FINRA Seeking Comments on Churning Rules as SEC Considers Action
A new client alert published by the Wagner Law Group urges advisory firms to review and consider an update to anti-churning policies, now that FINRA and the SEC...
News
Skill in Fiduciary Discretion Discussions Brings Lots of Low-Hanging Fruit
Independent advisory shop founder Joe Gordon talks about winning new plan business from brokers and bank advisers who are “seriously fumbling the discussion with clients about fees and...
Retirement Readiness Measure Added to dailyVest’s Plan Health Tool
PlanAnalytics will now utilize retirement readiness data from GuidedChoice.
Plans With Complete Discontinuance of Contributions Treated As Terminated for Vesting Purposes
An IRS compliance project found some profit sharing, including 401(k), plan sponsors did not understand when a complete discontinuance of contributions occurs.
Employees Have Other Financial Issues That Get in the Way of Retirement Readiness
A PwC survey finds employees are struggling with debt and supporting adult children and aging parents, but also are not investing in their retirement plans properly or using...
Smart Beta Demand Favors Multi-Factor Approach
Data shared by FTSE Russell, taken from the firm’s annual smart beta survey, suggests the use of “multi-factor combination smart beta index-based investment strategies” by institutional investors has...
Multiemployer Pension Funding a Big Challenge for PBGC, Wider Economy
Multiemployer pension plan insolvencies will obviously be harmful to the participants and beneficiaries of the plans in question, but the loss of the significant economic momentum provided by retirees spending...
Plan Sponsors Must Be Given Deference in Lawsuits Challenging Ambiguous Plan Terms
A federal appeals court found a district court did not apply the correct standard of review in a case challenging the calculation of lump-sum payments from a defined...
DISRUPTION: AssetMark Executive on Outsourcing and Practice Growth
Matt Matrisian, SVP of strategic initiatives at AssetMark, is passionate about the topic of advisory practice management, enough so that he wrote a 300 page book on the...
Retirement Industry People Moves
ABG Brings in Business Development Officer for Retirement Plans and HSAs; FIS Group Hires SVP to Manage Sales and Marketing; BPAS Joins LPL Financial Retirement Partner Program; and more.
Opportunities Exist, But Future of CITs in 403(b) Plans Remains Murky
Higher education clients with very large 403(b) plans could theoretically benefit from new laws or regulations allowing them to invest participant assets through collective trust vehicles, but for...
Rare Motion for Reconsideration Granted by District Court in ERISA Suit
Legal experts generally consider reconsideration of a judgment an extraordinary remedy, one which will be granted only sparingly; even so, a federal district court has admitted key mistakes...
University of Rochester Called Out for Excessive Fees Paid to TIAA
The lawsuit claims the university failed to adequately benchmark fees, negotiate for better fees, or reveal true fees participants were paying.
Plan Sponsor Challenged in a Lawsuit for Using Untested Hewitt Funds
The plaintiffs say that since these experimental funds were added to the plan in 2013, they have consistently underperformed their benchmarks, and have underperformed the funds they replaced...
Industry Sources Urge Lawmakers to Move Forward on Retirement Plan Proposals
A hearing focused on four bipartisan proposals, but a couple of witnesses also urged passage of the Retirement Enhancement and Savings Act of 2018.
Investment Products and Services Launches
TD Ameritrade Adds ESG Investment Models and First Trust Creates Index-Based ETF.
Parents Keeping College Savings Separate From Retirement Savings
Only 10% plan to tap their retirement savings to help fund their child’s college education.
Gig Economy May Replace Retirement
Sixteen percent of Americans plan on having gig economy jobs in retirement.
Assets, Not Age, Will Determine Retirement Date for Many
Defining retirement goals by a particular age can be risky, according to LIMRA Secure Retirement Institute research, as it doesn’t account for the actual savings and assets available...
Millennials Increasingly Embrace Roth and Traditional IRAs
The percentage of people who contributed to their Fidelity IRA in Q1 2018 increased 14% over a year ago; among Millennials, IRA contributions increased even more.