The financial firm will pay $6,900,000 in settlement.
Tag: 401(k) plans
A new law would raise the contribution limit for SIMPLE plans from $12,500 to $15,500 for the smallest businesses and give businesses with 26 to 100 employees the option of the higher limits.
The new law extends the time a participant has to repay loans from 60 days after an offset to the date their tax return is due.
The expense ratios 401(k) plan participants incur for investing in mutual funds have declined substantially since 2000, Investment Company Institute data shows.
Average individual 401(k), 403(b) and IRA account balances increased year-over-year, according to the latest cut of data from Fidelity’s book of retirement business, but the average dipped slightly from Q4 2017, reflecting market volatility and the fact that new small-balance savers entered the fold.
The latest book was expanded to include 401(k) fee information on plans with large participant account balances.
In 2016, 40.2% of plan sponsors surveyed by the PSCA used a default rate for auto enrollment greater than 6%.
Many participants do not know about the credit, the Transamerica Center for Retirement Studies found.
However, a federal judge certified subclasses on the imprudent investment claims because class representatives were not all invested in the 401(k) funds challenged.
“I work for a firm that recently took over as third-party administrator (TPA) for the retirement plans of a large private tax-exempt 501(c)(3) hospital.
Market returns, adoption of safe harbor plans and more education to participants can be attributed to this increase.
Another employer win in a stock drop suit indicates it is tough for retirement plan participants to meet the pleading standards set forth in Fifth Third v. Dudenhoeffer.
The Fed's analysis concludes that 401(k) plans “could work much better and balances would be higher if all plans were fully automatic.”
A federal district court ruled the plaintiffs did not meet all the pleading standards set forth by the U.S. Supreme Court.
Employees say they use company stock acquired through their ESPP to help pay down debt, add to their retirement savings, finance real estate or home improvement projects, or simply set aside for a rainy day.
“I read with great interest your recent Ask the Experts column about one-time irrevocable elections for 403(b) plans.