Defined Contribution

As financial wellness programs are becoming even more sought-after, employers can play a vital role by connecting employees with resources to help them navigate each step of their financial journeys, says a Morgan Stanley study.

The software provider was accused of mismanaging its profit-sharing 401(k) plan and failing to fulfill its fiduciary duties by diversifying the plan's assets, which resulted in significant losses, according to the Labor Department.

Consumers brace for recession, but turn to alternative sources for financial advice - family, friends, online resources, prayer and ChatGPT, which they say will provide better financial advice than a human advisor in the next five years, says a new survey.

In the past year, criticism of environmental, social, and governance investing has become louder and increasingly politicized in the U.S. and against this backdrop, new funds have emerged, called "anti-ESG funds," says Morningstar.

A second judge ruled the DOL's 5-part test to determine what defines "fiduciary" should be struck down, which was a victory for the Federation of Americans for Consumer Choice, an advocacy group for insurance distributors.

Plan sponsors need to compare different options for delivering financial security to plan participants, including those that utilize insurance, according to new research from AllianceBernstein.

The majority of pre-retirees said inflation poses the greatest immediate challenge to their portfolio over the next year, while a recession is also a factor that poses immediate challenges, according to the Nationwide Retirement Institute.

The multi-year guaranteed annuities boom helped produce a 42% overall increase in total sales in spite of a 22% decrease in sales of variable annuities, according to survey data from Wink.