Results for "defined contribution plans"

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Fidelity quietly settles employee lawsuits

August 12, 2014

While everyone was celebrating the Fourth of July weekend, 401(k) giant Fidelity Investments quietly settled a pair of retirement plan lawsuits filed against it by its own employees. In a July 3 filing with the U.S. District Court for the District...

Soldiers lured out of federal retirement plan

August 12, 2014

John Turner suspected that brokers were encouraging federal workers to ditch their top-flight retirement plan. So he went under cover. The former U.S. Labor Department economist called representatives at companies such as Bank of America Corp.,...

The 401(k) retirement complex: Retooling Americans' nest egg

August 10, 2014

Is there a retirement crisis in America? Yes, but it's not the one most people talk about. Much of the discussion and debate to date has centered on whether Americans have saved, are saving and will save enough money to secure even a financially...

Zurich restricts contributions to popular variable annuity contract

August 5, 2014

Zurich American Life Insurance Co. is putting the clamps on additional contributions into its legacy Scudder Destinations variable annuity, a contract that was so generous, advisers have described it as “legendary.” The life insurer released...

GAO report calls for more disclosure of managed accounts in 401(k)s

July 31, 2014

The U.S. Government Accountability Office is calling on the Labor Department to step up disclosure requirements for managed accounts in 401(k) investment lineups. In a 92-page tome released on Tuesday, the GAO discussed its analysis of eight...

Fidelity adds $37.2B in defined contribution assets but pace slows

July 22, 2014

Fidelity Investments scooped up $37.2 billion in assets under administration during the first half of the year, bringing on some 1,093 new retirement plans. The new sales raised Fidelity's assets under administration for defined-contribution...

Supreme Court rejects stock-drop defense often used in 401(k) cases

June 27, 2014

The Supreme Court on Wednesday unanimously rejected a frequently used, successful defense by companies against stock-drop lawsuits filed by defined contribution plan participants. In a 9-0 decision, the justices said a “presumption of prudence”...

Hartford Financial Services Group names a new CEO

June 9, 2014

Hartford Financial Services Group Inc. promoted Christopher Swift to chief executive officer to replace Liam McGee, who is stepping down after a medical procedure related to a brain tumor. Mr. Swift, the 53-year-old chief financial officer who...

Guaranteed features propel indexed-annuity sales

June 6, 2014

Just as living benefits helped drive broker-dealers' variable annuity feeding frenzy years ago, these guaranteed features appear to be propelling firms' sales of indexed annuities. Broker-dealers and wirehouses have taken a particular shine...

Vanguard passes Fidelity to become No. 1 in 401(k) assets

June 6, 2014

Vanguard Group Inc. managed the most money in 401(k)-type retirement plans last year, passing longtime leader Fidelity Investments. Vanguard had $613.5 billion in defined contribution assets as of Dec. 31, compared with $612.4 billion for Fidelity,...

The retirement apocalypse that isn't coming

May 26, 2014

Grandma's much-anticipated Arctic cruise becomes a slow drift away on an ice floe. Grandpa mortgages his kidneys to pay for a new heart. Social Security is deader than disco and "IRA" only refers to guys named Ira. That bleak vision is only...

Potholes litter road to ETF investment by DC plans

May 19, 2014

With the very public launch of an ETF-only 401(k) plan option by Charles Schwab Corp., might some defined-contribution plan executives finally be willing to give exchange-traded funds a try? According to Steven Anderson, president of Schwab...

A case for private equity in DC plans

May 11, 2014

There's a paradox in the retirement products world. While defined-benefit plans have historically invested broadly across asset classes, including private equity, defined-contribution plans have not. Financial advisers can reasonably expect...

Bond ladders for fans of portfolio safety

May 11, 2014

While it might be tempting to start finagling with fixed-income allocations as the next rising-interest-rate cycle draws nearer, proponents of bond ladders say the tried-and-true strategy works in all cycles if safety is your guide. "When it...

Baby boomer, Gen X women fear not having enough retirement savings

May 7, 2014

Most female baby boomers and Generation Xers fear they will not have sufficient money for retirement, a situation that's creating an opportunity for financial advisers, according to a report released Wednesday by the Insured Retirement Institute....

The best- and worst-performing target date funds

April 23, 2014

Target date 2016-20 3-month return 1-year return 3-year return 5-year return Net assets ($M) Expense ratio* Top 10 Manning & Napier Target 2020 I (MTNIX) 2.60% 11.40% 8.31% 14.36% $177.8 0.86% Legg Mason Target Retirement 2020 A (LMWAX) 2.34%...

DeWaay settles with Labor Department over retirement plan recommendations

April 14, 2014

Famed financial adviser Donald Gene DeWaay Jr. has reached a settlement with the Labor Department to pay $341,487 to 68 retirement plans following federal investigations into some of his firm's sales. The DOL's Employee Benefits Security Administration...

Great-West Financial to acquire J.P. Morgan retirement unit

April 3, 2014

Great-West Financial will acquire J.P. Morgan Retirement Plan Services, further boosting its profile as a retirement plan record keeper. J.P. Morgan Retirement Plan Services brings with it some 200 clients, 1.9 million participants and $167...

New flavor of outsourced fiduciary for retirement plans hits the market

April 2, 2014

Retirement plan service providers want to up the ante in the world of outsourced fiduciary services, touting the latest flavor: an ERISA 3(16) fiduciary plan administrator. The newest offering of fiduciary duty under Section 3(16) of the Employee...

Account opening is No. 1 tech concern: Survey

April 2, 2014

The challenge of capturing account-opening data has replaced social-media archiving as advisers' primary technology concern, according to a survey conducted by advisory think tank Beacon Strategies. In fact, 96% of the 55 broker-dealers surveyed...

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