Defined Contribution

After a federal appeals court blocked the Saving on a Valuable Education forgiveness plan in early August, President Biden appealed to the high court last week to reinstate the program, which would lower payments for borrowers.

The firm mismanages its $3.4 billion 401(k) plan by overpaying for administrative services and using money forfeited by former employees, the class action lawsuit alleges.

Ameriprise, Edward Jones and other big names in wealth management have agreed to pay hefty fines, after a years-long sweep of 26 firms for "widespread and longstanding failures" to preserve electronic communications.

With increasing numbers of employees looking to their employers to help support them on their financial journey, it's essential for benefits brokers to leverage this opportunity to enhance the value they provide.

A 65-year-old retiring this year can expect to spend an average of $165,000 in out-of-pocket health care expenses throughout retirement, according to Fidelity's annual Retiree Health Care Cost Estimate.

With extensive damage to homes and property, the IRS is allowing 401(k) plan participants in South Carolina, North Carolina, Florida and Georgia to take out special disaster distributions from their retirement accounts.

BofA employees filed a lawsuit last week, alleging that the company mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit, in yet another fiduciary forfeiture lawsuit.

Following a companion bill introduced in the Senate last year, the House has introduced legislation that removes barriers for employers to begin offering employer-sponsored retirement plans to employees aged 18 to 21.