Settlement Reached with Couple that Lost Millions in Profit-Sharing Plan
The pair will pay more than $2 million to settle claims they invested assets in companies in which they had significant financial interest and in ways that would personally benefit them.
DOL Sues Couple, Alleges They Lost Millions in Profit-Sharing Plan
A prominent New Jersey couple faces allegations that they invested plan assets in companies in which they had significant financial interest and in ways that would personally benefit them.
Profit Sharing Plan Sponsor Accused of Imprudently Managing Plan Assets
Among other things, the plaintiff alleged fiduciaries of the plan were imprudent in their consideration of participants’ varying interests and needs in the plan’s allocation structure and investment choices.
PSCA Finds Improvements in 401(k) Plan Design
More plan sponsors are making Roth contributions available, automatic enrollment default deferral percentages are increasing, and company match formulas are becoming more generous.
Default Rates for Auto Plan Features Moving Up
More plans are auto enrolling at a greater than 3% default deferral rate, and 13% of plans are increasing deferrals at more than 1% annually, a PSCA survey found.