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The Legal Conflict at the Heart of U.S. Retirement Plans

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Last week, yet another slew of private retirement plan managers became the target of class-action lawsuits. This time it was a bunch of universities: Yale University, New York University, the Massachusetts Institute of Technology and other schools have been sued for failing to properly oversee their employees’ retirement plans.

The lawyer behind the suits, Jerome Schlichter, has already hit companies for failing to administer their 401(k) plans responsibly; this latest wave of suits targets the so-called 403(b), a form of defined contribution plan used by non-profits like universities that closely resembles the 401(k).

These suits are sending shock waves through the world of private retirement plans. And with good reason: They betray the nation’s unresolved confusion over the historic change that’s occurred in how most people save for retirement. Read More….

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AAPL
150.99
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XOM
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MSFT
74.05
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JNJ
136.55
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WFC
54.77
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GE
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JPM
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PG
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PFE
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VZ
43.925
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CVX
104.05
-0.41
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T
36.375
+0.245
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BAC
23.929
-0.131
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DIS
107.24
+0.42
+0.39%
FB
164.371
+0.231
+0.1409%
C
66.59
-0.11
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MRK
63.03
+0.41
+0.65%
GOOG
972.01
+1.12
+0.12%
KO
44.915
+0.085
+0.190%
CMCSA
39.57
+0.23
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HD
146.16
-7.14
-4.66%
GILD
73.309
+0.589
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INTC
34.61
+0.05
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IBM
147.33
-0.2
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CSCO
31.92
+0.02
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PEP
115.8
+0.46
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AMZN
1029.155
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ORCL
51.09
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V
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