The pandemic has highlighted the need for plan sponsors to actively encourage revised beneficiary designations and have missing participant procedures in place.
Employees of Voya’s clients whose income has been affected by the COVID-19 pandemic will be able to get a personalized short-term financial action plan.
Solutions in the marketplace address a variety of financial needs, including personal loans and savings, student loan refinancing and investment management.
The lawsuit also calls out the use of an investment manager’s proprietary actively managed funds and the plan sponsor’s failure to obtain cheaper share classes.
The lawsuit accused plan fiduciaries of using the plan as an opportunity to promote Fidelity’s mutual fund business at the expense of the plan and participants.
Attorneys say employers considering whether, and what type, of multiple employer plan (MEP) to join will want to closely monitor the progress of guidance anticipated from the Department...
Off-the-shelf TDFs may not meet the needs of participant demographics, so plan sponsors can build custom TDFs to provide greater diversification and less risk near retirement.
Research finds few retirement savers have lowered savings rates or withdrawn money; however, those with lower incomes and in certain industries may be disproportionately affected.