An SEC case against a Massachusetts advisor has big implications for the regulator’s oversight of insurance products, a law firm cautioned in a brief filed Monday with the federal court. Earlier this year, the Securities and Exchange Commission brought a complaint against investment advisory firm Cutter Financial Group and its owner Jeffrey Cutter, accusing them of failing to disclose commissions and churning annuities products. Cutter, who is also an insurance agent, allegedly steered...

Saving for retirement isn’t going to be a priority for many workers when federal student loan payments resume this fall after a 3½-year hiatus. But an increasing number of employers are extending new perks to workers that recent legislation made possible, including loan repayment assistance and contributions to 401(k)s for those who are paying down loans but not saving on their own. One company that provides such services — including through 401(k) record keepers like Vanguard, Empower, PNC,...

A review of 401(k)s shows account balances that are emblematic of widening wealth inequality among older Americans, the Government Accountability Office said in a report Thursday to Congress. The account type, which is often championed as an important savings tool for the middle class, is utilized far more by those with income in the top 20%. While about 90% of people age 51 to 64 who were in the highest income quartile in 2019 had assets in a 401(k), that was the case for about 10% of...

401(k) plans are missing out on $35 billion a year in returns they could see if they incorporated private equity and real estate, a recent report from Georgetown University’s Center for Retirement Initiatives found. That result would be possible if defined-contribution plans such as 401(k)s allocated up to 10% of their assets to illiquid assets — half of that being private equity and half real estate, according to the study. In that scenario, the private equity would replace a mix of listed...

Insurance coverage is emerging as battleground for sustainability advocates pushing for action on climate change, with a handful of shareholder resolutions this year getting a small but potentially meaningful level of support. While big insurers in recent years have faced proxy voting campaigns around how they measure and disclose greenhouse gas emissions, a newer type of shareholder resolution seeks to get them to stop providing coverage for new oil and gas projects. The latter type surfaced...