Results for "defined contribution plans"

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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...

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...

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...

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...

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...

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...

Texas 403(b) law causes adviser concern over investor protection

August 8, 2019

A Texas law taking effect next month is causing concern among some retirement plan advisers who are worried that the legislature has weakened investor protection for public schoolteachers in the state. The law — HB 2820, sponsored by Rep....

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...

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...

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,...

3 lessons for advisers from 401(k) and 403(b) class-action settlements

July 17, 2019

Retirement plan committees and financial advisers need to pay attention to class-action litigation and settlements to better manage their fiduciary risks. Some of the claims in those lawsuits are obvious; others foreshadow emerging issues that...

Small 401(k) plans lag on important metrics

July 17, 2019

Small 401(k) plans lag their larger counterparts on important metrics such plan participation and automatic enrollment. Small retirement plans — those with less than $20 million — had a plan-weighted participation rate of 72% last year,...

LPL partners with Nationwide on 401(k) training for bank channel advisers

July 12, 2019

LPL Financial has just concluded a pilot program with record keeper Nationwide to train LPL financial advisers in banks and credit unions to do retirement plan business, with the hope of ultimately capturing more small-market 401(k) clients....

Retirement has become the lynchpin of complete advisory practices

July 11, 2019

Few advisers started their careers focused on defined-contribution plans like 401(k)s. Most DC practices grew from either wealth management or employee benefits firms leveraging relationships to cross-sell DC plans. But that is changing, with...

Hub in talks to buy $40 billion LPL branch Global Retirement Partners

July 11, 2019

Insurance brokerage Hub International is in talks to buy Global Retirement Partners, the largest retirement-focused branch of LPL Financial with $40.1 billion in assets, according to two sources with knowledge of the discussions. GRP, a registered...

Fidelity says it's entitled to alleged 'secret payments' in 401(k) plans

July 9, 2019

Fidelity Investments said it is legally entitled to payments it receives in connection with 401(k) investments and that the collection of such fees has become necessary for record keepers given the prevailing economics of the industry. Fidelity,...

Treasury proposes curtailing 'one bad apple' rule for MEPs

July 2, 2019

The Treasury Department Tuesday issued a proposed regulation to water down the "one bad apple" rule that critics claim has prevented broader uptake of certain retirement plans by employers. The one bad apple rule applies to a type of defined-contribution...

Gucci settles 401(k) lawsuit for $1.2 million

June 25, 2019

Luxury fashion designer Gucci America Inc. has agreed to settle for $1.2 million a lawsuit alleging it mismanaged its 401(k) plan to the detriment of employees' retirement savings. Heather Janda Hay, a former plan participant, alleged Gucci,...

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