A former Wells Fargo employee filed a lawsuit last week, alleging that the bank mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit instead of plan participants.

The Rhode Island Secure Choice Retirement Savings Program will follow the structure of other "Secure Choice" savings programs already implemented or approved in 16 states.

Retirees claim that AT&T selected a "risky" insurer, Athene Annuity and Life, to conduct the $8.05 billion pension risk transfer of plan assets, but the company claims it is not responsible for a decision made by its independent fiduciary.

The new fiduciary rule, which mainly applies to 401(k) plans, expands the definition of fiduciary advice to HSA providers or employers, who should avoid recommending how account holders should invest their funds.

It's been 50 years since the passage of the Employee Retirement Income Security Act of 1974, and while experts agree the law has been beneficial to retirement savers, many say it also contributed to a decline in pension plans.

Since employees generally go along with most retirement plan provisions, adding plan design features, such as auto-enrollment and auto-increase, are some of the fastest ways to help boost participation rates, says a new survey.

The wealth management firm breached its fiduciary duties because of the "systematic efforts on TIAA's part to drive members from their ERISA plans and into TIAA-sponsored offerings," ruled a New York District Court Judge.

The ERISA Industry Committee seeks clarity, on behalf of their employer members, on implementing key provisions in SECURE 2.0, including matching student loan contributions, auto-enrollment and 401(k)s for long-term, part-timers.