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In the United States, Black Americans are particularly affected by retirement savings inequality, with 54% lacking adequate retirement funds due to systemic inequities. This issue is further highlighted by gender-based financial disparities, as shown in the 2021 OCED report, which reveals that...
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Well, here we are again at the end of yet another workweek …and even though 2024 is (still) barely underway…well, just look at what happened to these guys and gals…
Interesting…for a while, anyway…
In Southern Victoria, Australia, an unnamed fisherman pulled an unusual creature from the sea. Do...
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Greg Wilson will join the Client Solutions Group and become head of Retirement for Asset & Wealth Management (AWM), according to an announcement by the firm.
In this role, Wilson will be responsible for setting and driving the firm’s strategy across retirement distribution, defined...
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There are common misconceptions that exist in the retirement plan industry. One is investment fund selection being dependent on three-year track records. There is nothing written in any law or regulation that requires such a thing. We contend that this idea can seem rather foolish.
Many investment...
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Does your team's expertise drive segmentation or is it market driven?
Who is the segmentation for? The advisors or the clients? If it is the clients, what do they get out of the classification? Do they need more or do the advisors only want to deliver X? If it is for the advisors, what is the goal...
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Late last year a Pasadena, California law firm launched a series of suits alleging that the use of forfeitures to offset employer contributions was a fiduciary breach—Nevin (Adams) and Fred (Reish) look at the issue(s) this raises.
“If this is the law, then that would be news to Congress and the...
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With several references made to the movie Groundhog Day, witnesses testifying at a House subcommittee hearing to examine the DOL’s proposed investment advice fiduciary rule suggested the proposal goes beyond its legal authority and called on Congress to act before the guidance ends up in litigation...
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It’s a big year for the implementation of certain SECURE 2.0 provisions. While many of the items are optional, it represents an excellent opportunity for advisors to get in front of plan sponsors to explain what they mean and their potential impact.
“There are two that are the big standouts,”...
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The Department of Labor (DOL) filed two lawsuits against two defunct Maryland companies for failure to remit employer and employee contributions to their 401(k)s.
Acting Labor Secretary Julie Su filed a lawsuit on Jan. 8 after an investigation by the Employee Benefits Security Administration (EBSA...
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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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The Department of Labor (DOL) announced a final rule on Tuesday that it says will help employers and workers better understand when a worker qualifies as an employee and when they may be considered independent contractors. It will take effect on March 11, 2024.
The rule provides guidance under the...
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“I think 2023 was more about the activity in the pending cases and less about new cases filed,” Daniel Aronowitz said when asked about last year's excess fee and performance cases.
On Monday, the president of fiduciary liability insurance firm Euclid Fiduciary released his annual analysis of...
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Despite numerous calls from Republican lawmakers not to resubmit Julie Su’s nomination to be Secretary of Labor, President Biden has done just that.
The White House on Jan. 8 announced that it was resubmitting Su’s nomination to the U.S. Senate for consideration. The Biden administration had...
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A bipartisan roster of 50 congressional representatives sent a letter to Acting Labor Secretary Julie Su and Assistant Secretary for EBSA Lisa Gomez on Monday, bluntly stating their opposition to the latest iteration of the fiduciary rule, officially referred to as the Retirement Security Rule....
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Innovation in the retirement plan space is revolutionizing saving and investing, leading to better outcomes and better participant behavior. Target-date funds are no exception, making it easy(ier) for workers to stay the course through market shocks, in particular.
But are some fund companies—and...
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“If this is the law, then that would be news to Congress and the regulatory agencies, which have declared for decades that forfeitures can be used in this manner,” says a motion to dismiss a lawsuit alleging a fiduciary breach in offsetting employer contributions with forfeitures.
The motion to...
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Two headlines on NAPA Net caught my eye this past weekend—provocative “what if” type questions.
I’m talking about “Will Retirement Income Solutions Finally Break Through in 2024?” and “Will Managed Accounts (Finally) Take Hold as QDIAs?” Both, of course, included the word “finally” in the title(s...
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While many financial services firms and related trade groups have expressed their opposition, several high-profile firms have come out in support of the latest iteration of the Department of Labor’s (DOL) proposed fiduciary rule, officially known as the "Retirement Security Rule: Definition of an...
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The benefits of delaying Social Security benefits are by now generally accepted. While not appropriate for everyone, waiting to age 70 (the maximum age allowed) means a 24% increase in benefits versus claiming at age 67 (full retirement age).
Add in the fact that benefits are inflation-linked and...
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The Berwyn, PA-based firm announced Jan. 8 that, after more than two decades with the company, founder and CEO Bill Crager has made the decision to resign from his role as CEO and transition into a senior leadership position.
According to the announcement, Crager’s transition will begin April 2024...
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A federal judge has reviewed—and approved—an excessive fee settlement agreement, albeit with some modifications.
The participant-plaintiffs in this case are Salvador Aquino, Susan Ford, Monicalayle Garcia, Barbara Kraus, Martha Lopez, Francisco Martinez, Megan Sargent[i]—bringing suit on behalf of...
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Adoption of retirement income solutions within defined contribution (DC) plans hasn’t happened at the rate many thought possible, but the tide may finally be turning, according to one organization.
In its annual list of top retirement industry trends to watch in 2024, the Institutional Retirement...
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The Pension Benefit Guaranty Corporation (PBGC) has work to do in order to accomplish its mission and better serve plans and participants, says a newly released report by the PBGC Participant and Plan Sponsor Advocate.
The 2023 Annual Report of the Participant and Plan Sponsor Advocate Pension...
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While target date funds (TDF) flourish, managed accounts haven’t caught on as a qualified default investment alternative (QDIA), mainly due to higher fees and a struggle by participants to fully realize the benefits of customization.
But that will soon change, according to Wilshire, who admittedly...
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Well, here we are again at the end of yet another workweek …and even though 2024 is barely underway…well, just look at what happened to these guys and gals…
In Edmond, Oklahoma, Oakley is alive and well today…thanks to the actions of Binx…a cat…who saved Oakley, a dog from…well, you’re not going...
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