Medicare participants waiting to hear how much their premiums would increase next year learned their fate early this year. On Thursday, the more than 66 million people enrolled in Medicare were informed about their Medicare Part B premiums, which are usually deducted from Social Security benefits. Generally the adjustment...
With retirement just around the corner, a significant group of Americans have less saved for their post-working years than they need. Across all adult age groups, just 44% of women believe they will be financially prepared for retirement, compared to 61% of men, and when asked if they feel financially...
A new study shows Gen Z workers are itching to retire at age 61. If that’s the case, they have a lot of hurdles to clear. According to Charles Schwab’s annual nationwide survey of 401(k) plan participants released Thursday, Gen Z employees, or those who are 21 to 26 years...
The largest public pension fund in the U.S. is looking hire a new chief investment officer by early next year following the surprise resignation of its previous leader after less than 18 months on the job. The California Public Employees’ Retirement System is aiming to fill the CIO role by...
PGIM, Prudential Financial’s investment management unit, said Tuesday that it’s lowering the fees on its target-date funds and collective investment trusts. The target-date series, the Prudential Day One Funds, has been renamed the PGIM Target Date Funds, and the funds’ net expense ratio will be cut to 0.25% from 0.40%. The...
The United Auto Workers want something that most Americans don’t have: traditional pension plans. It’s one of the union’s core demands that could help end the strikes at Ford, General Motors and Stellantis. But at a time when companies are trying to shed their financial liabilities for workers’ retirement security,...
General Electric has settled a long-running lawsuit over the funds in its 401(k) plan for $61 million, one of the biggest settlements in ERISA litigation history. Court records filed last Friday disclosed the amount, which the company had agreed to in August but which previously had not been released publicly....
Financial advisors with Savant Wealth Management are gaining additional capabilities to provide professional 401(k) management for their clients. The RIA firm has partnered with Pontera to offer a more streamlined and scalable solution for applying investment strategies to clients’ plan retirement accounts. Savant uses Envestnet Tamarac as its portfolio management...
The head of private fixed income at SLC Management is to retire at the end of the year and will be succeeded by two co-heads. Sam Tillighast has been with the firm for five years and has led the PFI team’s successful doubling of new investments in that time. His...
To the extent that traditional pension plans aren’t all but a thing of the past in the private sector, they soon may be. Among companies that still have active defined-benefit plans on their books, 89% are planning to offload their pensions to insurance companies using a strategy called pension risk...