Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
April 13th, 2018
Benefits & Administration
Longevity Risk a Concern for Single Retirees
Single retirees, particularly single women retirees, are more concerned about outliving their savings, according to research by the LIMRA Secure Retirement Institute (LIMRA SRI). While 71% of married retirees are confident they will be able to live the lifestyle they want in retirement, this is only true for 64% of single retirees. Additionally, 40% of single retirees overall do not think they  have enough savings to last them until age 90, and nearly half of single women are not confident their savings will last through age 90. The survey finds owning an annuity and working with a financial adviser helps. Read more >
Compliance
Former Committee Members Not Free from Church Plan Challenge
Former committee members for the pension plan of St. Elizabeth Medical Center moved to have themselves dismissed from a lawsuit challenging the church plan status of the pension plan, but a federal judge declined to dismiss them from a count regarding funding of the plan. Read more >
ERISA Fiduciary Breach Litigation Targets Home Depot, Financial Engines
The text of the complaint includes substantial detail about the inner workings of the Home Depot retirement plan, and its relationships with advice providers Financial Engines and, later, Alight Financial Advisors. Read more >
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Employers Encouraged to Offer Multi-Dimensional Wellness Programs
Economic Events

In the week ending April 7, the advance figure for seasonally adjusted initial claims for unemployment insurance was 233,000, a decrease of 9,000 from the previous week’s unrevised level of 242,000, the Labor Department reported. The four-week moving average was 230,000, an increase of 1,750 from the previous week’s unrevised average of 228,250.

The average interest rate on a 30-year fixed-rate mortgage is 4.42%, up from 4.40% one week ago, according to Freddie Mac. The average interest rate on a 15-year fixed rate mortgage is unchanged from last week, at 3.87%.

Market Mirror

Thursday, the Dow climbed 293.60 points (1.21%) to 24,438.05, the NASDAQ closed 71.22 points (1.01%) higher at 7,140.25, and the S&P 500 increased 21.80 points (0.83%) to 2,663.99. The Russell 2000 was up 10.63 points (0.69%) at 1,557.33, and the Wilshire 5000 gained 191.14 points (0.70%) to finish at 27,658.82.

The price of the 10-year Treasury note decreased 14/32, bringing its yield up to 2.835%. The price of the 30-year Treasury bond fell 29/32, increasing its yield to 3.042%.

Products, Deals and People
Investment Products and Services Launches
VanEck launches Real Asset ETF, and BlackRock announces approach to firearm manufacturers. Read more >
Small Talk

ON THIS DATE: In 1742, during the Christian season of Lent, Handel’s “Messiah” premiered in a concert hall in Dublin, Ireland. In 1743, Thomas Jefferson was born. In 1777, General Lord Charles Cornwallis led 4,000 British troops and Hessian mercenaries in a surprise attack on a small garrison of American troops in the village of Bound Brook in central New Jersey. In 1861, after a 33-hour bombardment by Confederate cannons, Union forces surrendered Fort Sumter in South Carolina’s Charleston Harbor. In 1964, Sydney Poitier became the first African American to win the Academy Award for Best Actor, for his role as a construction worker who helps build a chapel in Lilies of the Field (1963). In 1997, 21-year-old Tiger Woods won the prestigious Masters Tournament by a record 12 strokes in Augusta, Georgia. It was Woods’ first victory in one of golf’s four major championships.

SURVEY SAYS: Yesterday, I asked NewsDash readers, “Does your firm/adviser perform peer benchmarking to see how your plan stacks up to others, and what would you like to know about your peer plan sponsors?” We would like to receive more responses. Readers should note that even if you are not working in a plan sponsor role, as a participant, there may be some information you’d like to know about peer plans to the plan your employer offers. The survey is open for another day. Read more >

And now it’s time for FRIDAY FILES!

Sometimes what you say to children means something different to them. Read more >
This will be me—jamming to heavy metal when I’m retired. Read more >
An optical illusion to try. Read more >

In Manchester, New Hampshire, a woman went to the Hillsborough County Department of Corrections and applied for a job. It was discovered that she had a warrant for a theft-related offense in Maine. So, instead of employment, she received a ride to police headquarters.

 

In Minneapolis, Minnesota, workers renovating the old Dayton’s department store downtown discovered the mummified remains of a monkey. The carcass was found in an air duct on the seventh floor of the century-old building. Cailin Rogers, a spokeswoman for the Dayton’s Project, an office, retail and restaurant complex going into the building, says where the monkey came from or how it ended up in the air duct is a mystery, according to the Associated Press. A co-administrators of an historic site called Old Minneapolis says one likely answer came from someone who posted its Facebook page saying a longtime Dayton’s employee told him a monkey escaped from an eighth-floor pet store into the air conditioning ductwork in the 1960s.

 

In Amsterdam, take the highway past the Dutch village of Jelsum and the road will play you a tune. Reuters reports that the song was created by strategically laid “rumble strips” as a way of livening up journeys across the flat landscape. If drivers hit them at the correct speed—the 60 kph (40 mph) limit—the road will sing out the anthem of the Friesland region. But it is loud and the sound travels, and locals say the musical road had created a never-ending cacophony that keeps them awake at night. The Friesland authority has agreed to remove the rumble strips later this week, local newspaper Leeuwarder Courant reported.

 

In Lindenhurst, New York, a man received a call last week from a man in Oakland, California. The California man’s father had purchased a Volkswagen van new and named it Matilda, taking his family on cross-country trips. The son was cleaning it out after his father’s death when he came across a note from the New York man tucked in the VW’s log book. Eight years ago, at the age of 16, the New York man slipped a note inside the window of the blue 1971 Volkswagen bus, calling it his “future car.” The family of the California man decided to give the van to the New York man, on the condition he update them on its restoration and “go on plenty of adventures.”

 

Happy weekend, everyone!

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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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