However, 20% said they do not understand the process for withdrawing money from their 401(k) in retirement, according to a Charles Schwab survey.
Tag: 401(k) plans
A lawsuit alleges that the defendants failed to take advantage of the plans' bargaining power by only offering actively managed retail mutual funds as investment options.
The revitalized programs now offer simplified investment lineups, affordable pricing and fiduciary support services.
It marked the second consecutive month of no above-normal trading, the first time this has occurred since May and June 2017.
In 2017, target-date funds (TDFs) represent 41% of CIT assets in 401(k) plans, Cerulli Associates finds.
Alight Solutions found a nearly $100,000 difference in 401(k) savings between participants who had loans outstanding and those who did not.
The financial firm will pay $6,900,000 in settlement.
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.