The firm mismanages its $3.4 billion 401(k) plan by overpaying for administrative services and using money forfeited by former employees, the class action lawsuit alleges.
Ameriprise, Edward Jones and other big names in wealth management have agreed to pay hefty fines, after a years-long sweep of 26 firms for "widespread and longstanding failures" to preserve electronic communications.
Employees who are or will be caregivers should consider the ramifications if they experience an illness or injury and must replace the care they usually provide for their loved ones.
With increasing numbers of employees looking to their employers to help support them on their financial journey, it's essential for benefits brokers to leverage this opportunity to enhance the value they provide.