Regulation
Multiple Employer Pension Plans May Need to Brace Themselves for Lawsuits
Consulting firm October Three says lawyers will likely set their sights on MEPs.
Tag: 401(k)
Pensions
Bill Would Move New Texas State Employees to 401(k)-Like Plan
The proposed pension reform would affect workers hired after Sept. 1, 2022.
Market Moves
Court Rules in Favor of Principal Life Insurance in ERISA Lawsuit
District court judge concludes conflict of interest alone is not a breach of fiduciary duties.
Research
Auto-Enrollment Triples New Hire Participation
Vanguard report finds DC plan take-up rates surge to 91% from 28% under automatic enrollment.
Research
Retirement Account Balances Rise to Record Levels in Q4
Women are ‘saving more for retirement than ever before’ with record contribution rates.
Risk
Coca-Cola Bottlers Association Faces ERISA Lawsuit
Plaintiffs allege missteps by 401(k) plan fiduciaries cost participants millions of dollars in retirement savings.
Newsmakers
Restoring Pensions from 401(k) Plans Could Cost San Diego Millions
The city might have to retroactively create DB plans for some 4,000 city workers.
Research
Boeing Is Now a Conviction Buy, Says Goldman Sachs
Despite continued woes, the aerospace giant should do well in a post-virus world, when plane deliveries resume and the 737 Max is flying, the bank contends.
Risk
Neiman Marcus, Mired in Chapter 11, Cuts Executive Retirement Benefits
Discord over move is sharpened by big bonuses for CEO and other C-suite execs.
Regulation
Advocacy Group Calls New Labor Department Rule ‘Anti-Consumer’
Pension Rights Center says the policy contradicts recent Supreme Court ruling and DOL guidance.
Regulation
Permission to Tap 401(k)s Worries SEC Chief
New penalty-free retirement plan withdrawals, meant as recession relief, may result in too-risky investing, Jay Clayton says.
Corporate Moves
At Least Boeing’s Stock Isn’t in Its Pension Plan Anymore
Controversial 2017 contribution of $3.5 billion in company shares to the retirement program apparently was divested, long before the current share-tanking mess.
Asset Management Culture
MassMutual Reportedly Exploring $2 Billion Sale of Retirement Services
The life insurance company apparently no longer considers the DC plans integral to its business.
Market Moves
Don’t Get All Excited by the Green Light for PE in 401(k)s
Private equity isn’t always a market beater and charges high fees. Besides, it’ll be confined to larger investment pools, like target-date funds, which limits its impact.
Regulation
Northrop Grumman Pays $12.4 Million to Settle 401(k) Lawsuit
Lawsuit said firm’s alleged fiduciary failures caused plan to lose over $13 million