Results for "401(k)"

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MIT settles class-action suit that snared Fidelity's Abigail Johnson

September 13, 2019

The Massachusetts Institute of Technology has reached a settlement agreement in a class-action lawsuit that alleged a quid pro quo arrangement with Fidelity Investments related to the university's 401(k) program. The agreement comes just days...

What's driving value in the booming 401(k) adviser M&A market?

September 12, 2019

When asked what drives value for retirement plan practices, Dick Darian, CEO of consulting firm Wise Rhino Group, replied: "Financials, financials, financials." "Like location with real estate, free cash flow or EBITDA has the greatest impact...

Morgan Stanley adding 401(k) participant services to boost wealth business

September 12, 2019

Morgan Stanley Wealth Management is adding more services for 401(k) participants and other workplace clientele as part of a plan to leverage its workplace access to grow its wealth business. The wirehouse brokerage, which has roughly 15,600...

Monitoring 401(k) cross-selling may be next frontier for advisers

September 10, 2019

Trends and developments in the 401(k) market often migrate over to 403(b) plans. Examples include automatic enrollment, which is increasingly popular with plan sponsors, and litigation against plan fiduciaries, which is less popular). Sometimes...

Abigail Johnson of Fidelity reaches deal to avoid testifying at 401(k) trial

September 6, 2019

Abigail Johnson, chairman and chief executive of Fidelity Investments, will not have to testify at an upcoming trial regarding the Massachusetts Institute of Technology 401(k) plan, marking a stark de-escalation of tensions that had flared in...

Rollovers are all bad! Use only direct transfers

September 5, 2019

"When you throw the ball, three things happen and two of them are bad." — Attributed to Woody Hayes (maybe); could also be Darrell Royal, Bernie Moore, or even Gen. Robert Neyland, no one really knows "When you do a rollover, three things...

Headwinds to annuities in 401(k) plans persist

September 4, 2019

The uptake of annuities in 401(k) plans has been muted and slow. There are several reasons for this state of affairs, such as administrative and legal challenges, which have withstood the industry's push to change the status quo and many advisers'...

Hybrid robo looking to offer financial wellness to retirement plan sponsors

August 28, 2019

Financial advisers promote services like "comprehensive financial planning" and "financial wellness" to differentiate themselves from digital advice startups and justify their fees, but now at least one robo-adviser is looking to do the same....

Fidelity, Jerry Schlichter trade barbs over Abigail Johnson testimony in 401(k) lawsuit

August 28, 2019

Fidelity Investments and plaintiff's attorney Jerome Schlichter are engaged in a war of words over the potential for Fidelity chairman and CEO Abigail Johnson to appear and testify at an upcoming trial around 401(k) mismanagement.​ The lawsuit...

Robo-advisers are dead. Long live digital advisers

August 27, 2019

"Humans solve human problems." So says Steve Wilbourne, CEO of Questis, a financial wellness fintech provider. Mr. Wilbourne, a former adviser, realized that technology alone will not solve the financial problems of the 90 million defined-contribution...

DOL readies proposal for more digital 401(k) disclosures

August 21, 2019

The Department of Labor is close to proposing a rule that would boost digital delivery of employees' 401(k) statements, a prospect that has drawn excitement from the retirement plan industry but concerns investor advocates worried that a shift...

Charles Schwab lawsuit win has big implications for all 401(k) plans

August 21, 2019

Charles Schwab Corp. has won its appeal of a 401(k) lawsuit that could have broad implications for all 401(k) sponsors by reducing the number of employee class action lawsuits. The firm was challenging a 2018 ruling in California district court...

Fidelity says number of 401(k) millionaires hits record high

August 21, 2019

Fidelity Investments said the number of retirement savers with at least $1 million in their account hit a record, as did the employee savings rate, according to data from 401(k) plans that it administers. The average employee contribution rate...

Lack of transparency is hurting the 401(k) industry

August 14, 2019

During a recent plan sponsor education program, a professional from a major investment provider was advocating for using annuities for retirement income within 401(k) plans even though the money manager was not an annuity provider. A few plan...

We've got Americans back to work. Now let's help them retire.

August 14, 2019

The Tax Cuts and Jobs Act has unleashed historic economic growth for millions of Americans. Now is the time for Congress to act to consolidate these economic gains by securing retirement benefits for current and future retirees. According to...

Walgreens hit with $300 million 401(k) lawsuit over target-date funds

August 12, 2019

Walgreen Co. has been hit with a lawsuit alleging its "imprudent" decision to keep certain target-date funds in its 401(k) plan caused employees to lose $300 million in cumulative retirement savings. The lawsuit, brought by 12 current and former...

Cross-selling gaining prominence in retirement-plan lawsuits

August 12, 2019

Cross-selling by record keepers has become a hot-button issue in retirement-plan lawsuits, raising broader awareness and questions around how service providers can use participant data. Consider Johns Hopkins University, which agreed last week...

Texas 403(b) law causes adviser concern over investor protection

August 8, 2019

A Texas law taking effect next month is causing concern among some retirement plan advisers who are worried that the legislature has weakened investor protection for public schoolteachers in the state. The law — HB 2820, sponsored by Rep....

Fidelity dogged again by 401(k) quid-pro-quo allegations

August 7, 2019

Fidelity Investments has again been accused of engaging in a quid-pro-quo type relationship with a 401(k) plan sponsor, which allegedly cost employee retirement savers millions of dollars in return for bigger profits. The latest episode involves...

401(k) lawsuits creeping down to smaller plans

August 6, 2019

Lawsuits filed against employers for allowing excessive fees to be charged in their 401(k) plans have, until fairly recently, targeted only the largest entities, those with more than $1 billion in their retirement plans. However, lawsuits filed...

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