The Department of Labor on Monday clarified plan fiduciaries' responsibilities for brokerage windows in 401(k)s, dropping earlier wording that would denote brokerage windows as investments if a certain number of people elected to use them.
In what's believed to be a first by a public pension plan, the Northern Mariana Islands Retirement Fund, Saipan, filed for Chapter 11 bankruptcy protection on Tuesday. The public defined benefit plan is only 38.8% funded.
Record-keepers such as Fidelity Investments and J.P. Morgan Retirement Plan Services likely will raise client fees and limit the guidance they provide if a proposed Department of Labor rule change that redefines “fiduciary” goes through.
Despite a tepid response from plan executives, money management firms continue to develop and promote annuity-enhanced target-date funds, insisting that demand for retirement income will spur interest.
Although Aviva USA Corp. already has an established strength in its lineup of indexed products, the insurer has its eye on the next innovation: a guarantee wrapper with a managed account or 401(k), according to chief executive Christopher J. Littlefield.