JPMorgan Chase & Co., the largest U.S. lender, agreed to sell its large-market 401(k) recordkeeping business to a division of Canadian life insurer Great-West Lifeco Inc. Terms of the transaction weren’t disclosed.
Novant Health Inc. employees are suing the nonprofit hospital system for allegedly overcharging them in their retirement accounts by millions of dollars, according to a complaint filed today that highlights how workers’ savings are eroded by high fees to financial firms.
While individual investors embrace exchange-traded funds, most 401(k)s savings plans give them the cold shoulder. Neil Plein, vice president of Portland (Ore.)-based Invest n Retire LLC, is on a mission to change that. Invest n Retire was awarded a patent last November for technology it developed to offer and trade ETFs in retirement plans. Bloomberg News's Margaret Collins spoke with Plein about the appeal of ETFs in 401(k)s. What follows is an edited transcript of their conversation.
Financial advisers to some of the wealthiest Americans see struggling Puerto Rico as an outlier in the $3.7 trillion local-debt market, leading them to add municipal bonds as the steepest federal tax rates in more than a decade loom.
Employers are squeezing their workers’ retirement savings, holding back on both the amount and the timing of 401(k) matching funds and dragging out vesting schedules. Taken together, these measures are making it more difficult to save for old age.
KKR & Co., the buyout firm run by George Roberts and Henry Kravis, will close down two funds targeting individual investors in a setback to private-equity firms’ efforts to attract money from individuals and eventually the $4 trillion market for 401(k) retirement plans.