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A hearing that was billed as “taking a serious look at the retirement crisis in America” with a focus on improving the defined benefit system ended with witnesses agreeing that some reforms are needed, but calling for drastically different measures.
The Feb. 28 hearing was held by the Senate...
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If 85% of the market asks for something, you’d better provide it.
I know. Common sense, right? And yet, plan sponsors have, year in and year out, ignored what survey after survey of participants say they want.
And advisors—most of them, anyway—have been co-conspirators in this avoidance.
I’m...
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Familiar 401(k) critic Teresa Ghilarducci testified before Congress on Wednesday, claiming America’s retirement system is “severely broken” and seniors must either “work or rely on the kindness of strangers to dodge the increasing risk of elder poverty."
Ghilarducci, a professor at the New School...
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A big plan has struck a big cash settlement in an excessive fee suit involving the use of proprietary investment products in its 401(k) plan.
The suit was brought by a number of plaintiff-participants relating to the management of the New York Life Insurance Company Employee Progress-Sharing...
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ERISA consultants at the Retirement Learning Center Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs, qualified retirement plans and other types of retirement savings and income plans, including nonqualified plans, stock options, and...
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Even with other ongoing financial struggles, retirement savers ended the year on a positive note with improved market conditions and consistent contributions helping boost average account balances to their highest level in nearly two years.
Indeed, according to the latest data from Fidelity...
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Just as Congress gets ready to debate whether there is a “retirement crisis,” new survey results from an organization supportive of restoring defined benefit plans finds that Americans are increasingly worried about retirement.
According to the survey results from the National Institute on...
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Litigation that involved a multiple employer plan (MEP), merging plans, a 3(38) investment advisor, a plan sponsor—and at one point an advisor (NFP)—has been resolved in favor of the fiduciary defendants, while reminding us of the value and importance of a prudent process in target-date fund...
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Last week we explored the reasons why small businesses DON’T offer a retirement plan to their workers. But there are quite different—and positive—reasons for choosing to do so.
The obstacles that keep most small businesses from offering a retirement plan to their workers are an assortment of...
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To further support growth and education, Voya Financial has announced the expansion of its Employee Success and Education team with the addition of a new Managed Account Specialist team.
Voya notes that year-over-year growth in its managed account solutions is up 28%. And with education being a...
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A new study finds that an increasing number of women are feeling financially prepared for retirement thanks to their growing involvement in financial planning.
According to the study from Bryn Mawr Trust, gone are the days when women asked others to handle their financial planning, as only 1%...
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The plan document is not a suggestion; it’s a roadmap to compliance and competent and effective administration. But it’s not always given the regard it deserves—which can imperil a plan and those whom it ultimately was written to serve.
Oops
Robert M. Kaplan, Director of Technical Education at...
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What's in the episode?
‘Retirement provocateur’ Kathleen Kennedy Townsend played an instrumental role in the debate over retirement issues, resulting in significant policy ideas. A founder of the Georgetown University Center for Retirement Initiatives, the 40-year political veteran and former...
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Yet another plan has been sued for breaching its fiduciary duties by using forfeitures to offset company contributions, rather than allocating those to remaining participant accounts.
The target this time is Tetra Tech Inc. The suit filed on behalf of participant-plaintiff Tamara Yagy by Hayes...
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While the 401k Averages Book has served as a resource for evaluating 401(k) plan fees among large and small plans alike, the newly released 24th edition now includes new benchmarking data on advisor compensation, as well as recordkeeping administration.
In responding to the evolving landscape of...
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State Rep. Mike McFall (D-Hazel Park) has introduced House Bill 5461, which will expand retirement savings options in Michigan and allow employees to save for retirement even if their employer does not offer a program to do so.
According to a press release, MI Secure Retirement is designed to...
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Looks like an American Airlines participant-plaintiff who argued that plan fiduciaries didn’t act in participants’ best interests in including funds managed by firms that allegedly favored ESG interests will get his day in court.
Participant-plaintiff (and pilot) Bryan P. Spence filed suit in the...
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Consumers are increasingly aware of newer fintech firms, but is it translating to new assets?
Tech-powered offerings from new entrants now lead those form traditional financial services firms. Still, only a few are converting that awareness into significant business, according to a new report...
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Well, here we are again at the end of yet another workweek…and yet, just look at what has happened to these guys and gals…
In Milwaukee, Wisconsin, a recent collision between an Amazon van….and an Amtrak train…got caught on video… nobody hurt (incredibly—driver missed by INCHES), but some shocking...
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Marking the beginning of integrating RIAs into The Retirement Planning Group (TRPG) under Cetera, the firm announced Feb. 21 that TRPG has acquired Dightman Capital Group based in Overland Park, Kansas.
TRPG has acquired 100% of the assets of Dightman Capital Group, which is owned and operated by ...
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Amid the recent attacks on the 401(k) savings system, the key Senate committee with jurisdiction over ERISA plans to hold a hearing next week to examine what it describes as “confronting the retirement crisis facing working class Americans.”
The Senate Health, Education, Labor, and Pensions (HELP...
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On Tuesday, the American Retirement Association (ARA) sent a letter to the Internal Revenue Service (IRS) that addressed technical issues affecting certain SECURE 2.0 provisions. It noted a few that are of particular relevance to retirement plan sponsors and advisors.
More specifically, the ARA...
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There is a long road from a fiduciary proposal to a rule in force.
When you read this column, the proposed “new” fiduciary rule will be read, digested, analyzed, and the subject of countless articles, webinars, and more. So, where do you go now as an advisor?
For advisors or the advisory...
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With broker/dealers (B/Ds) actively encouraging their advisors to embrace the retirement plan space, a new report by Cerulli suggests that asset managers will need to adapt their approach to product distribution and advisor support in this evolving intermediary landscape.
In fact, most top-tier...
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Building off its existing small business offerings, HUB Retirement and Private Wealth (HUB RPW), a division of HUB International Limited, announced the launch of the HUB Retirement Select PEP (Pooled Employer Plan).
According to the firm’s announcement, it is designed for clients with less than...
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