Plaintiffs in the separate cases allege the sponsors allowed the plans to have excessive investment-management and record-keeping fees.
The state is the latest among many that have taken steps toward adopting such programs, which are intended to dramatically expand access to retirement savings plans at work for employees of small businesses.
Plans administered by women more often include target-date funds, automatically enroll workers and have better plan governance, according to a new report.
American Century, Prime Capital Investment Advisors, Nationwide and Lincoln Financial Group collaborated, along with others, on the QDIA.
New research shows that while Covid-19 has hurt retirement prospects for women in general, Black and Latina women face greater financial challenges than white women.
At the heart of NFP case is the flexPath target-date series, which was added to Wood Group plan in 2016, when it was essentially brand new. Schlichter Bogard & Denton brought the case.
More than half are seriously considering leaving the profession or retiring early. A third of those thinking about leaving for other fields were tenured professors.
Most of the new PEPs clients have not previously offered a retirement plan to their employees, often because of the administrative burden of setting up a 401(k).
Savers who invest in individual funds outside of their target-dates are generally better off not because of superior investment acumens – they’re just better at putting money into their accounts.
Abbott Labs and Genentech won dismissals in cases against them, although plaintiffs can refile their complaints. Cerner Corp. and BlackRock have reached settlements in class-action cases against them.
