 28, 2014

As a financial adviser, it is critical to know whether your clients who have worked for city, state or federal government — or in some cases, public school systems — may be affected by rules that can reduce or eliminate their Social Security...

Retirement: From theory to practice

July 15, 2014

After decades of writing about retirement planning, I finally get to eat my own cooking — at least the appetizer course. My husband, Mike, retired June 30 after more than 20 years as a federal government employee. On July 1, we began a new...

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