Practice

A group of Democratic lawmakers has introduced legislation that would impose a tax on Wall Street securities transactions.

The House’s decision to extend the current estate tax rate did not come as a surprise to industry observers, who never believed the government would allow the tax to expire altogether and give up the much needed revenue.

Managers of 529 college-savings plans have always competed on fees, but the latest round of the bidding war promises to be the most intense.

OppenheimerFunds Retirement Services announced new resources Wednesday to help 401(k) plan participants, sponsors and advisers navigate difficult market cycles and a constantly evolving marketplace.

John Hancock Retirement Plan Services launched an enhanced website for financial representatives to help them support clients and grow their business. The site has improved navigation, updated materials and tools for creating reports for prospects and clients. The site also makes it easy for advisers to compare and contract Hancock investment options.

Between the market rally and 401(k) investors’ steady contributions, balances are higher than what they were before the financial crisis hit, according to a Vanguard report, “Recovery in 401(k) Balances,” based on an analysis of the 1.7 million investors that Vanguard serves. What’s more, despite the intense scrutiny on target-date funds, some of which dramatically lagged their benchmarks in 2008, portfolios invested solely in target-date funds did better than others.

The Eighth Circuit Court of Appeals has reversed the dismissal of Jeremy Braden v. Wal-Mart Stores by the District Court for the Western District of Missouri.

Fidelity Investments has promoted Jacques Perold from chief operating officer of its asset management unit to chief of the $1.4 trillion division. Meanwhile, Michael Wilens, the former head, has moved over to the retirement unit as head of client management, reporting to Abigail Johnson, head.

Forty percent of employers surveyed by the International Foundation of Employee Benefit Plans said they believe the worst of the economic crisis is over. Twenty-seven percent said they did not think we are out of the woods, and 33% were neutral.

European private equity firm Permira has acquired a financial services firm devoted to retirement preparedness, Just Retirement, for $374 million. This marks Permira’s first financial services investment since setting up a sector team devoted to the industry last year.