The lawsuit alleged that the company selected high-cost proprietary investment products offered and managed by Jackson National and its affiliates on the plan’s menu of investment options, allowing it to maximize profits.
Tag: retirement plan investments
The 1st U.S. Circuit Court of Appeals found “several errors of law in the district court’s rulings.”
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.
A court agreed that the Kentucky Retirement System board of trustees were permitted by law to choose alternative investments one city claimed produced small returns and high fees.
The EBSA’s Plan Investment Conflicts (PIC) project have reviewed conflicts of interest of fiduciary service providers and investment managers of plan asset vehicles that led to conflicted decision making processes, imprudent application of investment guidelines and the payment of excessive fees.
The bank has agreed to pay $21.9 million to settle charges it benefited from including proprietary funds in its 401(k) plan.
MassMutual introduces new TDFs, and Krane Funds Advisors creates CIT for retirement plans.
According to the complaint, the defendants removed a large number of established funds in the plan that were performing well (at Hewitt’s urging), and replaced them with an unproven set of newly-launched funds from Hewitt that have consistently underperformed.
DC plan consultants surveyed by PIMCO offer suggestions for helping retirees with income, core investment menu design and other DC plan features.
The defendants argued that a court decision in a self-dealing lawsuit against Wells Fargo supports their motion to dismiss their suit.
The lawsuit alleges that Gannett Co., its benefit plans committee and other fiduciaries’ decision to concentrate plan investments in Gannett’s parent company common stock was a breach of their fiduciary duties under ERISA and caused a loss of approximately $135 million.
Hartford Funds lowers fees for six ETFs; oekom research joins ISS, renames brand; T. Rowe Price releases multi-strategy fund; and more.
U.S. Fiduciary Services and three of its subsidiaries agreed to provide payment of more than $7 million to 42 retirement plans.
They like the tax advantages, investment opportunities and investor control that 401(k)s and other DC plans offer them, ICI finds.
BCG adds 401(k) managed account from Stadion to recordkeeping platform; Mercer partners with Investment Metrics for client reporting; BCM TDF series to offer protection within uncertainty; and more.
However, a federal judge certified subclasses on the imprudent investment claims because class representatives were not all invested in the 401(k) funds challenged.
The complaint alleges fiduciaries of Mutual of Omaha’s 401(k) plan violated their fiduciary duties by selecting numerous investment options because they paid fees to Mutual of Omaha or its subsidiaries.