Retirement Trends

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.

Trillion dollar asset manager Northern Trust has also quit Climate Action 100+, an investor-led initiative of financial institutions, as pushback over ESG investing continues.

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

In the latest Securities and Exchange Commission off-channel communications sweep, 12 firms will pay hefty fines because they used unapproved communication methods, such as WhatsApp, and failed to properly keep records.

A federal judge has dismissed – for the second time – a lawsuit against Bechtel Global that alleged the $5.7 billion plan's default managed account investment led to excessive fees and subpar returns, arguing that a target date fund would have been a better alternative.

The Department of Labor will not take action, under ERISA, against plan fiduciaries that transfer entire benefit payments owed to missing participants of $1,000 or less if certain conditions are met.