Litigators this week brought class-action lawsuit claims against PPL Corp., Mass General Brigham and Milliman Inc. over their multibillion-dollar 401(k)s and 403(b)s.
More than 650 employers in the state will be sent notices that they're not in compliance. Fines start at $250 per employee.
Less than a third of employers offer such services in some form, most often as it relates to retirement saving. And when the services are available, plan participants tend not to use them.
The agreement is separate from a $6.6 million payment the company previously made and requires it to add a brokerage window to its plan.
Taking into account costs incurred by both employers and workers, the expenses of a pension plan are about half that of an average 401(k), according to a report from the National Institute on Retirement Security.
Much of the proposed class-action case against Rollins Inc. points to investment guidance from an adviser to the plan who is not a defendant.
The deal represents the fourth such acquisition over a year for Newport Beach, California-based SageView, which last year sold a majority stake to Aquiline Capital Partners.
A pending decision by the Supreme Court could change 401(k) fee lawsuits in a big way.
The deal gives Smart a massive boost in managed accounts and personalized services for its future clients. Hub and NFP also announced deals Thursday.
Over the last 25 years, legislative changes have increased retirement assets but disproportionally benefited the wealthy, with average inflation-adjusted savings for low-income people declining, according to the recent paper.
