The appellate court found Bank of America did not profit from transferring participants' 401(k) accounts to a cash balance plans and noted that previously the bank entered into a closing agreement with the IRS, paying a $10 million fine and setting up a special-purpose 401(k) plan to restore participants’ accounts.
However, if retirement expenses are reduced to 80% of average expenses, 82.1% are on track to not run short.
A survey finds that to prevent future retirees from challenges, governments and employers will have to step up to the plate.
Only 2.7% discontinued contributions, according to the ICI.
Eighty percent of American workers surveyed said they would like to hear congressional candidates discuss retirement security.
That is followed by not saving for an emergency, and taking on too much credit card and too much student loan debt.
The flows went primarily to bond, stable value and money market funds.
Half of Millennials expect to retire with financial stability, although most admit they do not know how to successfully invest, PNC Investments found in a survey.
While 64% of couples in their 20's discuss retirement savings, this drops to only 48% for those 40 and over.