Merrill Executives Subpoenaed in Bonus Probe
In his continuing investigation into the bonuses paid out to Merrill Lynch executives before its acquisition by Bank of America (BoA), New York Attorney General Andrew Cuomo has...
Compliance
Court Finds no Support for Fiduciary Breach Claim against Fifth Third
The U.S. District Court for the Southern District of Ohio ruled that retirement plan participants did not prove that Fifth Third Bancorp breached its fiduciary duties by continuing...
401(k) Embezzler Tied to Escort Service
Federal prosecutors have charged the former controller of one of Boston’s largest investment firms of diverting funds from the company’s retirement plan—to bank accounts linked to an adult...
BoA Gets Subpoena to Release Bonus Information
The New York Attorney General’s office has subpoenaed Bank of America (BoA) for a list of employees' bonuses, according to reports.
President’s Budget Aims to Boost Retirement Savings
President Barack Obama’s budget blueprint released on Thursday includes proposals for an automatic IRA plan for workers and an expansion of the Saver’s Credit.
Senate Committee Takes Aim at Target-Date Funds
The U.S. Senate Special Committee on Aging held a hearing about the economic downturn’s effect on retirement security, particularly for those who are on the brink of retirement.
Money Manager Fraud Snares Public Pensions
Two managing general partners of WG Trading Co. of Greenwich, Connecticut, have been charged with running an estimated $550 million investment fraud.
House Committee Advised not To Scare Participants
While individuals speaking during the U.S. House Education and Labor Committee’s hearing on “Strengthening Worker Retirement Security″ described the nation’s retirement system as being “in peril,″ lawmakers were...
Business Groups Renew Opposition to Conn. 401(k) Bill
A representative of several business groups testified before a state legislative committee Tuesday to oppose a proposal for the state of Connecticut to sponsor a 401(k) plan for...
IRS Issues Final Rules for Automatic Contribution Arrangements
The Internal Revenue Service (IRS) Tuesday published final rules relating to automatic contribution arrangements to reflect provisions of the Pension Protection Act and the Worker, Retiree and Employer...
Cuomo Files to Force Thain to Discuss Merrill Bonuses
New York's attorney general filed a court motion on Monday to force former Merrill Lynch CEO John Thain to discuss $4 billion in employee bonuses, according to a...
IMHO: Anything’s Possible
I’ve spent most of my life, certainly my adult life, confident that Americans, certainly in large part, are reasonable and rational.
Hearings on Retirement Security, 401(k) Resurface
The market’s impact continues to weigh on the nation’s retirement security – and it seems that Congress wants to do something about it.
AirTran 401(k) Seeks Assurances on Stanford Group Tie
Stanford Group Cos., the investment house run by disgraced billionaire R. Allen Stanford, has served as the financial advisor to AirTran Airways Corp.’s 401(k) plan – but participants...