Kristi Mitchem — picked to run the defined contribution business of a combined BlackRock Inc. and Barclays Global Investors when their merger is completed — believes the DC industry has gotten a bum rap.
Defined contribution plan executives and money managers still have plenty of work to do in adopting some of the best practices laid out in the Pension Protection Act of 2006, according to Seth J. Masters, chief investment officer of AllianceBernstein Defined Contribution Investments.
A startling number of older adults either lack the cognitive abilities to manage their finances or delegate that responsibility to others — a finding that could have implications for plan executives and other fiduciaries as a wave of wealthy Americans approach retirement.
Companies are starting to restore matching contributions to their 401(k) plans after extensive cost-cutting and signs of improvement in the economy and experts say these firms represent the first batch in what could be a major round of restoring company matches in coming months.