Retirement Industry People Moves
Aegon Asset Management names consultant relations leader; Pentegra announces new additions to sales force; ISS ESG selects global research leader; and more.
Wawa ERISA Settlement Valued at Nearly $22M
The basic contention of the lawsuit was that the company acted in a manner contrary to ERISA’s fiduciary requirements when it forced terminated employees to liquidate company stock holdings at an unfair price.
Investment Product and Service Launches
Iron Financial approves Stadion managed account on Nationwide platform; ISS ESG expands Solactive index series; and more.
401(k) Trading Ticked Upward in June
Investors continue to favor fixed income, according to the Alight Solutions 401(k) Index.
Equity Compensation Considerations
The need for education and advice about equity compensation is abundantly clear.
How Advisers Serving MEPs and PEPs Can Be Conflicted
The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge.
NFP Launches Financial Wellness Platform
Called WellCents, it is designed for employers of all sizes.
$300 Million Plan Faces ERISA Fiduciary Breach Lawsuit
The plan being challenged in the latest fiduciary breach lawsuit held less than $300 million as of the start of last year, making it one of the smallest to become the target of an ERISA complaint.
DOL Aims to Quickly Simplify Conflict of Interest Framework
The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.
Voya Offers SAVVI’s COVID Relief Planning Assistant
Employees of Voya’s clients whose income has been affected by the COVID-19 pandemic will be able to get a personalized short-term financial action plan.
Financial Benefits Marketplace Offered by Ayco
The Ayco Marketplace offers both proprietary solutions and curated products and services from other organizations addressing a variety of financial needs.
403(b) Plan’s Use of Actively Managed TDFs Challenged in Lawsuit
The lawsuit also accuses plan fiduciaries of failing to monitor total plan costs.
CareerBuilder Defeats ERISA Fiduciary Lawsuit
The complaint has been dismissed without prejudice, however, and the plaintiffs have until July 28 to attempt to remedy failures in their lawsuit.
Another Lawsuit Challenges Use of Untested CITs in 401(k) Plan
A similar lawsuit was filed in May against an investment manager and a different plan sponsor.
Court Calls Foul (For Now) on Northrop Grumman Settlement
Following the filing of various class member objections, a federal district court has denied a settlement agreed to by the parties in an ERISA fiduciary breach lawsuit against Northrop Grumman.
Fidelity to Pay $28.5 Million to Settle Self-Dealing Suit
The settlement agreement also calls for the monitoring of plan recordkeeping fees and the plan’s investment options.
Retirement Industry People Moves
Orion Advisor Solutions adds TAMP provider; Cetera selects business development head; MassMutual Advisors Association appoints president; and more.
Three New ERISA Lawsuits Bash Actively Managed TDFs
Three new lawsuits question the offering of actively managed target-date funds to retirement plan participants.
Attorneys Offer Closer Reading of DOL’s Open MEP RFI
Advisers and broker/dealers hoping to work with open multiple employer plans now have a short window to offer their perspectives to the Department of Labor and the Internal Revenue Service.
Wave of Coronavirus Hardship Distributions Still Building
Only 5% of respondents to a new survey have withdrawn from their retirement accounts, but another 7% said they plan to do so in the coming weeks.