Just weeks after a federal judge dismissed an ERISA lawsuit against the company over allegations of excessive fees, employees are claiming the 401(k) plan offered funds that performed worse than alternatives.
"Prolonged investigations" create "tremendous strain on retirement plan sponsors" and negatively impact retirement savers, wrote House Republicans in a letter sent to Acting Secretary of Labor Julie Su.
The 2023 AFP Liquidity Survey found that treasurers are reducing bank deposits and moving investments toward more secure vehicles, reflecting the U.S. economic climate of 2022 and the bank failures of 2023.
In a class action lawsuit, the former employee alleges that 37% of his retirement savings were invested in BlackRock's Target Date 2045 fund, which uses ESG considerations.
One notable change from last year is increased utilization because of delayed preventive or elective care during the pandemic, which declined from 12% to 4%.
After a lot of pushback from employers and retirement industry organizations on a key SECURE 2.0 catch-up contribution change for higher-income employees, the IRS announced an "administrative transition period."
Attorney Glenn Moses attributes the uptick to "...a more conservative approach by banks in their lending practices – causing liquidity issues for business which often results in a bankruptcy filing."
