Defined Contribution

A former Wells Fargo employee filed a lawsuit last week, alleging that the bank mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit instead of plan participants.

While Congress is interested in making it easier for employers to offer pension plans since DC plans might not provide enough retirement income, employers need to think "more holistically" about programs, says NIRS.

The Rhode Island Secure Choice Retirement Savings Program will follow the structure of other "Secure Choice" savings programs already implemented or approved in 16 states.

The new fiduciary rule, which mainly applies to 401(k) plans, expands the definition of fiduciary advice to HSA providers or employers, who should avoid recommending how account holders should invest their funds.

Financial advisers will play a critical role in educating plan sponsors, who have been a little reluctant to put annuities inside of a 401(k) plan until SECURE 2.0 now makes it more advantageous for employers, says trade group LIMRA.

It's been 50 years since the passage of the Employee Retirement Income Security Act of 1974, and while experts agree the law has been beneficial to retirement savers, many say it also contributed to a decline in pension plans.

Many firms have some misconceptions about the costs of offering and administering a retirement plan and were not aware that they can claim a tax credit of up to $5,000 for 3 years to help offset the start-up costs, says a new study.

Since employees generally go along with most retirement plan provisions, adding plan design features, such as auto-enrollment and auto-increase, are some of the fastest ways to help boost participation rates, says a new survey.