Retirement

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.

Last week, BlackRock dropped out of the United Nations-backed climate change investing initiative, which was followed by NZAM suspending its activities on Monday because of “recent developments … in investors’ respective jurisdictions,” according to its website.

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.

On Monday, President Biden cancelled student loan debt for borrowers who attended schools that defrauded students, those with permanent disabilities and public service workers, bringing his total cancellation to $183 billion.

A federal judge in Texas ruled that American Airlines violated its ERISA duties by not focusing “on the best financial benefit” for its 401(k) plan, in the biggest victory yet in a case involving ESG investing.

With regard to SECURE 2.0' s new catch-up provision, the IRS and the Treasury won’t allow employers to require that plan participants make Roth contributions, according to newly proposed guidelines released on Friday.

The world’s largest asset manager, with more than $10 trillion in assets under management, has dropped out of the Net Zero Asset Managers initiative, following the recent withdrawals of Morgan Stanley, Goldman Sachs, JP Morgan Chase and other megabanks.