Featured Jobs
|
Plan Administrator, Defined Benefit & Cash Balance The Pension Source
|
|
BPAS
|
|
Defined Benefit Plan Consultant/Actuarial Analyst Sentinel Group
|
|
Sentinel Group
|
|
Retirement Relationship Manager MAP Retirement
|
|
MAP Retirement
|
|
Strategic Retirement Plan Consultant Retirement Plan Consultants
|
|
Regional Vice President, Sales MAP Retirement
|
|
Pattison Pension
|
|
DWC - The 401(k) Experts
|
|
MAP Retirement
|
Free Newsletters
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|
|
|
Voya Accused of Layering 401(k)s With Unnecessary Fees
Bloomberg BNA 
Sept. 14, 2016
"According to the lawsuit ... Voya contracted with federally registered investment adviser Financial Engines Advisors LLC to provide advice to participants in Voya-administered retirement plans. Voya then charged participants a fee of as much as 50 basis points for this arrangement ... Voya's arrangement with Financial Engines is structured largely so that Voya can collect an unnecessary layer of fees from the retirement plans it oversees, according to the Nestle plan participant's complaint. In her view, this is an attempt by Voya to avoid federal laws limiting its ability to provide financial advice steering retirement savers toward its own products." [Patrico v. Voya Fin., Inc., No. 16-07070 (S.D.N.Y. complaint filed Sept. 9, 16]
|
| Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
| An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |