Defined contribution plans
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Average 401(k) and IRA balances as of Q2
trueFidelity Investments said the average 401(k) balance decreased slightly in the second quarter, to $91,100 from $91,800 in Q1. The average IRA balance, however, increased 2.4% in the quarter to $96,300.
Deloitte hires director for pension fund advisory business
trueMarian Elliott joined Deloitte as a director.
Syracuse, N.Y., launches search for 457 plan record keeper
trueSyracuse, N.Y., is searching for a record keeper for the city’s deferred compensation plan.
Northern Trust chooses new DC solutions chief
trueSabrina Bailey, a principal and U.S. defined contribution practice leader for Mercer, is leaving the company to join Northern Trust Asset Management as global head of defined contribution.
Federal Thrift Savings Plan to explore implementing brokerage window
trueThe governing board of the Federal Thrift Savings Plan has given plan executives the go-ahead to explore adding a self-directed brokerage account for mutual funds to the plan’s investment menu.
Summit County, Colo., sticks with Milliman as record keeper
trueSummit County, Breckenridge, Colo., rehired Milliman to provide record-keeping and administrative services for its $45 million 401(a) plan.
Mercer adds to DC team in London
trueStephen Budge will join consultant Mercer, a spokesman for the firm confirmed.
IRS deepens focus on lifetime income with lump-sum ban
trueThe Internal Revenue Service's unexpected decision July 9 to ban lump-sum payments to retirees has plan sponsors keeping one eye open for further regulation but still considering those payouts for other plan participants.
Anthem acquisition of Cigna would create company with $15.6 billion in retirement assets
trueAnthem is acquiring Cigna in a cash and stock transaction valued at $54.2 billion. The combined entity will have $15.6 billion in retirement plan assets.
House Democrats back DOL on fiduciary rule
trueLabor Secretary Thomas Perez is receiving backup from a diverse group of House Democrats as the agency works to update its fiduciary rule.
Financial Analysts Journal appoints new executive editor
trueStephen J. Brown was named executive editor of the Financial Analysts Journal, effective Sept. 1, the CFA Institute, which owns the publication, announced Wednesday.
Thai government to start savings scheme for informal workers, self-employed
trueThailand's government will launch a National Savings Fund next month with the aim of helping millions of citizens who are self-employed or working in informal sectors to achieve adequate savings in retirement, confirmed a Bangkok-based government spokeswoman.
Fiduciary proposal comment period ends with flurry of opposing viewpoints
trueComment letters on the Department of Labor's proposed fiduciary rule poured in Tuesday, the last day of the comment period, with many groups representing retirement plan investment and service providers warning that while they support a standard that protects clients' best interests, new rules to ...
Chamber of Commerce calls for negotiated fiduciary rule
trueThe Department of Labor should switch to negotiated rulemaking to produce a new fiduciary standard, U.S. Chamber of Congress officials said Monday.
Eagle Asset Management appoints national DCIO sales director
trueJay Natkow was named national director of DCIO sales at Eagle Asset Management.