Corporate DC plans

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  1. 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.

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  1. 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.

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  2. 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.

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  3. 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.

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  4. 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.

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  5. 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.

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  6. Randstad North America changes 3 investment options in DC lineup

    trueRandstad North America made several changes to the lineup of its retirement savings plan.

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  7. 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.

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  8. 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.

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  9. 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.

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  10. 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.

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  11. 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.

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  12. 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.

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  13. 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.

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