DC execs expecting big changes from Obama push on fiduciary standard
With President Barack Obama now leading the charge, a multiyear battle to update a fiduciary standard for anyone giving retirement investment advice has defined contribution plan executives and service providers bracing for big changes.
Can They Grab Your Pension?
Clawbacks become more common as plans discover they overpaid recipients.
Got a pension? Act now to save it
If you were among the 15.7 million private-sector workers with a traditional defined benefit pension plan in the U.S. in 2012, now might be good time to stop counting your blessings.
President Obama calls for new consumer protections
At a briefing hosted by AARP yesterday, I had the privilege of watching President Obama announce his support for a proposed rule to put a brake on conflicts of interest in investment advice for retirement accounts. The event set the stage for the release of the Department of Labor’s (DOL) fiduciary rule to the Office […]
Groups Debate Effects of Plan Fee Litigation In Competing Supreme Court Amicus Briefs
The effect of plan fee litigation on workers’ retirement savings has sharply divided various industry groups, which filed competing amicus briefs with the U.S. Supreme Court in an upcoming case involving Section 401(k) plan fees (Tibble v. Edison Int’l, U.S., No. 13-550, arguments scheduled 2/24/15).
Obama Attacks Advisors Selling Snake Oil, Lauds New DOL Fiduciary Rule
Take two. President Barack Obama today called on the Department of Labor to move forward with a proposed rulemaking to require retirement advisers to put their clients’ best interest before their own profits. It’s a rewrite of the dropped 2010 rewrite of the 40-year-old fiduciary rule. (The 2010 rewrite was withdrawn in 2011 amidst industry […]
Justices Wrestle With Monitoring Duties Of 401(k) Fiduciaries During Oral Argument
Whether 401(k) plan fiduciaries in monitoring investments must look for cheaper options was the question dividing justices and litigants when the U.S. Supreme Court heard oral argument Feb. 24 in a case involving the time frame in which plan participants can challenge their plan’s investment options.
Retirees Facing Severe Pension Cuts [VIDEO]
Whit Wyatt of Washington Court House worked as a teamster truck driver for 33 years. Now Whit and his wife Barb have a comfortable retirement living on Whit’s teamster pension and social security. But Wyatt is one of hundreds of thousands of union retirees who may soon see severe cuts to their monthly pension checks.
Pension Rights Center Applauds Labor Department’s Release of Proposed Rule on Conflicted Investment Advice to OMB
Washington – In a long-awaited move towards protecting millions of workers and retirees by stopping conflicted financial advice in retirement savings plans, the U.S. Department of Labor (DOL) today sent a proposed fiduciary regulation to the Office of Management and Budget (OMB), which now has up to 90 days to review the rule. If approved […]
High-Court Spotlight Put on 401(k) Plans Supreme Court to hear arguments in case that could have broad implications for the way people save for retirement
The U.S. Supreme Court is scheduled to hear arguments Tuesday in a case that could have broad implications for the way millions of Americans save for retirement. The court will focus on a narrow issue concerning the statute of limitations in the case, called Tibble v. Edison International. A ruling against Edison could trigger a […]
Supreme Court to hear 401(k) fee case
Retirement savers may soon get a boost from the U.S. Supreme Court. On Tuesday, the country’s highest court will hear arguments in a case that revolves around the investment fees paid by 401(k) plan participants.
State private retirement programs get help from president
Private-sector retirement solutions programs at the state level are getting a boost from the White House.
