| Benefits & Administration | Senior Researcher Outlines an Evolving Industry | In his position as a chief research strategist with Russell Investments, Bob Collie sees a shifting retirement plan landscape—an industry facing critical challenges, but changing for the better. “There is a reason why we are seeing so many retirement system reform proposals coming down the pike from Washington and the states, and from so many other places and points of interest,” Collie tells PLANSPONSOR. “And the reason is that there is still some real weakness in the U.S. retirement system that is proving to be really challenging to overcome—especially when it comes to the basic question of access to a tax-qualified plan option.”Read more > | | Products, Deals & People | Help for Participants Who Are Caregivers | With over 5 million Americans suffering from
Alzheimer’s disease—a number that is anticipated to triple by mid-century—a
plan sponsor is almost sure to have participants whose lives and finances are
affected at one point or another. To address the challenges of financial
planning under these tough circumstances, Transamerica, in partnership with
Massachusetts Institute of Technology AgeLab, published a free book to help
those who handle the finances of someone with dementia.Read more > | | Economic Events | In the week ending April 18, the advance
figure for seasonally adjusted initial claims for unemployment insurance was
295,000, an increase of 1,000 from the previous week’s unrevised level of
294,000, the Labor Department reported. The four-week moving average was
284,500, an increase of 1,750 from the previous week’s unrevised average of
282,750.
Sales of new single-family houses in
March were at a seasonally adjusted annual rate of 481,000, according to
estimates released jointly by the U.S. Census Bureau and the Department of
Housing and Urban Development. This is 11.4% below the revised February rate of
543,000, but is 19.4% above the March 2014 estimate of 403,000.
The average interest rate for a 30-year fixed-rate
mortgage is 3.65%, down from 3.67% one week ago, according to Freddie Mac. The average
interest rate for a 15-year fixed-rate mortgage is 2.92%, down from 2.94%.
|
|
|
|
| Market Mirror | Thursday, the
Dow was up 20.42 points (0.11%) at 18,058.69, the NASDAQ gained 20.89 points
(0.41%) to finish at a record high of 5,056.06, and the S&P 500 increased
4.97 points (0.24%) to end at 2,112.93. The Russell 2000 climbed 6.05 points
(0.48%) to 1,271.54, and the Wilshire 5000 closed 62.50 points (0.28%) higher
at 22,396.19.
On the NYSE,
3.2 billion shares traded, with a 2 to 2 lead for advancers. On the NASDAQ, 2.8
billion shares changed hands, with 1.6 advancing issues for every declining
issue.
The price of the 10-year Treasury noted climbed 7/32,
decreasing its yield to 1.958%. The price of the 30-year Treasury bond
increased 5/32, bringing its yield down to 2.654%.
| | Compliance | Retirement Plan Issues on the IRS’ Radar | The Internal Revenue Service (IRS) has seen
leadership changes, a number of employees retiring and a restriction in hiring,
but it continues to have a focus on examination and enforcement efforts with
retirement plans. Mike Sanders, area manager for the Mid-Atlantic area,
Employee Plans, IRS, warned attendees of the 44th Annual Retirement &
Benefits Management Seminar, hosted by the Darla Moore School of Business at
the University of South Carolina, and co-sponsored by PLANSPONSOR, about
potential audit triggers. “Every
line item on the Form 5500 is utilized,” Sanders summed up.Read more > | Demographics Prompting Focus on Retirement Income | One of the most important factors impacting
those in the retirement industry is workforce demographics, said Fred Reish,
chair of the financial services ERISA team at the law firm of Drinker, Biddle
& Reath LLP. Speaking to attendees at the 44th Annual Retirement &
Benefits Management Seminar, hosted by the Darla Moore School of Business at
the University of South Carolina and co-sponsored by PLANSPONSOR, Reish noted
there is a focus on retirement income within the Department of Labor’s (DOL)
regulatory agenda. For example, the new fiduciary investment adviser proposed
rule from the DOL—he says the rulemaking is less about 401(k)s or other
retirement plans and more about the 65-year-old who retires today and lives to
85. What are they going to do when not protected by the Employee Retirement
