Happy Friday, PLANSPONSOR readers! The week started out with the announcement of an acquisition of Aon Hewitt’s HR and Benefits administration business. Then we faced another development affecting the retirement plan industry—President Donald Trump’s Labor Secretary nominee dropped himself out of consideration. Trump seems to have reversed course with his newest nominee. In other news, just as one retirement plan provider agreed to settle a self-dealing suit over its retirement plan for employees, another provider was just charged with self-dealing. Finally, we get research from Willis Towers Watson about a new way of thinking about diversification in this new market environment. All this and more in this edition of PLANSPONSOR Weekend!
The day before his Senate confirmation hearing was set to kick off, Department of Labor (DOL) Secretary nominee Andrew Puzder withdrew himself from consideration.Read more >
Days after the surprise withdrawal of Andrew Puzder as President Trump’s Labor Secretary nominee, the White House is now confirming their new pick for the job, former member of the National Labor Relations Board R. Alexander Acosta.Read more >
A lawsuit accuses T. Rowe Price and its affiliates of not only offering just proprietary funds in the company’s 401(k) plan, but only offering the highest-priced versions of those funds.Read more >
The lawsuit claims the trustee allowed an unauthorized person to take a distribution from a participant’s account and that the trustee is refusing to provide information to help remedy the situation.
The Center for Retirement Research says half of American households are at risk of not being able to live at pre-retirement standards of living in retirement.
Plan sponsors should look at participant needs to determine whether annuities would be a fit for their plan and, if so, which types of annuities meet those needs.
