News

SEC Reveals $37M Columbia Market Timing Distribution

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.

DB Closures Generally Paired with DC Improvements

Although a majority of defined benefit plan sponsors have either closed the plan to new hires or frozen it for all participants in the last two years, most of those sponsors have also bettered their 401(k) offering.

Securities America Fined for Improper Commission Sharing

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.

Claymore Announces New International ETFs

Claymore Securities, Inc. has announced the launch of two new exchange-traded funds (ETFs), the Claymore/Zacks Country Rotation ETF (CRO) and the Claymore/Zacks International Yield Hog Index ETF (HGI).

Yanks a Lot

For years, football’s Dallas Cowboys called themselves “America’s Team″, but baseball has long regarded itself as the nation’s national pastime.

Auto IRAs Could Help 48 Million Americans Save

With bills pending in both the U.S. Senate and House encouraging employers to sponsor auto-enrolled IRAs, an AARP-sponsored study says such a vehicle would help as many as 48 million workers amass enough of a retirement nest egg.

John Hancock to Offer 401(k) Rollover Option

John Hancock retirement plan participants will soon be able to use an option that allows them to roll their 401(k) account balances over from an employer-sponsored plan to another retirement account.

Standard Picks Up TPA, Investment Adviser

Standard Retirement Services, Inc. has agreed to acquire the assets of Portland, Oregon based third-party retirement plan administrators DPA, Inc., and its associated investment adviser business, MasterPlan Advisors, Inc.

Participant Education Still Important in Automatic Era

Although the Pension Protection Act has officially ushered in a wave of automation to retirement plans, education is still a vital part of a successful 401(k) and advisers can help plan sponsors measure the effects of their education campaigns.

Bringing a PPA Fiduciary Adviser to a Retirement Plan

Suggesting that many retirement plan advisers will become fiduciary advisers under the Pension Protection Act (PPA), attorney Fred Reish, Partner at Reish Luftman Reicher & Cohen, said plan sponsors should expect these advisers to be experts on a successful retirement plan, not just investments.

QDIA Guidance Has Retirement Community Holding Its Breath

As the retirement plan and investing community waits for the final regulations governing qualified default investment alternatives (QDIAs), there is significant anticipation to see whether the final pronouncement adds stable value funds to the acceptable list.