Since the GameStop stock options frenzy that quietly began early this month and exploded over the past week, some traders have followed by investing in other shorted stocks, with prices surging far past the returns seen in the indexes that include them.
Total U.S. annuity sales hit $58.7 billion in the last three months of the year, up 2% from the $57.6 billion during the same timeframe in 2019, according to data published by Limra’s Secure Retirement Institute. But sales were down for the full year.
Fidelity Investments became the latest to register with the Department of Labor as a pooled plan provider. The PEP, which appears to target small businesses, could significantly boost the company’s presence in that market – the bulk of Fidelity’s defined-contribution plan business is with large employers.
Plaintiffs allege excessive fees and other claims against the auto maker and drug company, while a participant in a plan using American Trust as trustee claims a major distribution was made without his permission. The University of Pennsylvania settled a long-running case over its 403(b).
A Department of Labor advisory council compiled a wealth of testimony on the challenges that plan sponsors, advisers, record keepers and others face in identifying retirement savers’ cognitive decline and what options they have when they suspect it.
The company, not wanting to be outdone by an identical move in December by its competitor Vanguard, lowered its investment minimum for defined-contribution plans from $100 million to $5 million.
VALIC and Associated Bank were sued recently over their retirement plans, while a long-running case over losses in Valeant Pharmaceuticals stock in DST Systems' plan was settled for a total of $79 million in three separate agreements.
Overall, the retirement savings products bled $6.7 billion, marking the first such instance of negative net sales since Morningstar began tracking them in 1994, the ratings and research firm reported this week.
The majority of U.S. households, even those that save and invest diligently, place the bulk of their investible assets in tax-deferred retirement accounts and bank accounts, while ignoring 'middle liquidity' options, the report published by Hearts & Wallets notes.
That guidance comes years after it was requested by industry groups. The Department of Labor regularly investigates employers for the issue of missing participants, but until now it hadn't provided clear steps on how to remedy the problem.
