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Academics are on the march, coming for the defined contribution retirement savings system with policy prescriptions that would fundamentally change employer-sponsored plans. The chorus of commonly heard criticism is that the system is failing; it only benefits the wealthy...
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Chalk up another win for Pontera in assisting advisors in managing clients’ held-away assets, as the firm announced that CAPTRUST Financial Advisors will roll out its platform.
This is the second collaboration announced by Pontera in a matter of weeks, as the firm revealed in late January that it...
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Greater longevity than in the past is a good thing, as is concurrent big-picture improvement in finances. But periodic economic challenges do take place, which can spell trouble—especially for retirees who did not save enough.
A substantial majority of retirees in a study by Clever Real Estate—68...
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A federal appellate court has affirmed the decision of a district court in rejecting fiduciary breach claims in the selection/retention of proprietary funds—noting evidence of a "robust process" in reviewing plan investments.
The Claims
Back in September 2022 fiduciaries of the $7.5 billion...
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Two high-profile industry players announced another aggregator acquisition on Thursday.
OneDigital announced it entered a strategic relationship with Wintrust Investments, whereby it will acquire Wintrust’s Retirement Benefits Advisors division based in Chicago. Wintrust is a subsidiary of...
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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 Hendersonville, North Carolina, Charlotte the stingray has turned up pregnant…but, as it turns out, there are no male stingrays in her tank…so staff is thinking that the...
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Coming slightly more than a month after its first hearing on the Department of Labor’s proposed investment advice fiduciary rule, a second subcommittee of the House of Representatives debated the merits of the proposal, with the battle lines drawn between the two parties.
The Feb. 15 hearing by...
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The timing couldn’t have been better. Penelope, a digital retirement plan recordkeeper, launched roughly a year and a half ago—right before SECURE 2.0 passed.
Since then, founder Jean Smart has been (very) busy.
“We were fortunate in our timing for sure—we’ve got plans that maximize SECURE 2....
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If the results of a recent retirement income quiz are any indication, there’s work to be done.
Older Americans scored just 31% on the 2023 Retirement Income Literacy Study from the American College of Financial Services, which found a “direct relationship” between financial literacy and asset...
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Another suit has been filed against a large employer for allegedly not acting in participants’ best interest in their use of forfeitures—but with some twists in the arguments.
The target this time is the fiduciaries of the Honeywell 401(k) plan who, according to participant-plaintiff Luciano...
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Many recordkeepers are embracing artificial intelligence (AI) to deliver a personalized participant experience necessary to support a comprehensive retirement strategy for workers nationwide. Are you able to take advantage?
While this technology is intended to provide valuable insights and...
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There apparently is a “disconnect” between financial advisors and their retiree- and near-retiree clients on their retirement readiness, according to the results of a new survey.
The survey, conducted by Escalent on behalf of Allspring Global Investments—which for the first time included advisors—...
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BPAS, a national provider of retirement plans, benefit plans, fund administration and institutional trust services, completed its acquisition of East Meadow, NY-based Creative Plan Designs, Ltd., according to a Feb. 14 announcement by the firm.
The companies had reached an agreement in Dec. 2023 ...
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The parties in an excessive fee suit—that also raised issues regarding an arbitration clause—are “…pleased that after years of hard-fought litigation, they are able to present for preliminary approval a proposed settlement.”
That settlement includes a cash payment of $4,000,000.00 (four million...
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ERISA consultants at the Retirement Learning Center (RLC) 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...
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Student loan debt has long been said to be a drag on retirement saving, and a just-released report adds fuel to the fire.
Not only is student loan debt an immediate and long-term financial burden, but it also has a “statistically significant” effect on retirement accounts, says a new issue brief...
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In further broadening its network, LPL Financial Holdings, along with its subsidiaries, announced that it has entered into a definitive agreement to acquire New York-based wealth management holding company Atria Wealth Solutions.
According to the announcement, Atria supports approximately 2,400...
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While the Department of Labor’s Employee Benefits Security Administration (EBSA) recovered $1.435 billion in direct payment to plans, participants and beneficiaries in fiscal year 2023, that number has been trending downward for the past few years.
According to a fact sheet released by EBSA,...
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Recent national surveys reveal that basic financial literacy is low in the United States overall—especially amongst racially underrepresented populations.
According to the U.S. Financial Literacy and Education Commission’s 2021 report, tailoring financial literacy education to specific economic...
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How well do you (think you) know your significant other?
The passage of time—shared experiences and the process of getting to know each other reveals much—and yet I learned something new about my partner of some four decades just last week!
That brought to mind one of the favorite game shows of...
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Although collective investment trust (CIT)-based target-date (TD) products were expected to overtake mutual funds in 2023 and didn’t—that may finally change, according to Sway Research’s 2024 State of the Target-Date Market report.
Though mutual fund series still possess slightly more assets, CITs...
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While workplace retirement plans are becoming an expectation for employees, the results of a new survey show there are multiple areas where savers are seeking additional support.
In fact, according to Vestwell’s annual Savings Industry Report, four emerging trends for 2024 all point to a growing...
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Do savings incentives like tax preferences in defined contribution plans exacerbate the racial saving gap?
It’s the subject of a recent working paper titled Who Benefits from Retirement Saving Incentives in the U.S.? Evidence on Racial Gaps in Retirement Wealth Accumulation from researchers at the...
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The need to begin teaching financial literacy and education at a young age is by now widely acknowledged. According to a recent Schwab survey, nearly two-thirds (63%) of U.S. adults chose financial education as the most important supplementary graduation requirement to math, English, and science,...
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The Securities and Exchange Commission (SEC) on Feb. 9 announced charges against 16 firms for what the Commission described as “widespread and longstanding failures” by the firms and their employees to maintain and preserve electronic communications.
According to the SEC’s announcement, the firms...
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