As the implementation date for the Department of Labor (DOL)’s Conflict of Interest rule approaches, Capital One Investing will be moving away from commission-based products within its retirement-account services.
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Edward Jones is being accused by another set of plaintiffs of favoring the investments of its “preferred partners” in its 401(k) plan, enriching the firm at the expense of performance.
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The latest ERISA lawsuit to be filed targets Xerox and Financial Engines for advice arrangements negotiated between the firms and several Ford Motor Company retirement plans.
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As part of an excessive fee lawsuit against Shell Oil, Fidelity was named as a defendant and accused of breaching its fiduciary duties by sharing participant data with affiliates for solicitation of other products.
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.