Corporate DC plans
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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.
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.
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.
Labor Department files lawsuit against fiduciaries of Severstal Wheeling Inc.
trueThe Labor Department filed a lawsuit against the fiduciaries of two Severstal Wheeling Inc. defined contribution plans, alleging the fiduciaries “imprudently invested” plan assets, resulting in plan losses in excess of $7 million, court documents show.
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.
Randstad North America changes 3 investment options in DC lineup
trueRandstad North America made several changes to the lineup of its retirement savings plan.
Crain Communications hires consultant to assist in invitation-only record-keeper search
trueCrain Communications Inc. hired Institutional Investment Consulting as a special project consultant to conduct an invitation-only search for a record keeper for its $100 million defined contribution plan.
Precision, flexibility vital for DC plans, say speakers at P&I conference
trueDefined contribution executives need to be both precise and flexible in the managing of their plans, according to fellow sponsors, consultants and providers who spoke at the annual Pensions & Investments West Coast Defined Contribution Conference, held Oct. 26-28 in San Diego.
Exelis hires Voya in move to consolidate 401(k) plans
trueExelis Inc. hired Voya Retirement Services as sole record keeper of its 401(k) plan.
American Airlines picks Fidelity as sole provider for 401(k) plans
trueAmerican Airlines Fidelity Investments as sole provider for its 401(k) plans, starting in mid-2015.
5 winners named in P&I's Innovator Awards
trueFive winners of the third annual Innovator Awards were announced Monday by P&I and DCIIA.
White-label funds on rise for DC plans
trueDefined contribution plan executives increasingly are replacing brand-name mutual funds with no-name options, trying to simplify investment lineups, increase portfolio diversity and reduce fees.
Ford dropping PIMCO Total Return Fund from 401(k) plan
trueFord Motor Co. will drop the PIMCO Total Return Fund as an option in its $12.8 billion U.S. 401(k) plan on Nov. 14.