Legal experts say the cases will have a monumental challenge overcoming motions to dismiss. The lawsuits allege online brokerages entered into an agreement and conspiracy to prevent the market from operating normally.
Health savings accounts can be one of the best ways to save for retirement. But the money to fund them must come from somewhere, and for many, the most obvious place appears to be the 401(k).
The Coca-Cola Bottlers' Association this week was sued over fees and investments in its multiple employer plan. Former participants in a terminated 403(b) sponsored by a health care system also filed claims.
Few automatically match unclaimed retirement accounts with their owners. In most cases, only about 3% of accounts are claimed within two years of being turned over to the state.
Prudential Retirement plans to launch the service, Advice and Income Engines, sometime during the first quarter of 2021. It will provide retirement planning and personalized portfolio management to Prudential’s defined-contribution plan participants.
The VirginiaSaves program would be similar to automatic IRAs used in several states, including Oregon, Illinois and California. Virginia’s House of Delegates passed the measure last week by a vote of 56 to 44.
Health savings accounts, often confused with flexible spending accounts, are prized for their tax leniency. But many things hold them back, including the high-deductible health plans to which they are tethered.
Across age, income and education levels, people who are still paying down college debt on average had much smaller defined-contribution plan balances and in some cases were less likely to own a home, according to a study from the Employee Benefit Research Group.
The company was far from being the first to register with the Department of Labor as a pooled plan provider. But its fully bundled service, which includes administration, fiduciary oversight and the plan’s investments, indicates that Fidelity is confident that it will not run afoul of the regulator.
The deal will reinforce MassMutual’s focus on its retail annuities business. Last year, the company sold its defined-contribution record-keeping business to Empower Retirement via a reinsurance transaction with a ceding commission of $2.35 billion.
