More Plan Sponsors Offering Roth Contributions In 401(k) Plans

COLUMBUS, Ohio, June 26, 2017/ PRNewswire/– One of the biggest challenges many retirees face is simply navigating life in retirement. On July 24, Nationwide will offer the Nationwide Care Concierge service to existing and new customers of certain variable annuities at no additional cost. “Nationwide is committed to trying new things to help Americans prepare for…

The Hartford has entered into an agreement with Prudential Financial, Inc. for the company’ s pension plan to purchase a group annuity contract and transfer $1.6 billion, or 29 percent of The Hartford’ s $5.6 billion in U.S. qualified pension plan liabilities. In order to maintain the plan’ s pre-transaction-funded status, The Hartford intends to make a…

TIAA, a leading financial services provider, announced today the successful completion of its acquisition of EverBank Financial Corp and its wholly owned subsidiary EverBank. “For nearly a century, TIAA has helped to provide financial well-being for millions of customers,” said Roger W. Ferguson, Jr., president and chief executive officer of TIAA.“ Our strategic…

—Workers are more likely to be saving for retirement, at least among those eligible for a workplace plan, and lower-income employees have made some of the biggest gains in recent years. Those are two of the encouraging trends borne out of numbers from Vanguard, which looks each year at how participants are behaving in 401 plans and similar retirement accounts for…

Lincoln Financial Group announced today findings from its 2017 Lincoln Retirement Power ® Participant Study, which showed that while individuals are more confident and optimistic about retirement savings, the majority of participants acknowledge they are not saving as much as they think they need to in order to be on track with their retirement savings…

—Buoyed by higher stock prices, Americans’ household net worth rose 1.4 percent to $94.8 trillion in the first three months of this year, a trend that could support future spending. U.S. stock and mutual fund portfolios jumped $1.3 trillion in value in the January-March quarter, the Federal Reserve said Thursday. But in the nearly eight years since the recession…

Vanguard Group did just that, posting a help-wanted listing on its website Monday for a marketing lawyer whose responsibilities include reviewing “competitors’ campaigns for possible violations” and to “advise the business on whether to raise matters” with the Financial Industry Regulatory Authority, which oversees U.S. investment companies and can fine…

June 07– City Controller Alan Butkovitz asked City Council on Wednesday to create a plan to help Philadelphia workers in small businesses save for retirement at their jobs. Butkovitz, who lost his bid for reelection in May and will leave office by next January, wants City Council to run a feasibility study, set up the plan, and figure out important elements, such as…

—The Supreme Court on Monday made it tougher for the government to recover ill-gotten gains from people convicted of securities fraud, ruling that such recoveries are subject to a five-year statute of limitations. The justices overturned a lower court decision that ordered venture capitalist Charles Kokesh to pay the Securities and Exchange Commission…

BOSTON— The 2017 MFS Heritage Planning Survey results reflect a major financial planning dilemma for women, who need to save more than men because they live longer, but find it hard to do because they leave work to care for their families. According to recent Bureau of Labor statistics, 70.5 percent of women with children under the age of 18 participate in the…

This new tool will assist Mutual’ s Engagement Specialists in creating a personalized experience utilizing techniques from financial psychology theory to help increase plan participation and motivate people to save for retirement. Mutual of Omaha is a full-service, multi-line organization providing insurance, banking and financial products for…

Fidelity Investments ®, one of the largest and most diversified global asset management firms with more than $2.2 trillion in managed assets 1, today announced the launch of Fidelity Municipal Income 2025 Fund– an addition to Fidelity’ s Defined Maturity Funds lineup that seeks to bridge the gap between individual bonds and bond funds. “With aging…

WINDSOR, Conn., May 24, 2017— U.S. single premium pension buy-out sales totaled $1.4 billion in the first quarter 2017, a…

Louisville, KY – May 23, 2017 – As lawmakers continue to dominate the headlines, Washington politics is rated among the…

The Federal Reserve has left its benchmark interest rate at a still-low level near 1 percent while signaling that it expects a resilient U.S. economy and solid job market to justify higher rates later this year. The Fed’s pause in raising rates comes after it modestly lifted its benchmark short-term rate in December and March. “We still think that the Fed will…

NEWARK, N.J., May 16, 2017 –– Prudential Financial, Inc. (NYSE: PRU), has deepened its commitment to the financial wellness of…

73% of married women feel financially secure MINNEAPOLIS – May 16, 2017 – Although more women are taking the reins…

WINDSOR, Conn., May 15, 2017 – A new LIMRA Secure Retirement Institute Study finds 8 in 10 of defined contribution (DC)…

Fidelity Investments ® today released its quarterly analysis of its 401 and Individual Retirement Accounts. The average 401 balance hit $95,500, while the average IRA balance climbed to $98,100. People saving in an IRA and a 401 saw significant balance increases. As more retirement savers recognize the benefits of IRAs and 401 accounts, the number of people…

–Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. Despite strong investment returns of 0.84%, in April the deficit for these pension plans increased from $247 billion to $257 billion, the result of a decrease in the benchmark…

Wells Fargo is weighing a sale of its insurance brokerage business, which could fetch about $2 billion, people familiar with the matter said. Wells Fargo spokesman Alan Elias said the bank doesn’t comment on market rumors or conjecture. Wells Fargo, the largest retail bank in the U.S. by branch count, is pursuing the new sale as part of a broader push to boost profit…

Louisville, KY and Columbus, OH — May 9, 2017 — Jefferson National, operating as Nationwide’s advisory solutions business, has launched a…

