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Supreme Court declines stock-drop case
trueThe Supreme Court on Monday declined to hear an appeal by participants in a class-action lawsuit against Cleveland-based KeyCorp and fiduciaries of the firm’s $1.5 billion 401(k) plan, alleging company stock was an imprudent investment.
Oregon utility fires up record-keeper search for 2 DC plans
trueCentral Lincoln People’s Utility District is searching for a record keeper for its $13 million 457 plan and $1 million 401(k) plan.
Supreme Court won't review Tussey vs. ABB fiduciary breach case
trueThe U.S. Supreme Court on Monday declined a petition that it review Tussey et al. vs. ABB Inc. et al., a fiduciary breach case that has been closely watched by the definehttp://edit.pionline.com/apps/pbcsedit.dll/redd contribution plan community.
P&I spotlights 5 who went extra mile for participants
true2014's five Innovator Award winners all sought to engage specific groups of participants who haven't taken full advantage of retirement savings programs or who have been underserved by their defined contribution plan.
Buck's Lowe setup a tool to get employees involved in their retirement
trueSavings InSight, the new feature in Buck Consultants' $150.7 million $401(k) plan, is “being insightful as well as providing insight to the future,” said Jeannie Lowe, San Francisco-based administrator of the 401(k) plan and Innovator Award winner.
International Paper's Sung launched a program for everyone to stay in the plan
trueCarol Sung really wants participants — current employees, former employees and retirees — to keep their savings in International Paper Co.'s $5.1 billion 401(k) plan, and she continues to look for ways to encourage them to stay.
Target-date fund outcomes expose fiduciaries to risk
trueTDFs are often black boxes, so many fiduciaries don't realize they do not have a rigorous conceptual basis — as demonstrated by the dramatic variation in the returns and asset allocations of funds with the same target date.
North Carolina issues call for DC plan custodian
trueNorth Carolina Department of State Treasurer, Raleigh, is searching for a custodian for the state’s 457 and 401(k) plans, which have combined assets of $8.6 billion.
Pep Boys 401(k) plan replaces PIMCO fund with MetWest
trueThe Pep Boys-Manny Moe and Jack, Philadelphia, is adding the Metropolitan West Total Return Bond Fund as an investment option in its 401(k) plan, said Jim Flanagan, senior vice president and chief human resources officer, in an e-mail.
Intuit taps Great-West as 401(k) record keeper, changes plan lineup
trueIntuit Inc., Mountain View, Calif., hired Great-West Financial as record keeper of its 401(k) plan.
Average 401(k) balance as of Sept. 30
trueThe average 401(k) balance as of Sept. 30 was $89,100. That figure -- based on the 21,300 corporate defined contribution plans for which Fidelity is record keeper -- was down 2% from June 30 but up 5.7% from Sept. 30, 2013.
Granite Services International adds BlackRock option to replace PIMCO Total Return
trueGranite Services International Inc. is adding the BlackRock Core Bond Fund as an investment option in its 401(k) plan.
Parsons Corp. picks Dodge & Cox to replace PIMCO fund in 401(k) plan
trueParsons Corp. is adding the Dodge & Cox Income Fund to the investment lineup of its 401(k) plan.
Dillard's adds ClearBridge fund to DC plan lineup
trueDillard’s Inc. added ClearBridge Investments’ small-cap growth fund to the investment lineup of its 401(a) plan.
Appeals court allows Amgen stock-drop case to continue
trueA federal appeals court judge ruled Thursday that an ERISA case challenging a presumption of prudence for employee stock ownership plans can continue.