Corporate DC plans
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District court dismisses stock-drop lawsuit against State Street
trueA federal district court judge has dismissed a stock-drop lawsuit against State Street Bank & Trust Co. in its role as an independent fiduciary for two 401(k) plans sponsored by General Motors Co.
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.
U.K. High Court rules IBM breached pension duties
trueInternational Business Machines Corp., Armonk, N.Y., breached its duties to U.K. pension fund participants in the way it implemented a restructuring of its arrangements, the High Court of Justice, Chancery Division has ruled.
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.
Triple Canopy hires Transamerica for record keeping, administration
trueTriple Canopy Inc., Reston, Va., hired Transamerica Retirement Solutions for record-keeping services for the company's defined benefit plan and three 401(k) plans.
U.S. Court of Appeals splits rulings on ABB 401(k) mismanagement, clears Fidelity
trueA federal appeals court on Wednesday issued a split decision in a prominent 401(k) case involving claims by participants that a sponsor, ABB Ltd., Cary, N.C., and its record keeper, Fidelity Investments, breached their fiduciary duties.
Callan: Target-date funds' steady growth in assets continues
trueTarget-date funds continue their steady growth, moving closer to becoming the top investment asset allocation within defined contribution plans, according to the latest quarterly analysis by Callan Associates.
Novant Health participants file excessive-fee case
trueParticipants in two Novant Health Inc. 401(k) plans filed a class-action lawsuit Wednesday against company fiduciaries, alleging excessive fees paid to third-party service providers, imprudent investment choices and concealment of financial arrangements with the providers and a plan adviser.
DC East speakers tout importance of education, communication
trueSuccess in achieving defined contribution plan goals can rely as much on how plan executives and service providers communicate as to what investment options they offer, plan designs they prepare, and products and services they develop
Janney Montgomery Scott chooses Putnam as record keeper
trueJanney Montgomery Scott LLC hired Putnam Investments as record keeper of its defined contribution plan.
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.
Chevron adding 3 options, dropping 2 in 401(k) plan
trueChevron Corp., San Ramon, Calif., is adding three investment options and dropping two others to its 401(k) plan.
Infinity Pharmaceuticals chooses Principal as record keeper
trueInfinity Pharmaceuticals Inc. hired Principal Financial Group as record keeper of its 401(k) plan.
Whayne Supply moves to Transamerica as bundled provider
trueWhayne Supply Co., Louisville, Ky., hired Transamerica Retirement Solutions as bundled provider for its three 401(k) plans.