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| Ask the Experts | |
| “What is the current maximum permissible vesting schedule for employer contributions to a retirement plan? And is it the same for base (discretionary) and matching contributions? I seem to recall that the maximum changed in recent years, but I am not certain.”Read more > | |
| Economic Events | |
| Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,215,000, the Census Bureau announced. This is 6.8% below the revised February estimate of 1,303,000, but is 9.2% above the March 2016 rate of 1,113,000. Single-family housing starts in March were at a rate of 821,000; this is 6.2% below the revised February figure of 875,000. The March rate for units in buildings with five units or more was 385,000. | |
| Sponsored message from Natixis | |
| Good news for plans with purpose Target date. Sustainable Focus. Introducing the industry’s first ESG-driven target date funds: Natixis Sustainable Future Funds, optimized to your client’s vision of a better future. Join the movement! Read more>> Read more > | |
| Market Mirror | |
Tuesday, the Dow lost 113.64 points (0.55%) to finish at 20,523.28, the NASDAQ was down 7.32 points (0.12%) at 5,849.47, and the S&P 500 decreased 6.82 points (0.29%) to 2,342.19. The Russell 2000 was virtually unchanged at 1,361.89, and the Wilshire 5000 closed 50.69 points (0.21%) lower at 24,421.72. On the NYSE, 3.1 billion shares changed hands, and on the NASDAQ, 2.9 billion shares traded, with a slight lead for declining issues on both exchanges. The price of the 10-year Treasury note increased 21/32, bringing its yield down to 2.177%. The price of the 30-year Treasury bond climbed 1 9/32, decreasing its yield to 2.846%. | |
| Compliance | |
| The Encouraging Employee Ownership Act would increase the cap on the amount of stock closely held companies can award employees before triggering certain Securities and Exchange Commission (SEC) reporting requirements.Read more > | |
| Fiduciary Caused ESOP Participants To Overpay for Company Stock | |
| A federal judge, presiding over a U.S. Department of Labor lawsuit, has found that First Bankers Trust Services Inc. breached its duties of prudence and loyalty to the participants of an employee stock ownership plan (ESOP) when it caused the plan to overpay for shares of the company’s stock. U.S. District Judge Michael A. Shipp of the U.D. District Court for the District of New Jersey awarded to the plan $9,485,000 (plus interest), subject to the reduction in a 2016 consent order against SJP Group Inc.’s CEO Vincent DiPano.Read more > | |
| DC Plan Sponsors Have Until May 1 to Adopt Pre-Approved Plan | |
| The Internal Revenue Service (IRS) has extended the deadline from Sunday, April 30, 2017, to Monday, May 1, 2017, for certain employers to adopt a defined contribution (DC) pre-approved plan and apply for a determination letter, if permissible, to help employers who want to convert their existing individually designed plan into a current defined contribution pre-approved plan based on the 2010 Cumulative List. Plan sponsors with individually designed plan documents may want to adopt a pre-approved plan since the elimination of the five-year remedial amendment cycles for individually designed plans.Read more > | |
| Investing | |
| Target-Date Fund Reviews a Top Priority for Plan Sponsors | |
| Retirement plan consultants list reviewing target-date strategies as the top priority for their plan sponsor clients, according to the 11th annual PIMCO Defined Contribution Consulting Support and Trends Survey. The consultants surveyed also make recommendations for defined contribution plan fund lineups.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1764, the English Parliament banned the American colonies from printing paper money. In 1770, Captain James Cook discovered New South Wales, Australia. Cook originally named the land Point Hicks. In 1775, the American Revolution began as fighting broke out at Lexington, Massachusetts. In 1782, The Netherlands recognized the new United States. In 1861, U.S. President Abraham Lincoln ordered a blockade of Confederate ports. In 1897, the first annual Boston Marathon was held. In 1933, U.S. President Franklin D. Roosevelt issued a proclamation that removed the U.S. from the gold standard. In 1939, Connecticut approved the Bill of Rights for the U.S. Constitution after 148 years. In 1960, baseball uniforms began displaying player’s names on their backs. In 1967, Surveyor 3 landed on the moon and began sending photos back to the U.S. In 1977, Alex Haley received a special Pulitzer Prize for his book “Roots.” In 1982, NASA named Guion S. Bluford Jr. as the first African-American astronaut. In 1982, the U.S. announced a ban on U.S. tourist and business travel to Cuba. The U.S. charged the Cuban government with subversion in Central America. In 1993, the Branch-Davidian’s compound in Waco, Texas, burned to the ground. It was the end of a 51-day standoff between the cult and U.S. federal agents. Eighty-six people were killed including 17 children. Nine of the Branch Davidians escaped the fire. In 1995, the Alfred P. Murrah Federal Building in Oklahoma City was destroyed by a bomb. It was the worst bombing on U.S. territory. One hundred sixty-eight people were killed including 19 children, and 500 were injured. WEDNESDAY WISDOM: “In the Spring, I have counted 136 different kinds of weather inside of 24 hours.”—Mark Twain | |
| Share the news with a friend! Pass the NewsDash 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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