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ABB replaces Fidelity with BofA Merrill Lynch as record keeper for 2 plans
trueABB Inc. hired Bank of America Merrill Lynch as the record keeper for two 401(k) plans.
Great-West walking new path to growth
trueGrowth of Great-West Financial's record-keeping business will be organic from now on, even though the company gobbled up J.P. Morgan's large-plan defined contribution business and merged Putnam Investments' record-keeping business into Great-West's.
Tussey decision puts question mark over other float-income suits
trueFidelity Investments' recent victory in Tussey vs. ABB Inc. creates questions for plaintiffs in several other lawsuits alleging a similar fiduciary breach by Fidelity in its handling of float income.
Tennessee in hunt for third-party administrator for 3 plans
trueTennessee Department of the Treasury, Nashville, is searching for a third-party administrator for the state's 457 and 401(k) plans, and 529 college savings plan.
BofA Merrill Lynch: Auto enrollment, auto escalation both rise in 2013
trueMore 401(k) plans are using auto enrollment and auto escalation, according to a report from Bank of America Merrill Lynch.
Supreme Court considers ESOP fiduciary dilemma
trueThe U.S. Supreme Court Wednesday debated the special burden placed on fiduciaries by the inclusion of employee stock options within defined contribution plans.
Pending Supreme Court case could make company stock option toxic
trueThe U.S. Supreme Court will hear oral arguments April 2 in a pivotal defined contribution case.
CarMax adds MFS, PIMCO funds and drops Harbor Capital fund
trueCarMax Inc. is adding the MFS International Equity Fund and PIMCO Total Return Fund as investment options in its 401(k) plan.
Supreme Court signals interest in 401(k) plan fiduciary case
trueThe U.S. Supreme Court signaled its interest in deciding whether 401(k) plan fiduciaries can be in breach of their duties over investment choices.
If your CEO asks about retirement readiness, will you have an answer?
trueImagine your CEO is upset because he was just told that large numbers of older workers are delaying their retirements. He wants to know not only why this is occurring, but also why he and the chief financial officer weren't made aware that this was a likely possibility a few years earlier.
DOL proposes 401(k) plan fee-disclosure guide
trueThe Department of Labor Tuesday proposed a guide for navigating information provided by service providers, in an effort to help plan executives and fiduciaries of 401(k) defined contribution plans better understand the fees they are paying.
State's scrutiny of 401(k) matches misfires
trueThe Massachusetts Securities Division targeted many of the wrong firms in questioning 401(k) record keepers about employers moving to an annual match instead of contributing each pay period.
Merger prompts American Airlines to search for record keeper
trueAmerican Airlines Inc., Fort Worth, Texas, is searching for a single record keeper for its 401(k) plans, confirmed Mary Anderson, managing director, health and welfare.
Southwest Airlines brings NEPC on board for DC plans
trueSouthwest Airlines Co. hired NEPC as investment consultant for its 401(k) and profit-sharing plans.
Massachusetts wants data on annual lump-sum matching DC contributions
trueThe Massachusetts Securities Division is calling on 401(k) plan administrators to report how many companies have shifted to a lump-sum matching contribution once a year, a change that can undermine worker savings.