The product, called OpenPEP, has customized investment options that can be used as the default.
The lawsuit filed in 2019 centered on the target-date funds used in the plan. Also this week, KPMG was sued over its plan, just as its CEO announced a participant-friendly contribution structure.
Sales dipped slightly during the third quarter compared with the second, a report finds, but the year is still on pace to be the biggest since 2008.
This year, dozens of entities have registered with the Department of Labor as pooled plan providers, and some have brought their plans to market.
As of August, 529 programs represented about $437 billion in assets, according to the investment research firm. The rankings include 62 total plans, accounting for about 97% of the industry by assets.
About 3 million people retired earlier than they likely had planned as a result of the Covid environment, according to a report by a senior economist at the Federal Reserve Bank of St. Louis.
Carson Group is the latest to sign up for the three-year-old service that lets advisers allocate assets in held-away accounts like 401(k)s. It is compliance-friendly and secure, the firm says.
'There is no remote work. There is only work,' futurist Mike Walsh said during a session on the future of the industry at the Schwab Impact conference.
People are overworked, and burnout is causing 'brain fog,' exhaustion, cynicism and other issues, Jennifer Moss said at Schwab Impact.
The case has big implications for similar state programs that require small businesses with as few as five employees to provide retirement plans, unless they register for the state-sponsored option.
