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5 days ago | 
benefitspro.com | Lynn Varacalli Cavanaugh
Last year, a House Committee probe was launched into the Pension Benefit Guaranty Corporation (PBGC), alleging it failed to stop funds from going to deceased plan participants of the Teamsters’ pension fund.
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5 days ago | 
benefitspro.com | Lynn Varacalli Cavanaugh
In 2022, the Biden-era Department of Labor warned fiduciaries to “exercise extreme care” before adding a cryptocurrency option to their 401(k) plans, however, last month the agency rescinded that guidance. And now, four ranking members of the Democratic party have expressed their strong concern about the DOL’s decision, in a letter sent to Labor Secretary Lori Chavez-DeRemer.
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1 week ago | 
benefitspro.com | Lynn Varacalli Cavanaugh
As two financial giants – JPMorgan Chase and Morgan Stanley – continue their ongoing layoffs this month, JP Morgan is now accusing a former employee – a financial advisor who oversaw $800 million in client assets at the bank – of breach of contract and violating non-solicitation agreements after he departed the company to join competitor Morgan Stanley.
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1 week ago | 
benefitspro.com | Lynn Varacalli Cavanaugh
It has been projected that the Social Security Administration, which manages Social Security payments for about 72.5 million retirees, disabled people and children, will have funds depleted around 2035. But now, with the annual Social Security and Medicare Trustees Reports just released, funds will be sooner than expected. The Old-Age and Survivors Insurance (OASI) Trust Fund is projected to become depleted in 2033, the same year as last year's estimate, with 77% of benefits payable at that time.
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1 week ago | 
treasuryandrisk.com | Lynn Varacalli Cavanaugh
The corporate sign in front of the JP Morgan Chase & Co office building on Park Avenue in New York City.. After getting hit with a class-action lawsuit over misuse of 401(k) forfeited funds in January, JPMorgan Chase has had the lawsuit, Daniel Wright v. JPMorgan Chase & Co. et al., dismissed by a California federal judge.
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1 week ago | 
benefitspro.com | Lynn Varacalli Cavanaugh
Amid heightened concerns around inflation and the economy, employees are increasingly interested in access to financial advisors, retirement planning support and retirement income solutions, according to Morgan Stanley’s fifth-annual State of the Workplace 2025 Financial Benefits Study. Employees increasingly believe their employers should provide active financial assistance, according to the study of 1,000 employees and 600 HR leaders.
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1 week ago | 
benefitspro.com | Lynn Varacalli Cavanaugh
Today’s workers see retirement security as a shared mission with their employer – not just a personal goal, according to new research from Nuveen, the investment manager of TIAA, and the TIAA Institute, which surveyed more than 2,000 401(k) participants. The research found that the vast majority of workers want their employers to offer them access to pension-like lifetime income inside their 401(k) plans. Not only that, workers feel it is an employers’ responsibility to do so.
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1 week ago | 
benefitspro.com | Lynn Varacalli Cavanaugh
Retirement planning isn't as straightforward as it used to be. With rising costs and economic uncertainty, some are turning to multiple income sources, side hustles, and even AI-driven financial tools to help secure their future, according to a Western & Southern Financial Group study. The financial services firm surveyed 1,002 unretired Americans to see how differently they're preparing and what challenges they're up against.
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1 week ago | 
benefitspro.com | Lynn Varacalli Cavanaugh
North Carolina Governor Josh Stein signed into law last week the 2025 State Investment Modernization Act, which established a new investment authority, North Carolina Investment Authority (NCIA), to manage the state’s $127 billion pension plan and other public funds — including those for retirement, education, transportation and other uses. The NCIA is a new independent state agency tasked with modernizing the state’s investment management system and increasing investment returns.
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1 week ago | 
benefitspro.com | Lynn Varacalli Cavanaugh
After getting hit with a class action lawsuit over misuse of 401(k) forfeited funds in January, JPMorgan Chase has had its lawsuit, Daniel Wright v. JPMorgan Chase & Co. et al., dismissed by a California federal judge. This dismissal aligns with recent decisions from other federal courts rejecting challenges to employer use of forfeited funds under the Employee Retirement Income Security Act guidelines. U.S. District Judge Josephine L.
