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DOL’s EBSA investigations, recoveries down from record in 2021
The Labor Department's Employee Benefits Security Administration recovered about $2.4 billion in fiscal 2021, down from $3.1 billion a year prior.
Maryland auto IRA to include retirement income, emergency savings
MarylandSaves will automatically make payments to account holders when they reach 'retirement age,' unless they specify otherwise.
Hospital group settles 403(b) lawsuit for $2 million
Southcoast Hospitals Group is one of many retirement plan sponsors targeted last year in class-action litigation brought by law firm Capozzi Adler.
Caregivers in the spotlight
November is National Family Caregivers Month, celebrating the more than 53 million people in the U.S. who currently provide unpaid care to a relative or friend.
RPA aggregators focused on convergence, consolidation and cooperation
Unlike any other industry event, the RPA Aggregator event had no agenda. All participants were focused on the defined-contribution industry’s biggest opportunities and challenges.
CITs continue taking over in 401(k)s, but the change isn’t always easy
CITs are on track to surpass mutual funds in target-date assets. Participants in 401(k)s that use CITs often stand to save a few basis points or more.
Public opinion favors state auto IRAs, report finds
State auto IRA programs, seen as a potential boon for small plan providers and PEPs, are supported by a majority of Democrats and Republicans, a recent survey found.
Kentucky, Mississippi latest states to adopt annuity best interest rule
In a recent speech, SEC Commissioner Allison Herren Lee pointed out how the annuity rule differs from Reg BI on mitigating conflicts of interest.
Fidelity rolls out product allowing 401(k) participants to buy annuities
Guaranteed Income Direct is integrated into Fidelity’s employee benefits portal and offers workers immediate income annuities at institutional pricing from the insurance company of their choice.
Colorado and New Mexico partner on auto retirement plans
The partnership will be first multistate auto-IRA program in the country.
Student loan payments will soon hit borrowers hard
As many as 89% of borrowers say they will have trouble making student loan payments when they resume on Feb. 1, according to a recent report.
Health system settles 403(b) lawsuit for $3.9M
Mercy Health Corp. was sued last year over plan fees and investment options. Separately, a new lawsuit was filed against Olin Corp.
What Creative Planning’s deal for Lockton’s retirement unit means for RPAs
The transaction marks the first time a top-five RIA has acquired a top-five retirement plan adviser firm, which could send Creative Planning's rivals scrambling to find larger RPAs.
Lawsuit seeks to head off WA Cares insurance program
Opponents of Washington's long-term care insurance program are claiming that it violates a handful of laws.
Future challenges for the advice business
Seven industry notables offer their views on what the financial advice business will look like in coming years.
Medicare premiums, IRMAA surcharges to rise in 2022
The 15% hike in the Medicare Part B premium is one of the largest annual increases in Medicare’s history, as COVID-related expenses and a new Alzheimer drug drive costs higher.
Average 401(k) balance dropped in Q3: Fidelity
At the same time, the average IRA balance saw a slight uptick. A recent survey shows many people have low estimates of how much they will need to retire, and a paper explores the need to update the 4% rule.
Breathing new life into old-school 60/40 models
As more advisers and pundits lean toward heavier allocations to stocks over bonds, there are still ways and reasons to benefit from fixed income.
Creative Planning picks up Lockton’s U.S. retirement business
The deal expands Creative Planning’s presence in the retirement plan business by about $110 billion and gives it access to the large-plan segment of the 401(k) market.
ESG still scant in DC plans, used more in public sector
ESG is only used in 5% of corporate DC plans, according to Callan. Use by institutional investors also varies a lot by geography.
