Retirement

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.

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.

A new Investment Company Institute national ad campaign attempts to mobilize 120 million Americans “to protect retirement savings” by urging Congress to extend the 2017 Tax Cuts and Jobs Act, set to expire at the end of 2025.

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.