Corporate DC plans
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Supreme Court rules against Edison in 401(k) fiduciary breach case
trueThe U.S. Supreme Court on Monday broadened the responsibility of defined contribution plans, saying they have a “continuing duty to monitor trust investments and remove imprudent ones” even though federal law sets a six-year time limit for lawsuits alleging breaches of fiduciary duty.
BofA: More participants contributing to 401(k) plans; auto enrollment, escalation on the rise
trueMore than 1.5 million participants contributed to 401(k) accounts last year, an increase of 18% over the contributions by participants in 2013, said a report by Bank of America Merrill Lynch based on its record-keeping data.
Verizon deal for AOL would add more than $600 million in DC plan assets
trueVerizon Communications Inc., New York, announced Tuesday it plans to purchase AOL Inc., New York, for about $4.4 billion in a deal that would add more than $600 million in assets to the telecommunications provider’s defined contribution plans.
Northern Trust: DC participants favor higher auto-escalation rates
trueDefined contribution plan participants are more willing to accept aggressive auto-escalation policies than sponsors are willing to provide, according to a report from Northern Trust, published Monday.
Gannett goes with Vanguard as new 401(k) record keeper
trueGannett Co., McLean, Va., hired Vanguard Group as record keeper of its 401(k) plan.
DC plans with company stock slow to adopt changes following high court ruling
trueEleven percent of employers offering company stock in their defined contribution plans have hired independent fiduciaries to monitor the investment option since a Supreme Court ruling in June on stock-drop lawsuits, a report by Towers Watson said Tuesday.
Dow Corning switches to Vanguard as record keeper of 401(k) plan
trueDow Corning Corp. hired Vanguard Group to replace T. Rowe Price as record keeper of its Employees' Capital Accumulation 401(k) plan.
Sonepar USA replaces Prudential with Schwab as 401(k) record keeper
trueSonepar USA hired Schwab Retirement Plan Services as record keeper for its 401(k) plan.
Salt River Materials Group adds 2 bond funds to 401(k) plan, removes PIMCO
trueSalt River Materials Group, Scottsdale, Ariz., is adding the Metropolitan West Total Return Bond Fund and the Vanguard Total Bond Market Index Fund to the investment options lineup in its 401(k) plan.
Royal Dutch Shell's deal for BG Group to add $2 billion in retirement assets
trueRoyal Dutch Shell PLC’s proposed deal for BG Group PLC will create an entity with retirement assets of nearly $100 billion.
WSP Parsons Brinckerhoff selects Mercer to provide actuarial services for 7 plans
trueWSP Parsons Brinckerhoff, London, hired Mercer to provide actuarial services to its seven U.K. retirement plans.
Ameriprise to launch record-keeper, consultant searches as part of 401(k) plan settlement
trueAmeriprise Financial Inc. will issue RFPs for a record keeper and investment consultant for its 401(k) plan as part of a settlement reached Thursday with participants in the plan.
Cequel III Management replaces 2 fund options in 401(k) plan
trueCequel III Management Co., St. Louis, is adding two new investment options to its 401(k) plan.
Supreme Court could take on case involving fiduciary burden of proof, damages
trueThe Supreme Court signaled its interest in taking a case questioning whether fiduciaries bear the burden of proof and whether they can be liable for monetary damages.
Chevron drops Artisan, Neuberger Berman funds from 401(k) plan lineup
trueChevron Corp. removed the Artisan Mid Cap Fund and Neuberger Berman Genesis Fund from the lineup for one of its 401(k) plans.