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A suit that questioned the prudence of proprietary funds, as well as alleging excessive fees and poor performance in those selections, has been dismissed.
The suit was brought by one Judy Lalonde, a former employee of Defendant Massachusetts Mutual Insurance Company on behalf of herself and a...
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The American Retirement Association (ARA) and sustainable markets advocacy organization Ceres filed an amicus brief last week in the 5th U.S. Circuit Court of Appeals. It supported the U.S. Department of Labor’s (DOL) rule “that ensures retirement plan fiduciaries, including 401(k) sponsors, can...
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The Department of Labor’s Employee Benefits Security Administration (EBSA) has released a final amendment to Prohibited Transaction Class Exemption 84-14—also known as the Qualified Professional Asset Manager (QPAM) Exemption.
The QPAM exemption permits various parties related to employee...
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Yet another national employer has been slapped with a suit alleging a fiduciary breach in their disposition of forfeitures.
More specifically, the suit (Prattico v. Mattel, Inc., C.D. Cal., No. 2:24-cv-02624, complaint 4/1/24) argues that “by failing to use forfeited funds in the Plan to eliminate...
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I’m rarely at a loss for words, but I was recently asked a question that gave me …pause.
It was a simple question really—John Sullivan and I were being interviewed on the 401(k) Specialist podcast—and Brian Anderson asked “which session are you most looking forward to at the NAPA 401(k) Summit?”...
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There is certainly no doubt for a plan sponsor and a retirement advisor that one of the most impactful investment decisions being made today is determining the optimal QDIA for plan participants. As a result of the fiduciary duty to consider and evaluate all QDIA options, and a growing focus on...
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Investment consulting firm NEPC announced that Mikaylee O’Connor has joined the firm as Principal, Head of Defined Contribution (DC) Solutions.
O’Connor’s appointment became effective April 1, 2024. In addition to serving clients, O’Connor will oversee NEPC’s DC plan trends research and data...
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Fintech provider IRALOGIX, which specifically serves the IRA market, announced that it is partnering with PensionPlus to make it easy for retirement savers to create a personalized retirement plan, all while keeping their current investments.
With PensionPlus, participants get a sustainable...
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The American Retirement Association (ARA) submitted a comment letter to the Department of Labor (DOL) on March 31, 2024, related to the proposed regulation to implement a prohibited transaction exemption for certain auto-portability transactions.
More specifically, the DOL had requested comments...
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A suit alleging fiduciary breaches says that sustained underperformance and massive fund outflows provided signals that plan fiduciaries ignored.
Manuel Esquivel, on behalf of the Whataburger 401(k) Savings Plan, claimed that defendants, Whataburger Restaurants LLC, the Board of Directors of...
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Here’s your call to action: How will you adapt to these revolutionary changes?
Wondering what’s around the corner in the ever-evolving landscape of social media now that artificial intelligence has hit the mainstream? This is way more than robo-advisors or model-building algorithms.
The future of...
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In recent years, there has been quite a bit of focus on lifetime income solutions and decumulation strategies, but in considering such solutions, a new survey finds that defined contribution plan sponsors may be taking a closer look at qualified longevity annuity contracts (QLACs).
This comes as...
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Retirement plan provider Equitable, principal franchise of Equitable Holdings, announced changes to its leadership ranks this week, promoting industry veterans from within the company.
Jim Kais was named Head of its Group Retirement business, effective April 1, 2024. Kais will report to Nick Lane...
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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…
Are your solar eclipse glasses safe or fake? Here's how to find out ...
In Leeuwarden, Netherlands… a jailbreak…of eleven…of sorts ...
In Tampa, Florida…tis the season… ...
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It’s all about engagement.
Basic psychology tells us that groundwork must be laid before getting someone to act. Yet too many tools in the retirement plan and financial services industries fail this basic tenet, resulting in low engagement and lower participation.
Moniwell isn’t one. The firm...
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The Colorado-based firm announced this week that it is planning to launch a new digital solution to make it easier for small employers to establish workplace retirement plans.
Launching in mid-2024, the new, end-to-end 401(k) offering will provide advisors and third-party administrators (TPAs)...
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Recordkeeper consolidation continues, as Ascensus and Mutual of Omaha have reached a definitive agreement where the retirement plan administrator will acquire Mutual of Omaha's 401(k) recordkeeping business, according to a March 27 announcement by the firms.
Through the transaction, Ascensus will...
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UPDATE: Washington Gov. Jay Inslee did, in fact, sign into law on March 28 the retirement savings bill, becoming the 16th state to enact a state-run auto-IRA program.
Washington Gov. Jay Inslee (D) is scheduled to sign into law legislation that will create Washington Saves, a state-run auto-IRA...
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March 2024 Episode Description:
With the aging population growing so rapidly and birth rates declining, many industries could face labor shortages. As many employers face a coming wave of baby-boomer retirements, the gaps in...
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A suit that alleged a breach of fiduciary duty in the selection of proprietary funds that were said to be underperforming has been dismissed for failure to state a claim.
The plan in question is the $1.5 billion, 5,500 participant AllianceBernstein 401(k) plan, and participant-plaintiffs Donald S...
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Longevity and greater spending are “putting the U.S. retirement system under immense strain,” BlackRock CEO Larry Fink wrote in his annual letter to shareholders.
In the letter, bluntly titled “Time to Rethink Retirement,” Fink argued that capital markets will be critical in addressing what he...
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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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The Federal Reserve pegged total student loan debt in America at $1.73 trillion at the end of the third quarter of 2023, averaging just over $38,000 per borrower.
It’s a problem; plan advisors know firsthand how it can prevent participants from saving for retirement. The student loan matching...
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While collective investment trusts (CITs) almost caught mutual funds in 2023 as the most popular target-date vehicle, it appears likely they will overtake mutual funds by the end of 2024.
According to Morningstar’s annual Target-Date Strategy Landscape Report released March 26, CITs—which since...
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Nearly 4 in 10 compliance professionals from asset management, investment adviser, and private markets firms have yet to evaluate Artificial Intelligence (AI) as a cybersecurity risk, according to the findings of a new survey. What’s more, a similar amount has concerns about how the Securities and...
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