Results for "defined benefit plans"

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Factors to consider before taking a pension buyout

October 7, 2019

General Electric is the latest company to offer a pension buyout to former employees as it tries to shore up its pension plans, which were $27 billion underfunded as of year-end 2018. The company is offering lump-sum payments to 100,000 former...

Voya retirement chief talks M&A, fee pressure and emerging 401(k) fraud

September 27, 2019

Charles Nelson, chief executive of retirement and employee benefits at Voya Financial Inc., oversees one of the largest defined-contribution plan record-keeping businesses in the U.S., administering $304 billion in retirement assets as of June...

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,...

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...

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...

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...

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...

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...

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...

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,...

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...

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,”...

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...

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,...

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...

Pension advance companies rip off retirees, GAO report says

July 8, 2014

So-called pension advance companies are taking advantage of retirees by offering lump-sum payments in return for a piece, or all, of their monthly pension income, according to a Government Accountability Office report. Through undercover investigations,...

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