Greg was a reporter for InvestmentNews from 2015 to 2019, covering defined-contribution plans, retirement planning, insurance, taxes and estate planning, before then moving to CNBC as a Personal Finance Reporter. He tweets at: @GregIacurci
The asset management firm joins the likes of American Century Investments and New York Life, which were also sued by employees for using proprietary funds in their 401(k) plans.
Employees are suing for alleged self-dealing and fees charged by a company-affiliated index fund, which plaintiffs claim enriched New York Life at the expense of employees' retirement savings.
The Labor Department is increasing payouts for civil penalties related to retirement plans.
The newly developed video game seizes on the concept of gamification to improve participant behavior regarding retirement savings.
Low interest rates and demographic trends continue to bolster indexed annuity sales. These dynamics also pushed deferred income annuities to their best all-time sales quarter.
Some insurers are turning away from L-share variable annuities as appetite wanes among broker-dealers.
Such a strategy is meant to reduce the appearance of a conflict of interest when using commission products in retirement accounts.
Such a strategy would aim at levelizing compensation, thereby dodging additional compliance requirements and litigation risk.
The collaboration focuses on the compliance confusion among advisers and broker-dealers caused by the DOL's fiduciary rule.
The adviser allegedly hid improper annuity exchanges from his clients and broker-dealers in part by falsifying documents and misrepresenting some of the annuity features.
