Small businesses are being told to sign up for coverage. Fintech firms and established 401(k) providers see an opportunity to showcase their services as an alternative to state-run programs before what is essentially a brand-new market.
Last year, account holders moved an estimated $623 billion from their 401(k)s to IRAs, up from $565 billion in 2019, a 10% increase, according to a report Tuesday from Limra’s Secure Retirement Institute.
Legislators focused on whether there was a need to improve retirement saving and sought to address whether the 401(k) system has failed Americans by disproportionately favoring affluent and white savers. Republicans also used much of their speaking time to deride the Democrat-led American Rescue Plan signed into law in March, which included bailout money for underfunded multiemployer pension plans.
Pensions are all but nonexistent for younger workers, and many are worried about cuts to Social Security.
Much like 401(k)s, 403(b) plans have very little explicit consideration for environmental, social and governance criteria. An estimated 1% of plan assets are in ESG funds.
Michael Domingos, the firm's head of sales and strategic relations, has been at Prudential for 28 years and was appointed to his current role in 2019. The news comes several months after a report that Prudential was considering a sale of its retirement business.
An academic study posted this month on the Social Science Research Network found that about $790 million in IRA assets were in limbo in 2017, with account owners 72½ and older failing to take RMDs.
Dalbar rates 401(k)s with up to five stars and tells plan sponsors what they can do to improve their plans on the basis of environmental, social and governance criteria.
The deal with Financial Independence Group gives all of Carson’s advisers access to the same list of company-vetted products, including annuities, life insurance, long-term care insurance and disability insurance.
The new class-action suits against the three employers allege fiduciary breaches. Two defendants in other cases recently reached settlements over $1 million.
