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| Public Pensions Keeping Pace with Improved Longevity | |
| The Center for State and Local Government Excellence’s issue brief, “How Will Longer Lifespans Affect State and Local Pension Funding?,” asks two questions: What would happen if public plans were required to use the new mortality tables designed for private-sector plans? What would happen if they were to fully incorporate the expected future mortality improvements? The answer: not much. According to the brief, on average public plans underestimate life expectancy by about six months, compared to the private-sector standard. Adopting the new mortality tables would lead to a 1 percentage point difference in funded status—from 73% to 72%.Read more > | |
| Retirement plan sponsors polled continue to express deep pessimism about service providers and retirement advisers, with trust in financial institutions at 8% (a slight dip from 2014’s 9%) and trust in their current plan provider at 58%, a loss of seven percentage points from last year’s 65%. Survey respondents assessed their trust in a current provider by levels of agreement with the statement they “can always trust their provider to do what is right,” according to the Second Annual Plan Sponsor Trust & Confidence Study by the National Association of Retirement Plan Participants (NARPP).Read more > | |
| Products, Deals & People | |
| Heather Beatty joins the TCW Group as senior vice president, institutional marketing. Heather Beatty, a client services expert with TCW, will manage relationships with the global asset management firm’s institutional investment clients on the West Coast.Read more > | |
| Market Mirror | |
Yesterday, the Dow fell 80.61 points (0.45%) to 17,977.04, the NASDAQ was down 7.73 points (0.15%) at 4,988.25, and the S&P 500 lost 9.57 points (0.46%) to finish at 2,092.49. The Russell 2000 decreased by 0.82 (0.06%) to 1,265.59, and the Wilshire 5000 closed 87.66 points (0.39%) lower at 22,187.13. On the NYSE, 3.2 billion shares changed hands, with 1.6 declining issues for every advancing issue. On the NASDAQ, 2.8 billion shares traded, with a slight lead for decliners. The price of the 10-year Treasury note increased 5/32, bringing its yield down to 1.931%. The price of the 30-year Treasury bond was up 2/32, decreasing its yield to 2.580%. | |
| Compliance | |
| Calmer Perspectives on Tibble Fee Case | |
| Despite enormous industry attention paid to the case, some attorneys say a pending Supreme Court decision in the Tibble v. Edison retirement plan fee litigation may not be so impactful after all.Read more > | |
| From the Magazine | |
| Data-Driven Outcomes | |
| Nearly every major retirement plan provider now offers a data analytics tool that purports to help plan sponsors determine how best to improve their plan design and participant outcomes. But how do data analytics work, and how can sponsors use such tools to perfect their plans?Read more > | |
| Small Talk | |
ON THIS DATE: In 1818, Noah Webster, a Yale-educated lawyer with an avid interest in language and education, published his “American Dictionary of the English Language.” In 1865, John Wilkes Booth, an actor and Confederate sympathizer, fatally shot President Abraham Lincoln at a play at Ford’s Theater in Washington, D.C. In 1902, James Cash (J.C.) Penney opened his first retail store in Kemmerer, Wyoming. It was called the Golden Rule Store. In 1912, just before midnight in the North Atlantic, the RMS Titanic failed to divert its course from an iceberg, ruptured its hull, and began to sink. In 1969, the 41st annual Academy Awards was broadcast live to a television audience in 37 nations—the first time the awards had been televised worldwide. In 1981, America’s first space shuttle, Columbia, returned to Earth after a three-day test flight. The shuttle orbited the Earth 36 times during the mission.
TUESDAY TRIVIA: The actual statutes for the current U.S. tax code total 2,652 pages; the statutes plus additional Internal Revenue Service (IRS) guidance total about 9,000 pages; and adding relevant case law makes the tax code total more than 70,000 pages. | |
| TRIVIAL PURSUITS: What is the average amount of individual income tax refunds issued so far in the 2015 filing season?Read more > | |
| Share the good news with a friend! Pass the Dash along – and tell your friends/associates they can sign up for their own copy.Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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