Retirement Industry People Moves
Cohen & Buckmann adds counsel to Employee Benefits & ERISA practice; Penn Mutual hires portfolio managers for balanced income strategy; and retirement services leader of Millennium Trust retires.
Latest News
Data Shows Majority of Investors Staying Calm Amid Volatility
Vanguard found its clients with only a defined contribution (DC) retirement plan relationship exhibited the lowest levels of trading.
Lawsuit Over Asset-Based Fees for Nationwide’s Retirement Plan Program Dismissed
The parties say they have reached a confidential settlement resolving all claims.
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Investment Product and Service Launches
Innovator expands Defined Outcome ETF suite; Vanguard merges Capital and Windsor funds; and IHS Markit delays rebalancing actions on indices.
Lawsuit Accuses Nationwide of Trying to Profit From 401(k) Investment
The complaint says plan fiduciaries failed to negotiate fixed-interest contract terms for the 401(k) that were as good as the same fund’s terms for its DB plan.
Appellate Court Adds Color to Northwestern University’s ERISA Suit Win
Throughout the 7th Circuit’s decision, it contends the plaintiffs put forth their own opinions and preferences rather than evidence of fiduciary breaches.
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Newport Drops 3(16) Service Fees for Clients
Newport is providing complimentary 3(16) administrative fiduciary services to clients for the remainder of the 2020 calendar year.
Retirement Plan Provisions Included in Senate’s Stimulus Package
Among other things, the bill would allow for targeted, penalty-free access to tax-qualified accounts for those hit hardest by the health crisis.
SECURE Act Eases Paths for DB Plans
A new minimum age for in-service withdrawals and permanent nondiscrimination testing relief ease plan sponsors’ ability to keep older employees and protect their benefits.
Central States Wins Lawsuit Over Kroger Withdrawal
It was the documented process of the multiemployer plan trustees’ considerations of withdrawal proposals by Kroger that helped them win the case.
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FinFit Waives Fee on Financial Wellness Platform
FinFit’s financial wellness platform is available to employers for free through June 30.
Tax Filing Relief Adds Time to Contribute to Benefit Plans
Individuals have more time to contribute to IRAs and HSAs, and employers have more time to contribute to their retirement plans.
Retirement Plan Providers Preparing for Spikes in Loans and Hardships
As the retirement industry awaits details of a coronavirus stimulus relief bill, a spike in participant loans and hardship withdrawals is anticipated.
Understanding the Market Cycle Is Important to Retirement Plan Investors
It is inevitable that markets will go up and down; lessons about downturns should always be a part of participant education.
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Fintech Offers Benefit to Help Employees With Out-of-Pocket Health Care Costs
The interest-free, payroll-deducted payment plan can keep employees ‘away from more financially toxic payment options,’ such as taking a retirement plan loan, the company notes.
Loan, Hardship Withdrawal Flexibility Among Possible Congressional Actions
Lawmakers are debating what will likely prove to be an unprecedented stimulus package aimed at helping businesses, workers and retirees recover from the economic effects of the coronavirus...
ICI: Mutual Fund Industry Should Fall Under ‘Critical Services’
‘To ensure access to invested monies for shareholders across the country,’ ICI’s president asks the Board of Governors to consider mutual funds and their providers for exemptions to...
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Employers Can Offer Financial Help to Participants Without Dipping Into Retirement Savings
Because the coronavirus was designated a disaster under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, qualified disaster relief payments are permitted.
401(k) Plan Fiduciaries to Pay for Failure to Remit Participant Loan Repayments
A court judgment requires the fiduciaries to not only restore the unremitted repayments to the plan, but also $16,782.80 in interest on the unremitted loan repayments.
Retiring Soon? Stay Put in the Markets.
Hopefully participants closest to retirement are conservatively invested, but either way, the message from retirement plan sponsors should be the same—stay the course with investments.