Amanda Umpierrez

1 week ago | 401kspecialistmag.com | Amanda Umpierrez

The Charles Schwab Corporation has made a minority investment in Wealth.com, an estate planning platform in wealth management with aims to modernize how financial advisors help clients of all wealth levels with their estate planning needs. Schwab’s investment is said to help Wealth.com scale its capabilities to make it easier for financial firms and advisors to provide estate planning services to individuals and families.

1 week ago | 401kspecialistmag.com | Amanda Umpierrez

The latest analysis from the Public Research Retirement Lab (PRRL) finds that while target-date funds (TDFs) have gained popularity with younger investors, the funds remain misunderstood by savers. The report identifies participants who invested in only one investment type as well as those allocating towards multiple forms of investments, finding that while 51% of participants invested in just one, 49% invested in multiple funds.

1 week ago | 401kspecialistmag.com | Amanda Umpierrez

The U.S. Supreme Court today announced it had sided with retirement plan participants who had previously sued Cornell University for excessive fees in the institution’s 403(b) plan, marking a major win for university employees. In a unanimous decision, Supreme Court justices held that Section 1108 of ERISA outlines affirmative defenses and that plan fiduciaries must both plead and prove that an exemption applies to a prohibited transaction under Section 1106.

1 week ago | 401kspecialistmag.com | Amanda Umpierrez

Participants who leave their job without their 401(k) can end up paying thousands of dollars in hidden fees, finds a new analysis out today by online retirement provider PensionBee. According to the findings, former employees can end up paying as much as $18,000 in account maintenance fees on leftover retirement accounts. PensionBee explains that when a participant leaves a job, their employer may choose to charge them fees that had previously been covered by the organization.

1 week ago | 401kspecialistmag.com | Amanda Umpierrez

The average 401(k) loan size grew slightly higher than inflation in 2024, at 4%, according to a new benchmarking report by T. Rowe Price. The report found that loan balances grew to $10,250 in 2024, up from less than $10,000 in 2023. Participants in all age groups also increased their average loan size in their defined contribution (DC) plan, including those nearing retirement age, found the report. In fact, those closer to retirement age had the highest average loan size.