Defined contribution plans
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401(k) loan balances remain stagnant for fifth straight year
trueThe percentage of 401(k) participants with loan balances has remained steady in recent years, staying at 21% in 2013, the same level as in each year since 2009, according to a report issued Thursday by the Investment Company Institute and the Employee Benefit Research Institute.
Boise 457 plan taps Lincoln Financial as new provider
trueBoise (Idaho) Governmental 457 Deferred Compensation Plan hired Lincoln Financial Group as bundled provider.
Kohler Co. adds Vanguard, American Beacon options to 401(k) plan
trueKohler Co., Kohler, Wis., is adding three passive investment options managed by Vanguard Group and an active domestic large-cap value equity collective trust managed by American Beacon Advisors to the investment options lineup of its 401(k) plan.
Lockheed reaches agreement to settle 401(k) fee case
trueA class-action lawsuit brought by employees of Lockheed Martin Corp. alleging excessive 401(k) plan fees is in the process of being settled.
Broomfield, Colo., puts PIMCO Total Return Fund on watch for 2 DC plans
trueBroomfield, Colo., put PIMCO's Total Return Fund on watch for its two 401(a) money purchase plans.
Lockheed 401(k) lawsuit on hold to see if trial can be avoided
trueLockheed Martin Corp. and its workers and retirees agreed to delay a trial over its retirement plans by a day to see whether the dispute can be settled out of court.
Sen. Hatch calls for retirement savings legislation
trueTax incentives for retirement plan sponsors and participants are “under increasing pressure” on Capitol Hill to be reduced, Sen. Orrin Hatch, R-Utah, told the Financial Services Roundtable in Washington on Monday.
Illinois State Board of Investment looking for record keeper for 457 plan
trueIllinois State Board of Investment is searching for a record keeper for the $4.1 billion Illinois State Employees' Deferred Compensation Plan.
Associated British Foods DC plan drops PIMCO multiasset fund for Invesco Perpetual
truessociated British Foods DC Pension Scheme, London, is adding Invesco Perpetual’s Global Targeted Returns Fund to the lineup of its defined contribution plan. The Invesco fund will replace the PIMCO Global Multi-Asset Fund, which is being removed this month.
Fort Worth drops Wells Fargo fund from 457 plan
trueFort Worth, Texas, is removing the Wells Fargo Stable Value Fund from the lineup of its $161 million 457(b) plan, said a letter to participants posted on the plan’s website.
Supplemental DB plan legislation introduced in Ontario
trueThe Ontario Finance Ministry introduced legislation to create a mandatory provincial defined benefit plan to supplement the C$234.4 billion (US$204.8 billion) Canada Pension Plan, Ottawa, and a separate pooled provincial defined contribution retirement plan.
Fermi Research Alliance picks Fidelity as sole record keeper in DC revamp
trueFermi Research Alliance, hired Fidelity Investments as sole record keeper and is overhauling the investment lineup of its defined contribution plans, effective Feb. 2.
Metropolitan Washington Airports Authority searches for record keeper
trueMetropolitan Washington Airports Authority issued an RFP for a firm to provide record keeping and administrative services for its 457(b) and 401(a) plans.
San Mateo staff recommends Voya as new third-party administrator
trueSan Mateo, Calif., staff is recommending hiring Voya Financial as the sole third-party administrator for its $50 million 457 plan and $3 million 3121 Social Security replacement plan.
DOL asked to back off brokerage rules
trueDefined contribution industry representatives are resuming efforts to convince Labor Department officials that more extensive regulation of self-directed brokerage accounts is unnecessary and burdensome.