October 5, 2007 |
Consumer advocates say better disclosure of fees for 401(k) plans would lead to bigger retirement nest eggs for millions of Americans. But business groups Thursday made clear they would fight legislation that would mandate a comprehensive listing of all such expenses. Too much disclosure, they argued, would overwhelm employees with unnecessary detail, raise expenses for plan administrators and ultimately fail to benefit retirees.
July 22, 2007 |
If you're lucky enough to have the newest kind of 401(k) plan, experts say you're off to a good start even if you don't lift a finger. The hot trend in retirement savings plans is making the 401(k) run on autopilot. Employees are enrolled automatically. The plan decides how much you should contribute and simply takes the money out of your paycheck. How your money is invested is also decided for you. And your contribution amounts and investment allocation automatically change over time.
March 7, 2007 |
A political push for greater disclosure of fees in 401(k) retirement savings plans gathered steam Tuesday, as an influential Democratic lawmaker said he planned to shine light on whether an array of service firms were "dipping into other people's money" without good cause. "We have to ask whether all these fees are necessary, and we have to examine whether they are undermining workers' retirement security," said Rep.
March 1, 2007 |
Goodyear Tire & Rubber Co. said it would scrap its pension program for current workers and raise retiree healthcare payments to save as much as $90 million annually. In 2009, Goodyear will replace defined-benefit pension plans with 401(k) programs with matching contributions. Corporate salaried and retail store retirees will pay more for health benefits beginning next year, and some insurance benefits will be canceled, Akron, Ohio-based Goodyear said.
January 29, 2007 |
Congress and government regulators are planning an array of moves to strengthen oversight of 401(k) accounts, which have become the linchpin of retirement savings for millions of Americans but are often burdened by hidden fees that chip away at their value. Rep.
December 27, 2006 |
The Labor Department has filed suit against executives of two defunct textile firms, including one in Santa Monica, demanding the return of more than $100,000 in employee contributions to the firms' 401(k) plan. The suit, filed in U.S. District Court in New York on Thursday, alleges that Richard Haik and Mitchell Ostrover failed to forward employee contributions and loan repayments to the 401(k) retirement plan for employees of Beverly Trimming Co.
December 17, 2006 |
Like many of his co-workers, Bradley Simon had put in decades at the Exxon Mobil refinery, building up a stout 401(k) retirement account and enviable pension benefits. So he listened carefully to the investment broker's pitch that he should seize a head start on the golden years. "He said, 'Why are you still working?' " Simon recalled. "He said, 'I can make you more money staying at home.' " At 54, Simon quit his job making ethylene and turned over more than $700,000 to David L.
December 15, 2006 |
Fidelity Investments is being sued by Deere & Co. workers who claim that they were charged hidden fees in their 401(k) retirement accounts. The lawsuit, filed Dec. 8 in federal court in Madison, Wis., also names Deere and seeks class-action status. The four employees are asking for unspecified damages, as well as an order that excessive fees be returned to their 401(k) plans. Schlichter, Bogard & Denton, the St.
December 14, 2006 |
A Northern California man has been indicted by a San Francisco grand jury on charges of embezzling from his now-defunct company's 401(k) plan. James P. Winzler of Brentwood is accused of taking $107,000 out of the plan maintained by GKO & Associates, an engineering firm that had offices in San Francisco and Hawaii. Winzler is former president of the company, which once had 33 participants in its 401(k).