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PIMCO, Allianz sued for breaching fiduciary duty in its 401(k) plan
trueA new lawsuit against PIMCO and its sister company Allianz Global Investors accuses the two firms of breaching their fiduciary duty by loading up their joint employee defined contribution plan with poor performing and overpriced investment options from the two managers.
Dell's acquisition of EMC will create company with $9.1 billion in retirement assets
trueThe acquisition of EMC Corp., Hopkinton, Mass., by Dell Inc., Round Rock, Texas, could create a single technology company with a combined $9.1 billion in retirement assets.
DOL seeks new fiduciary for defunct Encorium plan
trueThe Department of Labor is seeking to remove Encorium Group Inc. as fiduciary of its 401(k) plan, for failure to conclude a plan termination.
IBEW Local Union 1141 picks MassMutual as 401(k) plan record keeper
trueIBEW Local Union 1141, Oklahoma City, hired MassMutual Retirement Services as record keeper for its supplemental pension and 401(k) plan.
Orbital ATK names senior director of investments
trueDaniel McManus was named senior director of investments for Orbital ATK, Dulles, Va. a news release said.
DOL stance boosts private-sector retirement plan efforts from the states
trueThe concept of states setting up retirement programs for private-sector workers is gaining traction, with help from the Department of Labor and policymakers in an increasing number of states.
401(k) decumulation may impact money managers
trueA reversal in the dynamics in the 401(k) market will have major ramifications for money managers in terms of hanging onto or gaining defined contribution assets.
Texas Guaranteed Student Loan Corp. looking for consultant for new 401(k) plan
trueTexas Guaranteed Student Loan Corp. is searching for an investment consultant for a new 401(k) plan.
Software glitch putting custody arrangements in spotlight
trueSoftware problems late last month at Bank of New York Mellon Corp. affecting the valuation of 1,200 mutual funds and exchange-traded funds have been resolved, but the issue is leading asset owners to take another look at their custodians.
QLACs could improve retirement readiness — EBRI
trueUsing qualifying longevity annuity contracts, commonly known as QLACs, increases retirement readiness, according to Employee Benefit Research Institute modeling.
GAO: 401(k) plan executives hesitant to change default options
trueSponsors of 401(k) plans might be reluctant to change the default investment options they use to automatically enroll employees, despite regulatory safe harbors, said a Government Accountability Office report released Friday.
Study: Two-thirds want advice for their 401(k)
trueSixty-seven percent of respondents said they would like personalized investment advice for their 401(k) plan, according to Charles Schwab’s 2015 401(k) participant study. However, only 12% indicated they currently get this type of professional advice in managing their retirement assets.
Boeing 401(k) fiduciary breach lawsuit settled
trueAttorneys for The Boeing Co., Chicago, and participants in a Boeing 401(k) plan reached a provisional settlement in a case in which the participants had alleged breaches of fiduciary duty by plan administrators.
CenterPoint Energy chooses Voya as new record keeper for DC plan
trueCenterPoint Energy Inc. hired Voya Financial as record keeper for its CenterPoint Energy Savings Plan.
Undoing ill-advised guidance to improve fiduciary standards
trueHow the Department of Labor interprets fiduciary duty is getting a lot of attention these days.