401(k) Participants Turn Back to Equities in January
In contrast to the majority of months in 2011, the net direction of 401(k) participants’ transfers in January 2012 returned to equities.
News
529 Assets Jump in Q4 2011
Total 529 college savings plan assets were an estimated $144.4 billion in Q4 2011, according to data from Financial Research Corporation (FRC), a division of Strategic Insight.
Workers Would Trade Pay for Retirement Security
Nearly half (44%) of U.S. workers are worried about reductions in their retirement benefits over the next two years, according to a survey by Towers Watson.
Global Mutual Fund Flows Decreased by 80% in 2011
Net cash contributions to long-term mutual funds around the world came in at around $200 billion for 2011, down from almost $1 trillion in both 2010 and 2009,...
USI Consulting Group Hires VP, Retirement Services
Moira Duffy joined USI Consulting Group as vice president, retirement services.
408(b)(2) Poses Concerns For B/Ds, Small-Plan Advisers
Some industry experts are concerned that covered service providers will misinterpret the Department of Labor’s (DoL) 408(b)(2) regulation guidance about using ranges to estimate indirect compensation.
N.J. Court Finds Public Employee Need not Return Pension Overpayment
An appellate court in New Jersey found a public worker did not intend to mislead the state and does not need to repay $258,191 in pension benefits mistakenly...
LPL Financial Appoints Executive VP
LPL Financial appointed Mimi Bock as executive vice president of Independent Advisor Services (IAS).
Lost Pension Assets by Japan Investment Managers Sparks Larger Probe
Japan's financial regulator halted operations of a Tokyo money-management company after finding it allegedly lost billions of dollars in client money.
Emerging Market and Asia/Pacific iShares ETFs Launched
BlackRock Inc.’s iShares Exchange Traded Funds (ETFs) business launched two dividend-focused equity funds designed to access the emerging markets and Asia/Pacific developed markets.
BofA to Freeze Pension Fund
Bank of America will freeze its pension plans for eligible employees, effective July 1, 2012.
Tribune Workers Have Retirement Savings Restored
The Tribune Co., GreatBanc Trust Co. and various insurance carriers completed funding a global settlement of $32 million for the Tribune Employee Stock Ownership Plan’s participants.
Payroll Tax Cut Extended, IRS Issues Revised Form
The Internal Revenue Service (IRS) released revised Form 941, enabling employers to properly report the newly extended payroll tax cut.
Defunct Company Ordered to Restore Retirement Plan Assets
The U.S. Department of Labor (DoL) obtained a summary judgment ordering Compass Capital Partners Ltd. and owner Harris M. DeWese to restore $661,206 to the defunct West Chester,...
Appellate Court Reopens Case Against State Street by GM Participants
The 6th U.S. Circuit Court of Appeals revived a stock drop lawsuit brought by General Motors retirement plan participants against State Street.