Retirement Trends

Modeled after the Thrift Savings Plan for federal employees, the Retirement Savings for Americans Act that would automatically enroll private workers without access to a workplace retirement plan is supported by the Economic Innovation Group.

With the steep plunge in Tesla shares this year, the Lehigh County Pension Board, which oversees $500 million in retirement funds, passed a resolution last week to pause new investment in Tesla and will seek to completely divest its holdings.

While Wells Fargo and Merrill Lynch paid $60 million for a "cash sweep" violation earlier this year, Morgan Stanley was cleared by the SEC for “sweeping” customers’ uninvested cash from a brokerage account into an interest-bearing account.

Thirty-three percent of American workers said they have made a decision that negatively impacts their retirement readiness, such as reducing or eliminating 401(k) contributions.

The health organization’s class action lawsuit, filed by an employee alleging the company used forfeited plan funds from departing employees to pay administrative expenses was dismissed, after a federal judge found no fiduciary breach.

Eighty-four percent of Generation Z respondents report they have made intentional changes to improve their finances through such steps as paying off debt, funding an emergency savings account or investing.