Regulators say the insurance company’s American General Life subsidiary operated in the state without a license, undertaking four large-scale pension risk transfers and bidding on others.
This generation's longevity, combined with the fact that they'll get less support from Social Security, poses a retirement income problem.
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.
The former CEO of Washington Financial Group succeeds the late David Reich in the role of national president of Hub Retirement and Private Wealth.
Be ready to help worried clients (and their accountants), who will be calling you about 'mistakes' on their 1099-Rs regarding distributions from their IRAs. What they'll be calling about won’t be what’s on their form, but rather what’s not on there.
Managed accounts offer DCIOs the opportunity to be a more active and important part of the DC ecosystem. It moves them from being dependent on record keepers, advisers and plan sponsors to create the strategy to help participants, to being an advice provider of customized investment solutions.
Sacramento, California-based Genovese Burford was founded in 1987 and has nearly 1,500 clients.
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.
Can a divorced person still collect Social Security benefits on an ex’s earnings record?
The Insurance broker is buying Cleveland, Ohio-based Pension Solutions Inc., parent of AdviseMe National Advisors, which advises on about $1.1 billion in assets for 150 retirement plans.
HSAs have no annual use-it-or-lose-it requirements, and balances can be carried forward from year to year and withdrawn tax-free in retirement to pay for medical expenses, such as Medicare and long-term care premiums — but not Medigap premiums.
The Labor Department has stepped up its audits of plans that have lost track of participants, and noted last month that in 2020 alone, investigators had helped reunite missing participants with plan benefits “with a present value in excess of $1.4 billion.”
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 for Florida-based Fulcrum Partners will expand the footprint of the giant insurance broker’s registered investment adviser.
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.
TIAA Institute research paper finds that even eliminating RMDs would have little effect on government revenues and says the effect on retirees depends on whether they have a bequest motive.
Some retirement plan advisers have cut green investing options from 401(k) plans following Trump's last-minute rule change.
