“We will do everything we can to make this a non-event for plan sponsors and participants,” says Renee Schaaf, Principal’s president of retirement and income solutions.
Drawing on his experience leading a sizable integration of two recordkeepers, the CEO of John Hancock Retirement Plan Services offers some insight about Principal’s acquisition of Wells Fargo Retirement and Trust.
FlexPrecision is low-cost and simplifies operations while providing access to well-known investment funds with LeafHouse 3(38) fiduciary investment manager protection.
Fidelity’s head of workplace investing expects the recordkeeping business will grow ever more competitive over time, leading to additional consolidation and, he says, more unified services for plan participants.
“These definitions provide a level platform for vendor evaluation as it relates to cyber security breach and fraud,” says Rasch Cousineau, a senior consultant with the Hyas Group.
However, the 9th U.S. Circuit Court of Appeals did remand back to a district court the calculation of interest on the $7,367,382.13 in damages awarded.
While the firms are better known for their sizable banking businesses, both BB&T and SunTrust offer DC plan recordkeeping services; plan sponsor clients “should expect business to continue as usual” for the time being.
Continued net flows out of the DC system, driven by Baby Boomer retirements, could cause more provider consolidation and redoubling of efforts by recordkeepers to keep assets in DC plans.
The long-running litigation appears to be heading for a mediated conclusion, after a contentious discovery process that produced over 260,000 pages of documents and more than 20 depositions.
Experts at the Best of PSNC 2018 event in Boston reviewed plan sponsors’ use of different fund types and fee structures, offering up tips for better analysis of investment and recordkeeping expenses.
The court holds that bundling services or revenue sharing are common and acceptable investment industry practices that frequently inure to the benefit of ERISA plans.
IPX is a modernization of traditional recordkeeping platforms that serve plans with multiple providers.
An announcement this week that Fidelity is launching retail mutual funds with management expense ratios of zero basis points shows how asset managers are evolving to capture a greater share of a shrinking fee pool.
The court’s decision, which leaves room for an amended complaint, is based on questions of timeliness and a lack of standing, rather than on the facts of the relevant compensatory arrangements in place between the defendants.
In creating a unified sales and service structure for DC, DB, multiemployer and association retirement plans, the firm wants to provide a more consistent experience for both advisers and plan sponsor clients regardless of market size, location or organizational structure.
The text of the new decision says the second amended complaint has failed because “it is an attempt to replead dismissed counts,” and because it includes an entirely new cause of action, violation of the Racketeer Influence Corrupt Organizations Act.
The Wisconsin Association of Independent Colleges and Universities announced a partnership with Transamerica to create a 403(b) multiple employer retirement plan specifically for its educational institution members.
Mobile-friendly, responsive web portal design has increased in the retirement industry to match consumers’ rising desires to be able to complete routine tasks without being tethered to a computer.