“These investments present significant risks and challenges to participants’ retirement accounts, including significant risks of fraud, theft and loss.” The caution comes as the DOL has seen an increase in the number of companies marketing crypto investments for 401(k) plans in the recent past. The department’s Employee Benefits Security AdministrationRead More →
Transamerica in Southwest Cedar Rapids. CREDIT RICHARD PRATT Transamerica expanded its pooled retirement plan capabilities with the acquisition of TAG Resources, LLC, a leading retirement services company based in Knoxville, Tennessee. Addition of TAG’s technology and service model will allow Transamerica to further expand its common retirement plan offerings toRead More →
United States: Supreme Court Reaffirms Duty to Monitor Pension Costs and Options in Hughes V. Northwestern University Case March 03, 2022 Armstrong Teasdale To print this article, all you need to do is be registered or log in to Mondaq.com. On January 24, 2022, theRead More →
New to ClassAction.org? Read our newswire disclaimer A proposed class action lawsuit alleges that Taylor Corporation and its board of directors and trustee investment committee failed to prudently manage the company’s employee pension plan. According to the 46-page case, the defendants breached their fiduciary duties to 401(k) participants and beneficiariesRead More →
Last week, on January 24, the United States Supreme Court issued its much-anticipated decision in Hughes v. Northwestern University, unanimously ruling that pension plan trustees have a duty to continuously monitor pension plan investment options and remove any imprudent ones. In its opinion, the Supreme Court made it clear thatRead More →
Exchange Traded Funds (ETFs) Failed to become more widespread in defined contribution (DC) plans, although they have become popular among individual investors. Morningstar personal finance director Christine Benz developed a series of hypothetical portfolios for savers and retirees, and explained in a recent article that while they all posted strongRead More →
United States: Supreme Court Refuses to Set Oral Standard for Disputes Over Excessive DC Plan Fees January 27, 2022 Proskauer Rose LLP To print this article, all you need to do is be registered or log in to Mondaq.com. To the disappointment of many in the ERISA community, the SupremeRead More →
To the disappointment of many in the ERISA community, the Supreme Court issued a six-page opinion on January 24 that declined to rule on most of the issues before the Court in Hughes v. Northwestern University, No. 19-1401 (US 24 January 2022). In a unanimous opinion written by Judge Sotomayor,Read More →
To the disappointment of many in the ERISA community, the Supreme Court issued a six-page opinion on January 24 that declined to rule on most of the issues before the Court in Hughes v. Northwestern University, No. 19-1401 (US 24 January 2022). In a unanimous opinion written by Judge Sotomayor,Read More →
WASHINGTON — The Supreme Court said Monday that employers must regularly review their retirement offers, ruling unanimously for Northwestern University employees who argued the school’s defined-contribution plan offered a confusing number expensive investment options. Separately, the court added several important cases to its fall docket, including a lawsuit that couldRead More →
WASHINGTON — The Supreme Court said Monday that employers must regularly review their retirement offers, ruling unanimously for Northwestern University employees who argued the school’s defined-contribution plan offered a confusing number expensive investment options. Separately, the court added several important cases to its fall docket, including a lawsuit that couldRead More →
By Brian Dowling (January 19, 2022, 12:02 p.m. EST) – Boston Children’s Hospital has emptied the pockets of its former employees by charging exorbitant record-keeping fees on its retirement plan while pushing them to invest in a suite of expensive and underperforming mutual funds, former employees said in a classRead More →
Removing some of the plan sponsors’ responsibilities for retirement plans and transferring them to a third-party entity (TPE) can help both small and large sponsors, according to a briefing note from the American Academy of Actuaries. The report, titled “Retirement policy: potential for changing roles of employers in retirement programsidentifiesRead More →
On December 6, the United States Supreme Court heard oral arguments in the case Hughes v. Northwestern University. The issue at issue is whether the allegations that a defined contribution pension plan paid fees that significantly exceed the fees for other available investment products or services are sufficient to raiseRead More →
