News

NASD Orders More Fines for 529 Plan Violations

The National Association of Securities Dealers (NASD) has fined Chase Investment Services Corporation of Chicago and MetLife Securities, Inc. of New York $500,000 each for failing to establish systems and procedures to supervise the sales of 529 College Savings Plans.

401(k)s Now Leading Retirement Savings Vehicle

A new study from the Investment Company Institute (ICI) shows that 401(k) plans, originally perceived as a supplement to worker pensions, now have more than twice as many participants as private-sector defined benefit plans.

Paychex Adds Roth 401(k)

Paychex Inc., which provides payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses, has added a Roth 401(k) feature to its retirement services offering.

Seven New Index-Based SRI Portfolios Launched

Progressive Asset Management (PAM) announced the launch of "Progressive Track Investments" (PTI), a suite of investment products that are both socially screened and track existing benchmark indices for most major asset classes.

DST Adds Auto Services to RK Platform

DST Systems, a Kansas City, Missouri-based recordkeeping services provider, is adding automatic investment selection and automatic deferral to its existing automatic enrollment capabilities.

Fidelity Tool Targets Plan Review Trend

Citing research that claims that most small businesses review their retirement plans annually — and that more than a quarter will change providers this year — Fidelity Investments has rolled out a tool that may well accelerate those trends.