Practice

Although Roth 401(k) features became effective Jan. 1, 2006, few employers immediately implemented them, since they were new and recordkeepers were still developing systems to accommodate the new feature.

PIMCO has named Mohamed El-Erian chief executive officer, a position he currently shares as co-CEO with Bill Thompson, who will be retiring at the end of the year.

The number of affluent households in the United States has decreased, according to initial research from the annual Affluent Market Research Program by TNS, a marketing company based in New York.

Fees have become the top reason that retirement plan sponsors switch providers, according to Spectrem Group.

The SPARK Institute has created a document for 403(b) vendors and plans sponsors that outlines technological best practices related to information sharing.

Generation X millionaires give nearly twice as much to charity on average compared to older generations, according to a new survey.

In a new effort to fund health savings accounts, the Internal Revenue Service recently issued guidance on subsidizing HSAs with money from individual retirement accounts.

Japanese investors are increasingly flocking to mutual funds that pay out monthly incomes or dividends, with such funds now accounting for 55.7% of all of the nation’s assets in funds, or $303 billion, Nikkei newswire reports.

Millions of retirees who are turning 70-1/2 are forced to take money out of their tax-deferred IRAs or 401(k)s each year, or pay a stiff penalty to the government.

England's Financial Services Authority has found no evidence of a "concerted attempt by individuals" to alter share prices in Halifax Bank of Scotland (HBOS) during the raid of its shares earlier this year, according to the Mondaq Business Briefing.HBOS' shares fell by 17% in 20 minutes on March 19 after someone spread false rumors that the bank had asked the Bank of England for an emergency loan. The panic came just days after the collapse of Bear Stearns in the U.S.Many officials suspect that hedge funds may have played a large role both incidents, though regulators have not been able to pin the blame on anyone yet.After four months of investigating, the FSA found no evidence of abuse. The agency stated that it would continue to watch for rumor-mongering "at a high level of intensity," and will take action if any evidence is found.The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.