Retirement Trends

Companies need to fully understand what the plan fees are so they can be "fully transparent" with their workers, said law firm Schlichter Bogard, which is representing plaintiffs suing TIAA for steering them into high-fee investments.

As one in four retirees are still paying off mortgages and paying down credit card debt, financial advisors and employers need to advise pre-retirees about different retirement solutions and products, according to Nationwide.

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.

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.

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.