PIERRE| Investors in mutual funds face new requirements in South Dakota, and some lawyers in the securities industry don’t like them. Those lawyers argue that investors could find their money has been moved, without the investors’ knowledge, into the hands of South Dakota’s state treasurer, Rich Sattgast. Specifically, the unclaimed-property division of his…

–Millennials are much more likely to make risky investment decisions compared to other Americans by reacting to short-term market volatility yet they are less likely to rely on professional financial advice, according to new research from Massachusetts Mutual Life Insurance Co.. “MassMutual’s research finds a real’ advice gap’ exists between younger…

More Americans age 65 and over are still punching the clock, and the last time the percentage was this high was when John F. Kennedy was in the White House. Last month, 19 percent of Americans age 65 and over were still working, according to government data released Friday. More than a quarter of workers age 55 or older say they have less than $10,000 in savings and…

WINDSOR, Conn., PRNewswire/ — A new consumer survey by Voya Financial’s Annuities and Individual Life businesses revealed that many Americans…

BRYN MAWR, Pa., May 2, 2017/ PRNewswire-USNewswire/– Three in four retirement-age Americans fail a quiz on how to make their nest eggs last throughout retirement. These findings are part of the new RICP ® Retirement Income Literacy Survey from The American College of Financial Services– the most comprehensive survey exploring the drawdown phase of Americans’…

WINDSOR, Conn. — A new LIMRA Secure Retirement Institute study finds 43 percent of U.S. pre-retirees (ages 50-75) who work…

April 27– William J. Stromberg, president and CEO of T. Rowe Price Group. Inc., offered a broad defense Wednesday of the asset manager’s focus on active management of investors’ money as individuals join institutions in seeking more passive management that costs less. The comments came during the company’s annual meeting after shareholders quickly approved…

_ Raymond James Financial Inc. on Wednesday reported fiscal second-quarter earnings of $112.8 million. The St Petersburg, Florida- based company said it had earnings of 77 cents per share. Access a Zacks stock report on RJF at https://www.zacks.com/ap/RJF.

That includes Chairman Stephen Sanger, the bank’s independent chairman, who received 56 percent of shareholder votes. The three who got 99 percent were CEO Tim Sloan— who got his job in October after former CEO John Stumpf departed— and two independent directors who started earlier this year. Wells’ nearly three-hour long shareholder meeting was interrupted…

OMAHA, Neb.– When it comes to personal finances, it turns out the different generations may not be so dissimilar. A…

—Wells Fargo agreed Friday to expand a recently settled class-action lawsuit by an additional $32 million as well as extend claims for fraudulent accounts that may have been opened going back to 2002.. While the increase of $32 million is notable, the bigger news is Wells has now expanded its window for unauthorized accounts going back 15 years.

The company, based in New York, said it had earnings of $1 per share. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share. Morgan Stanley shares have decreased 2.5 percent since the beginning of the year, while the Standard& Poor’s 500 index has increased roughly 5 percent.

The federal appeals court in Denver ruled that Kokesh must pay the full amount to the SEC. Lawyers for Kokesh say the five-year window should reduce his payment to just $5 million because the SEC did not bring charges against him until 2009.. The SEC argues the time limit doesn’t apply because it’s not assessing a penalty, only trying to recover illicit profits.

On April 10, in advance of an April 25 shareholder meeting, the bank said it had pulled back an additional $75 million n stock awards from a couple of top executives. Those executives, former CEO John Stumpf and former head of business, Carrie Tolstedt, have had $69 million and $67 million in compensation, respectively, taken back. Elizabeth Warren, the former Harvard…

Wells Fargo& Co.’ s board of directors has placed officially the bulk of the blame for its customer fraud account scandal on its former head of its community banking division and its retired top executive. Wells Fargo agreed Sept. 8 to pay a combined $185 million in fines to resolve regulatory complaints about 1.5 million potentially fraudulent customer…

–Most surveyed consumers do not place themselves at the head of the class when it comes to financial literacy, according to a recent Equifax survey the company conducted to coincide with National Financial Literacy Month in April. According to the findings, one-third of the respondents grade themselves a “C” when looking at their financial literacy knowledge.

Lump sum payment or guaranteed monthly annuity? That’ s the decision facing many soon-to-be retirees with either defined benefit or defined contribution retirement plans. “MetLife’ s Paycheck or Pot of Gold Study highlights a real risk in retirement— running out of money,” says Robin Lenna, executive vice president and head of Retirement& Income Solutions at…

The SEC said the promotional writings misled potential investors into believing they were reading independent, unbiased analyses about the shares. “If a company pays someone to publish or publicize articles about its stock, it must be disclosed to the investing public,” Stephanie Avakian, acting director of the SEC’s Division of Enforcement, said in a…

In the report, Institutional Shareholder Services said the 12 members of the board’s audit, risk and human resources committees “failed over a number of years to provide a timely and sufficient risk oversight process that should have mitigated the harmful impact of the unsound retail banking sales practices that occurred from 2011-2016.”.

Unfortunately it was April 1, not the April 18 tax filing deadline. It’ll take a while, but one day they’ll get the letter from the Internal Revenue Service explaining how much they now owe, in that odd font the IRS uses that seems to come straight from the 1970 s. A simpler way to say that is that people eventually need to start taking money from their IRA or 401- type…

The American Council of Life Insurers issued the following news release:. In a statement for the congressional record, the American Council of Life Insurers recommended enhancements to build on the success of the current retirement system. The statement was submitted for the Banking, Housing,& Urban Development Subcommittee on Economic Policy hearing…

Gone are the days of defining the American Dream as a two-story home surrounded by a white picket fence. Today, more Americans value peace of mind than homeownership. In fact, in a recent YouGov study commissioned by Fifth Third Bank, only 15 percent of Americans identified buying a home as one of their top three financial goals.