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.
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.
The IRS reminded account holders, and their beneficiaries, with employer-sponsored retirement plans and IRAs, of the upcoming Dec. 31 deadline — or face penalties.