Migliaccio & Rathod LLP is investigating whether BlackRock LifePath Paycheck retirement-income program improperly charges advisory or wrap fees after retirement assets have been converted into guaranteed-income products.
Reported Issues
Participants report concerns that:
- They enrolled in BlackRock LifePath retirement-income programs marketed as providing a “paycheck for life.”
- A portion of their retirement savings was converted into guaranteed lifetime income products.
- Advisory or program fees continued after assets were no longer actively managed.
- Ongoing fees reduced retirement income despite limited or no ongoing investment management.
- Fee disclosures did not clearly explain how charges would operate after annuitization.
Why Individuals Should Be Concerned
Potential claims include:
- Excessive fees
- ERISA violations
- Prohibited transactions
- Inadequate fee disclosures
- Breach of fiduciary duty
- Economic loss
Signs You May Be Affected
- You participated in a retirement plan utilizing BlackRock LifePath Paycheck.
- A portion of your account was converted into guaranteed retirement income.
- Program or advisory fees continued after retirement-income benefits began.
- You were not clearly informed how fees would be calculated after annuitization.
- You believe fees continued despite reduced investment-management services.
If you have encountered these issues, we would like to hear from you. Please complete the contact form on this page, send us an email at [email protected], or give us a call at (202) 470-3520.