Products

Vestwell and Morningstar create 3(38) service; GSAM announces first actively managed ETF; Lyxor Americas launches hedge fund program for institutional investors; and more.

Clients with high-deductible health care plans can use the solution to put aside money on a tax-favored basis for eligible health-related expenses.

It is available for all plan participants through CUNA Mutual Retirement Solutions’ BenefitsForYou website, and there is no cost to participants or plan sponsors.

Its retirement plan participant clients can now access personalized information, including frequently-asked account queries, through their Alexa-enabled devices.

Lively HSA owners have requested a mobile app ever since the firm’s launch, says Shobin Uralil, co-founder and COO of Lively.

The company has improved navigation, provided more self-service features and information, and offered mobile access.

Among other new capabilities, Prudential is expanding its financial wellness engagement solutions to include a financial coaching service, available via phone and one-way screen share.

Named Fidelity Works, the package will also be available to third parties working with these employers, including advisers, employee benefits brokers, banks and certified public accountants (CPAs). 

The Empower Retirement solution will be made available to all retirement plan clients—pending sponsor agreement—as well as individual retirement account customers. 

Using retirement readiness measures, advisers have access to an objective guide to help evaluate plan status, and allowing advisers to compare metrics for plans of similar size and scope provides assessment opportunities so advisers can easily adapt plans to accommodate changing dynamics.

Steidle Pension Solutions, LLC (SPS) announced that plan sponsors using SPS administration and actuarial services will pay only $1,200 for full-service administration, and its plan document restatement fee is only $325.

Pentegra Millennial SmartPath is a report detailing best practices and strategies for Millennials to help improve retirement readiness and overall financial wellness.

Principal Financial Group launches the Principal Guaranteed Option, while Charles Schwab introduces subscription pricing for robo-advice. 

Retirement plan sponsors may take advantage of automatic rollover rules for small plan balances to reduce the administrative costs of keeping those participant accounts in their plans.

According to Stacy Bucchere, head of defined contribution at Bank of America, 4,100 Merrill Designated Advisors have completed designation requirements and will be able to provide either 3(21) investment adviser or 3(38) investment manager services.

Available to all customers, the tool analyzes an individual’s real-time account information, along with their responses to a handful of simple lifestyle and financial questions, allowing for projections and interactive analysis of retirement income strategies. 

The new website includes a detailed section about how unlimited investment lineup options can help 401(k) advisers give their clients the best chance of reaching retirement readiness.