Category Archives: Retirement Plans

PNC Financial Services Group Inc. won their lawsuit brought by their employees, that accused them of paying excessive recordkeeping fees for their 401(k) plan. Federal Judge Christy Criswell Wiegand in the Western District of Pennsylvania said that expert witness, Ty … Continue reading →

Fisher Investments announced that they will be spinning out an independent 401(k) solutions division. Fisher Investment 401(k) Solutions will become an independent firm named Fisher Retirement Solutions to be run by CEO Nathan Fisher, son of Fisher Investments founder and … Continue reading →

Scrivener’s error is a mistake made by someone who is writing or copying something down, like a typo or a misspelling. It’s also a losing argument for most mistakes in a retirement plan document. Intent is a nice idea. It’s … Continue reading →

Milliman beat back claims that it breached a duty by retaining in-house target risk funds in its 401(k) plan. At issue were some Milliman-owned, proprietary allocation funds, a suite of target risk funds (the Unified Trust Wealth Preservation Strategy Target … Continue reading →

I think I learned in American politics that first semester in Stony Brook that if men were angels, there would be no need for government. If people did the right thing, there would be no need for government regulation. I’m … Continue reading →

A federal judge in Northern California stated HP Inc. doesn’t violate the Employee Retirement Income Security Act (ERISA) by using forfeited 401(k) money to pay contributions it’s required to make to the plan, by dismissing a proposed class action. HP … Continue reading →

The ERISA Industry Committee (ERIC) is pushing back on the Department of Labor (DOL) ask to require retirement plans to provide what it calls excessive amounts of participant information for its SECURE 2.0-mandated “Retirement Savings Lost and Found” database. ERIC … Continue reading →

A Vanguard published report found that the average participant deferral rate matched the historic high of 7.4% in 2023. When combined with employer contributions, the average participant’s savings rate kept pace with the all-time high of 11.7%, reached in 2022. … Continue reading →

For about a 25-year run, mutual funds dominated the 401(k) market, but signs are changing. A recent Cerulli report indicates CITs (Collective Investment Trusts) are currently on pace to overtake mutual funds as the most popular target-date vehicle in 2024, … Continue reading →

The best retirement plan committees I’ve seen are dedicated to the process. That means regularly scheduled meetings, a documented record, and adherence to board policies. I will always say that having no committee is better than having a committee that … Continue reading →