Mutual of America agreed to settle an ERISA excessive fee lawsuit filed by 401(k) participants last week.
American workers 45 and older think it will take about $1.1 million in savings to retire comfortably, yet only 21% expect to reach even the $1 million mark.
Approximately $92 billion in savings exits the US retirement system every year because Americans who change jobs cash out their workplace retirement accounts.
While estate planning may not sound like an ideal topic for a holiday meal, getting together with family does provide an opportunity for face-to-face discussions.
FuturePlan EAP is intended to enhance plan onboarding and administration, while offering plans with less than 10 participants the ability to deal with fewer decision points.
That's one year earlier than the trustees' report estimated last year; the report projects that 80% of benefits would be payable at that time.
At the end of last year, approximately $104 billion was saved in 35.5 million health savings accounts, a year-over-year increase of 6% for assets and 9% for accounts, a Devenir survey shows.
The investment manager said Retiree’s software will bolster its existing capabilities to create a more comprehensive suite of retirement income solutions.
Internal lawyers attended plan committee meetings at 49% of companies in 2022, up from 11% in 2017, and external counsel attended meetings at 36%, up from 21%.
The legislation provides new credits and incentives that cover a significant portion of the cost of setting up a retirement plan, while also providing access to new 401(k) solutions.
