Correspondents offering input to the U.S. Department of Labor (DoL) about revisions to 401(k) fee disclosures said that educating plan sponsors and participants about fees was important but suggested that any revisions needed to be carefully pondered.
Morgan Stanley has agreed to settle a class-action lawsuit that accused the investment bank of discriminating against black and Latino employees in its retail brokerage division since 2002.
A federal judge presiding over a lawsuit against the Principal Financial Group over its 401(k) revenue sharing arrangements has cleared the way for the case to be moved to Iowa after plaintiff’s lawyers never mounted the appeal they had promised.
Just after the introduction of a new bill regarding 401(k) fee disclosures, another House Committee is gearing up for hearings on the issue.
The Securities and Exchange Commission (SEC) has fined former Prudential Securities executive Michael Rice and barred him from working in the securities industry for not putting a halt to improper market timing practices, Reuters reported.
U.S. Representative George Miller (D-California) has introduced legislation that would increase the disclosures about 401(k) fees that are required to be provided to participants.
Seeking class action status on behalf of all plan sponsors, plan administrators and trustees of defined contribution plans in which Fidelity now serves or has served as a trustee, a plan sponsor has sued Fidelity Management Trust Company, alleging the provider got
Twelve associations that represent employers who sponsor 401(k) plans submitted recommendations to the Department of Labor (DoL) on Tuesday on how to improve fee disclosure to participants.
A day after the Internal Revenue Service (IRS) released the final version of its 403(b) rules, the Department of Labor (DoL) said Tuesday that the plans can be set up so they are exempt from the Employee Retirement Income Security Act (ERISA).
Experts say that the finalized 403(b) rules, released on Monday by the Internal Revenue Service (IRS), represent a potential opportunity for plan advisers.
The Hartford Financial Services Group has agreed to pay $115 million to settle allegations by the states of Connecticut, Illinois and New York that it faked bids and allowed mutual fund market timing.
NYSE Regulation, Inc. has censured and fined the Smith Barney Division of Citigroup Global Markets Inc. (“CGMI″) for failing to supervise trading of mutual fund shares and variable annuity mutual fund sub-accounts, failing to prevent market-timing violations by its brokers, and failing to maintain adequate books and records.
In comment letters to the Securities and Exchange Commission (SEC), neither group suggested that the SEC abolish the fees, asking that the Commission keep them, although perhaps with refinements.
Retirement services trade group The SPARK Institute has asked the Securities and Exchange Commission (SEC) to continue allowing mutual funds to pay 12b-1 fees to retirement services providers, but said that the fees should be disclosed to participants.
UBS has reached a $23.3 million settlement agreement with New York Attorney General Andrew Cuomo to quell allegations that the investment bank engaged in ‘steering customers into the fee-based accounts of its InsightOne brokerage accounts.’
That which we call a rose by any other name might smell as sweet – but that doesn’t mean you can call it a rose.
The Securities and Exchange Commission (SEC) has filed a proposed plan to distribute money in a Fair Fund as part of the agency’s market timing case against INVESCO Funds Group, Inc., AIM Advisors, Inc., and AIM Distributors, Inc.
The Securities and Exchange Commission (SEC) on Wednesday announced a $37 million payout to more than 300,000 investors who were harmed by Columbia Funds’ fraudulent mutual fund market timing between 1998 and 2003.
NASD announced on Wednesday it has fined Securities America, Inc. of Omaha, Nebraska, $375,000 for improperly sharing directed brokerage commissions from a mutual fund company with Michael Bullock, a former Securities America broker.
Advisers can count on new regulations relating to retirement plan fees and disclosures in the near future but it is unclear whether those will be authored by Congress or the regulators.