Income Security Act (ERISA) bubble? Are they going to have any money left at
age 85?Read more > | | Investing | Cost of Deferred Income Has Climbed | The CoRI indexes suggest long-term interest
rates have started to level out from prolonged historic lows—a benefit to
retirees hoping to address longevity risk via deferred annuities. BlackRock
says the start of 2015 is again demonstrating how important it is for
pre-retirees to keep in mind that retirement investment strategies are often
sensitive to interest rate changes.Read more > | | Small Talk | ON
THIS DATE: In 1800,
President John Adams approved legislation to appropriate $5,000 to purchase
“such books as may be necessary for the use of Congress,” thus establishing the
Library of Congress. In 1833, a
patent was granted for first soda fountain. In 1889, the Edison General Electric Company was organized. In 1897, William Price became the first to
be named White House news reporter. In 1945,
President Harry Truman learned the full details of the Manhattan Project, in
which scientists were attempting to create the first atomic bomb. In 1961, Sandy Koufax of the Los Angeles Dodgers
struck out 18 batters becoming the first major-league pitcher to do so on two
different occasions. In 1962, MIT
sent a TV signal by satellite for the first time. In 1980, an ill-fated military operation to rescue the 52 American
hostages held in Tehran ended with eight U.S. servicemen dead and no hostages
rescued.
And now it’s time for FRIDAY FILES!
| Creative ways to dunk your Oreo in milk.Read more > | In Crawley, West Sussex,
England, a 57-year-old woman who has suffered agoraphobia for years has
been working on overcoming the debilitating disease. She left her home for the
third time in 10 years with a friend as part of her reha.bilitation. That’s
when she saw a wooden pallet preventing her friend from reversing her car out
of park, tried to move it and fell into a hole, according to The Daily Mail.
She now has two black eyes and a suspected fractured leg. Sadly, she feels the
experience set her back ‘years’ in her battle with the phobia.
In Franklin County, Kentucky,
a man that escaped from a North Carolina prison more than 40 years ago, turned
himself in. According to WBTV, the man, convicted of stealing, escaped from
prison in 1971. According to the Franklin County Sheriff’s Office, the man has
“a lot of medical problems” and can’t walk. He told deputies he
hasn’t been able to get treatment because he doesn’t have a Social Security
card or any viable identification, and he turned himself in to get medical
help.
In Colorado Springs, Colorado,
a man has been fined for discharging a fir.earm within city limits. According
to the L.A. Times, he told police his computer was acting up, giving him the
“blue screen of death,” so he took it in an alley and shot it eight times.
| Somewhere in China, a man was stopped for exceeding the weight limit on his
vehicle. He was carrying an entire minivan on the back of his bike.Read more > | In Slidell, Louisiana,
firefighters responded to an unusual call. When they entered the home, they
found a large duck stuck inside a chimney with its head showing out of the
bottom. Firefighters had to dismantle part of the fireplace to reach the duck,
the Associated Press reported. It took more than two hours to safely remove the
bird. According to the news report, it’s unclear how the duck became lodged in
the chimney.
In West Pittston, Pennsylvania,
residents recently experienced an unusual “rain” storm. Torn wads of toilet
paper and shredded pieces of plastic bags covered roofs, lawns and trees,
according to UPI. One family called the Environmental Protection Agency, which
directed them to the Federal Aviation Administration. According to news reports,
the FAA confirmed that an investigation into the matter is underway.
In Boise,
Idaho, firefighters responded to a house fire. When they approached the
home, they heard cries of ‘Fire! Fire!’ and ‘Help! Fire!’ They rushed in to
rescue who they thought were the residents of the house, but instead found
parrots. According to UPI, crews reported there was no one in the house, only
the birds. The birds were removed and given oxygen.
Have a wonderful weekend! | 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 > | News from PLANSPONSOR.com
Copyright © Asset International, Inc.,
2015.
All
rights reserved. No reproduction without
prior authorization.
|
|