On Monday, the Supreme Court heard oral arguments at Hughes v. Northwestern University, No. 19-1401, one of some 150 similar class actions filed across the country in recent years. The case was brought by pension plan members alleging that the plan trustees breached their obligations under ERISA with respect toRead More →
WakeMed employees have sought final approval of their $ 975,000 group settlement from a federal judge in a lawsuit claiming the North Carolina healthcare system pension plan offers expensive mutual funds and charges fees excessive administrative procedures. The deal, which received preliminary approval from Judge James C. Dever III inRead More →
WakeMed employees have sought final approval of their $ 975,000 group settlement from a federal judge in a lawsuit claiming the North Carolina healthcare system pension plan offers expensive mutual funds and charges fees excessive administrative procedures. The deal, which received preliminary approval from Judge James C. Dever III inRead More →
Paychex editor’s rating: 93/100 Transparent pricing 87/100 Reduced investment costs for employees 90/100 Mobile and online access 100/100 No registration and administration fees 90/100 Variety of packages 100/100 Why Paychex is the best all-in-one solution Paychex is a great all-in-one solution, as the company offers human resources, payroll, and employeeRead More →
Almost all dermatology practices use Qualified Pension Plans (QRP), including 401 (k) plans and profit sharing, defined benefit and hybrid plans. As part of our diagnostic work for clients, we often review such plans. Based on our experience, we have identified several pitfalls that cost the practice more or subjectRead More →
BALTIMORE, November 16, 2021 / PRNewswire / – Transamerica and FuturePlan by Ascensus today launched an innovative new group plan retirement solution called FuturePlan GPS (Group Plan Solution). FuturePlan GPS makes it easier for employers to sponsor a pension plan by reducing tedious administrative burdens and mitigating fiduciary risk. WithRead More →
New set of target dates supports growing demand for active equity management from advisors and builds on the success of the MyCompass Index, which has reached over $ 2 billion in plan assets since 2019 Voya Financial, Inc. (NYSE: VOYA), today announced the launch of MyCompass American Funds, the latestRead More →
Voya Financial, Inc. (NYSE: VOYA), today announced the launch of MyCompass American Funds, the latest addition to Voya’s line of Target Date Fund (TDF) solutions for plan sponsors. Now available to all Voya pension plan clients, MyCompass American Funds offers a set of target dates for collective investment trusts (CITs)Read More →
New set of target dates supports growing demand for active equity management from advisors and builds on the success of the MyCompass Index, which has reached over $ 2 billion in plan assets since 2019 WINDSOR, Connecticut, November 9, 2021– (COMMERCIAL THREAD) – Voya Financial, Inc. (NYSE: VOYA), today announcedRead More →
The news that Empower Retirement is buying the pension business of Prudential Financial Inc. for $ 3.5 billion is the latest indication that consolidation in the pension financial services industry shows no signs of slowing down. As a result, employers who sponsor 401 (k) or similar plans may have fewerRead More →
INDIANAPOLIS, November 2, 2021 / PRNewswire / – OneAmerica® today unveiled OneConnectSM, a pension plan solution that facilitates administration and retains the independence of companies seeking to grow through a mutualized or multi-employer approach. OneConnect offers flexible plan design and simplified fiduciary oversight. OneConnect by OneAmerica offers many of theRead More →
OneConnect by OneAmerica offers many of the benefits of group retirement plans, but with greater simplicity. Tweet this The passage of the Setting Every Community Up for Retirement Enhancement (SECURE) law included a provision authorizing the creation of common employer plans (PEP) to replace the traditional single plan sponsor withRead More →
RADNOR, Pa .– (COMMERCIAL THREAD)–Today, Lincoln Financial Group (NYSE: LNC) announced that it is improving its retirement plan options by launching a Common Employer Plan (PEP), OpenPEP, in conjunction with NPPG Plan Professionals, a subsidiary of National Professional Planning Group, Inc. (NPPG ) and Morningstar Investment Management LLC, a subsidiaryRead More →
Empower Retirement, the second largest pension provider in the country1, added about $ 100 billion2 assets under administration (AUA) and 3,000 plans to its platform during the 12-month period ending September 30, 2021. Request for proposals activity over the past year has been higher than any previous year for allRead More →
GREENWOOD VILLAGE, Colorado – (BUSINESS WIRE) – October 20, 2021– Empower Retirement, the nation’s second-largest pension plan provider 1, added approximately $ 100 billion 2 in assets under administration (AUA) and 3,000 plans to its platform during the 12-month period se ending September 30, 2021. Request for proposals activity overRead More →
