Retirement Trends

It also is important to remember that at least one named person on the committee and in plan documents must serve a fiduciary function.

California got some good news recently when Assembly Speaker John Perez called upon lawmakers to act this year to find a solution to the states largest fiscal issue -- the $80 billion unfunded liability of the teacher pension system.

Seventy percent of those who outsource investment management say their decision was greeted positively by clients and in most cases has led to business growth.

Prudential Financial Inc., the second-largest U.S. life insurer, said the New York Department of Financial Services told the company that it may not be holding enough reserves to back some savings products, known as variable annuities.

When employees leave, plan sponsors face increased costs, risks and potential liability resulting from cash-outs, stranded accounts and missing participants.

The Firefighters' Retirement System, the Municipal Employees Retirement System and the New Orleans Firefighters Pension and Relief Fund invested a combined $100 million with Alphonse Fletcher Jr., a Wall Street financier.