Nordstrom Suit, HP Revival Add to 401(k) Forfeiture Cases
A Wagner Law Group attorney says plan sponsors should review their plan documents, as Nordstrom is the latest employer challenged over its use of forfeited funds.
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Voya Financial Surpasses $100B in Multiple Employer Solutions Assets
The firm saw a 15% increase in total assets, compared with the same period in 2023.
Benefits |
Commonwealth Launches Financial Well-Being Program With $7M From JPMorgan
The bank committed $7 million to fund a three-year program in which the nonprofit will provide benefits to low- and moderate-income workers.
Benefits |
Reduction in Pension Benefits Leads to Wider Income Inequality, Study Finds
According to NCPERS research, the impact of pension cuts is often missing from pension policy debates.
Benefits |
IRS Offers Interim Guidance on Student Loan Matching Payments
The notice is intended to help plan sponsors implement the match program, with plans for regulation offering further guidance to come.
Plaintiffs Gain Class Action Status in Genworth 401(k) Suit
A federal judge granted class action status to participants invested BlackRock LifePath Index Funds, in contrast to numerous dismissals for similar allegations.
Fidelity Reports 81% Plan Sponsor Satisfaction With Advisers
An annual survey of more than 1,000 employers finds an 81% plan outcome satisfaction rate.
IRS Forms Public-Private Committee to Combat Tax Fraud
The new coalition, an offshoot of the IRS’s Security Summit group, will work to reduce tax scams during the 2025 filing period.
Retirement Industry People Moves
Mercer promotes Ben Kibbe to lead West region; The Standard hires Daniel Kretz as retirement plans VP for Maryland and D.C.; World Investment Advisors hires CFO; and more.
Products |
JP Morgan Announces Lifetime Income TDF
The asset manager adds to the roster of large financial firms targeting the market for pension-like retirement savings in DC plans.
Products |
Product & Service Launches
TIAA revamps its plan sponsor administration platform; small business retirement plan provider Ubiquity teams with bookkeeping firm Bench Accounting; SEI launches direct indexing investment strategies; and more.
Few Plans for Retirement Are Weatherproofed for Extreme Events
Most Americans do not have a strategy to account for rising costs caused by increasingly frequent natural disasters.
District Court Strikes Down Missouri Anti-ESG Rules, Grants Statewide Injunction
A judge in the Western District of Missouri issued a final ruling in favor of a lawsuit filed by the Securities Industry and Financial Markets Association against two...
The Standard to Acquire Allstate’s Employer Voluntary Benefits Business for $2B
The acquisition is set to close in the first half of 2025.
TDF Assets See Steady Climb Through July
Simfund data show target-date-fund assets, popular in retirement plans, boosted in part by passive investment inflows.
401(k) Forfeiture Lawsuits Continue to Advance
Lawsuits against Bank of America, Intuit and Qualcomm alleging improper use of forfeited plan funds are all either under consideration or moving ahead in district courts.
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Oaktree Dropped From Vanguard Emerging Markets Fund
Vanguard has reallocated Oaktree’s advisement to two other current fund advisers.
Inspector General’s Office Warns About Social Security Administration Scammers
People at or near retirement age are being targeted in hybrid scams involving imposter Social Security Administration employees.
California Legislation to Regulate PBMs Puts Self-Insured Plans at Risk, ERIC Warns
A bill introduced by California state senators proposes increased regulation on pharmacy benefit managers, which have come under fire recently.
Funded Status of Corporate Pension Plans Held Steady in July
Most investment consultants and research firms found that funded status remained flat in July, with some seeing slight declines.