Adds 925,000 new participants; assets under administration exceed $ 1,100 billion Increased emphasis on personalization for individuals; top quality customer service company GREENWOOD VILLAGE, Colorado, October 20, 2021– (COMMERCIAL THREAD) – Empower Retirement, the country’s second largest pension provider1, added about $ 100 billion2 assets under administration (AUA) and 3,000Read More →
GREENWOOD VILLAGE, Colorado – (COMMERCIAL THREAD) – Empower Retirement, the country’s second largest pension provider1, added about $ 100 billion2 assets under administration (AUA) and 3,000 plans to its platform during the 12-month period ending September 30, 2021. Request for proposals activity over the past year has been higher thanRead More →
(Photo: Shutterstock) Increased popularity of financial wellness programs, unqualified plans to attract more key talent, and managed accounts with personalized portfolios – not to mention the continued consolidation of record keeping companies – there is a lot going on right now. pension industry, said David Graver, vice president of pensionRead More →
From the annual hassle of hiring an accountant to review pension plan finances to the ever-present threat of a Department of Labor investigation, “audit” is virtually a four-letter word for plan sponsors, advisers and administrators. diet. But they don’t have to be a bad thing. In fact, performing regular “mini”Read More →
Receive instant alerts for news on your actions. Claim your 1-week free trial for StreetInsider Premium here. WESTLAKE, TX – (BUSINESS WIRE) – Schwab Retirement Plan Services, Inc. was ranked the highest for overall satisfaction in the JD Power 2021 US Retirement Plan Digital Satisfaction Study. Charles Schwab’s Also rankedRead More →
WESTLAKE, TX – (BUSINESS WIRE) – Sep 30, 2021– Schwab Retirement Plan Services, Inc. was ranked highest for overall satisfaction in the 2021 US JD Power Retirement Plan Digital Satisfaction Study. Charles Schwab also ranked # 1 in the Large segment. plans in the JD Power 2020 (equality) and 2019Read More →
When a 401 (k) defined contribution plan or similar does not apply the correct definition of compensation in the determination of benefits, does not correctly calculate the vesting service or does not make distributions to the participants who are to obtain the minimum distributions required, who is responsible? Plan sponsorsRead More →
Hughes v. Northwestern Univ. n ° 19-1401,953 F.3d 980 (7th Cir. 2020),cert. allowed, 2021 WL 2742780 (US July 2, 2021) Oral argument scheduled for December 6, 2021. Problem: Are allegations that a defined contribution pension plan paid or charged its members a fee that significantly exceeded the fee for theRead More →
The Supreme Court recently granted the writ of certiorari requested by Northwestern University pension plan members, following the solicitor general’s plea for the court to hear the case. Hughes v. Northwestern Univ., n ° 19-1401, 2021 US LEXIS 3583 (July 2, 2021). The certiorari motion states the question presented asRead More →
On May 11, the New York City Council enacted local law to establish a retirement savings program for certain employees of private companies. What are the details? The new law creates a mandatory, self-enrolling individual retirement account (IRA) program for private sector employers in New York City who do notRead More →
On May 11, 2021, the New York City Council enacted a local law to establish a retirement savings program for certain employees of private entities. What are the details? The new law creates a mandatory auto-enrollment Individual Retirement Account (“IRA”) program for employees of private sector employers in New YorkRead More →
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What is an employee contribution plan? An employee contribution plan is a type of employer savings plan. By choosing to participate in the plan, employees contribute a percentage of their salary to the plan, which is then invested on their behalf by a third-party plan administrator. Employers, on the otherRead More →
It may seem counterintuitive, but stashing funds in your retirement plan at work could actually make it harder to retire. Some worktops are great while others are expensive and stiff. And some plans may be good for some employees, but not for you. So how do you know if yourRead More →
Early versions of web portals for plan members only provided information on account balances and investment options. Today’s innovative portals supplement this basic information with retirement income planning analysis and member-specific advice on improving retirement outcomes. Layout and site designs and user interaction features are also changing, based on behavioralRead More →