Retirement Regulation

The banking giant has been hit with a class action lawsuit, alleging it used retirement plan contributions from departing employees to “offset its employer contributions” rather than reducing plan administrative fees, violating ERISA.

Participants contributed an average of 7.8% of pay (up from 7.4% in 2022), and employers contributed 4.9% of pay (up from 4.7%) for a combined savings rate of 12.7%, according to PSCA’s annual survey of 401(k) plans.

On Wednesday, the justices were divided on the class action lawsuit on behalf of 28,000 Cornell University employees accusing the school's retirement plans of paying excessive recordkeeping fees.

"CryptoMom" Hester Peirce, who was appointed by President Trump to the SEC in 2018, will lead the new task force to develop clear rules for digital assets, encouraging compliance and reducing fraud.

In addition to the $40 million Vanguard agreed to pay to investors as part of a class action suit in November, the SEC now finds that the firm did not provide retail investors accurate information about the capital gains and tax implications of a change to investment minimums.

SECURE 2.0 extended the catch-up limit for people between ages 60 and 63, but&nbsp;55% of eligible savers aren't even aware that they have this opportunity, according to a new Guideline survey.<br/>