Former managing directors at Putnam Investments Justin Scott and Omid Kamshad have agreed to each pay $400,000 to settle charges with the Securities and Exchange Commission (SEC) over their role in a mutual fund trading scandal dating back to 2003.
A new organization, called the Council of Independent 401(k) Recordkeepers (CIKR), has formed to educate and advocate on issues of relevance to independent 401(k) plan recordkeepers.
Plan sponsors of prototype Roth IRAs interested in taking rollovers from 402A Roth Accounts first have to change their IRA documents to be allowed to do so.
Prudential Financial, Inc. has come out with a group of variable universal life insurance contracts for informally funding nonqualified benefit plans, including Supplemental Employee Retirement Plans (SERPS) and Deferred Compensation Arrangements.
The Retirement Services division of InterOcean Wealth Management has formally introduced a new fiduciary protection service for retirement plan sponsors called The Fiduciary Compass.
With the so-called Merrill Lynch Rule a thing of the past, some advisers will need to clarify their role, though it's not likely to broadly impact the managed account environment.
A couple of weeks ago, I stumbled across a paper published by the National Bureau of Economic Research titled “New Estimates of the Future Path of 401(K) Assets.″
Socially responsible mutual fund firm Calvert has launched a new fund that seeks long term capital appreciation by investing primarily in non-U.S. small-cap and mid-cap stocks both in the developed countries and emerging markets.
New York Life Investment Management’s retirement plan services division has come out with a program to help employers better understand workers’ retirement planning behavior by categorizing plan participants into six segments.
Principal Financial Group has released a program that gives fledgling businesses some of the same retirement plan tools available to large plans, such as flexible participant services and retirement savings options.
Human resources outsourcer Ceridian Corp., under pressure from an activist hedge fund, agreed to be bought by private equity firm Thomas H. Lee Partners and Fidelity National Financial Inc.
The Internal Revenue Service has issued guidance sanctioning mid-year changes to 401(k) safe harbor plans regarding new rules for Roth deferrals and hardship withdrawals.
The Board of Directors of Certified Financial Planner Board of Standards Inc. (CFP Board) has revised the ethical standards for CFP professionals, requiring them to 'at all times place the interest of the client ahead of his or her own.'
Bear Stearns' Investment Advisor Services (IAS) has hired Christian Widen, a managing director with 11 years of financial services experience, to be part of the company’s IAS east coast sales team.
Transamerica Retirement Services has announced the addition of five investment choices from two fund families – Thornburg Securities and Fred Alger&Co., Inc.
In response to a recent court ruling that firms operating fee-based brokerage accounts must move these assets to either an advisory account or a traditional commission account, FundQuest has created a service specifically designed to assist with conversions.