| | Benefit Briefs | | Public Sector Not Rushing to Adopt DC Plans | | Defined benefit (DB) plans still make up the
majority of primary retirement savings vehicles for U.S. municipalities,
research reveals. An issue brief, “Defined Contribution Plans in the Public
Sector: An Update,” released by the Center for State and Local Government
Excellence notes since the onset of the financial crisis in 2008, there has
been much discussion by state and local governments about shifting from a
defined benefit (DB) to defined contribution (DC) plan. However, the Center’s
analysis shows few municipalities have actually taken action to adopt DC
arrangements. Only about 11% of public sector workers currently have access to
a DC plan. | | Many Small Businesses Not Prepared for ACA Changes | | Recently released polls by Paychex highlight the
persistent lack of understanding and preparedness among some business owners
when it comes to ongoing health care reform. Its Small Business Snapshot survey
found only 54% of respondents say they understand what is expected of their
business when it comes to the ACA. | | | Buyer's Market | | InHub Introduces Electronic RFP Process | | A new online portal from InHub LLC, a Securities
and Exchange Commission-registered online investment adviser, helps fiduciaries
quickly develop and circulate requests for proposals (RFPs). InHub, based in
Chicago, says its new “eRFP” technology is designed to help institutional
investors and investment advisers navigate the lengthy RFP process with
prudence and ease. | | Groom Law Group Adds to Health and Welfare Practice | | Seth Perretta has joined Groom Law Group as
co-head of the Health and Welfare practice. In addition, Allison Ullman as a
principal; Malcolm Slee, as counsel; and Sravya (Via) Boppana, as an associate,
will be joining Groom’s Health and Welfare Group, which specializes in various
benefits matters. John McGuiness, executive principal of Groom, says the
incoming team already has an established D.C.-area practice and specialized
knowledge about strategic benefits solutions, making the move a good fit. | | BMO Touts Automatic Features in First of Education Series | | BMO Retirement Services has released the first
in a series of reports intended to educate retirement plan sponsors. The paper,
“BMO Defined Contribution IQ: Automatic Features,” is the first in a nine-part,
bi-monthly education series titled “Defined Contribution IQ (DC IQ),” which was
developed for retirement plan sponsors and their consultants. The reports will
examine issues related to retirement plans, including plan design, participant
utilization and operational efficiency. | | | Economic Events | | In the week
ending April 19, the advance figure for seasonally adjusted initial claims for
unemployment insurance was 329,000, an increase of 24,000 from the previous
week’s revised level, the Labor Department reported. The previous week’s level
was revised up by 1,000 from 304,000 to 305,000. The four-week moving average
was 316,750, an increase of 4,750 from the previous week’s unrevised average of
312,000.
New orders
for manufactured durable goods in March increased $6.0 billion or 2.6% to $234.8
billion, the U.S. Census Bureau announced. This increase, up two consecutive
months, followed a 2.1% February increase. Excluding transportation, new orders
increased 2.0%. Excluding defense, new
orders increased 1.8%. Transportation
equipment, also up two consecutive months, led the increase, $2.8 billion or
4.0% to $74.1 billion.
The average interest rate for a 30-year fixed-rate
mortgage is 4.33%, up from 4.27% one week ago, according to Freddie Mac. The
average interest rate for a 15-year fixed-rate mortgage is 3.39%, up from
3.33%.
| | | Market Mirror | | Yesterday, the Dow was unchanged at
16,501.65, the NASDAQ increased 21.37 points (0.52%) at 4,148.34, and the
S&P 500 was up 3.22 points (0.17%) at 1,878.61. The Russell 2000 slipped
2.73 points (0.24%) to 1,144.35, and the Wilshire 5000 inched up 14.97 points
(0.08%) to 19,970.12.
On the NYSE, 3.2 billion shares traded,
with a slight lead for advancers. On the NASDAQ, 2.6 billion shares changed
hands, with 1.4 declining issues for every advancing issue.
The yields for the 10-year Treasury note and 30-year
Treasury bond were 2.683% and 3.455%, respectively.
| | | Small Talk | | ON THIS DATE: In 1719,
Daniel Defoe’s fictional work The Life
and Strange Adventures of Robinson Crusoe was published. In 1859, at Port Said, Egypt, ground was
broken for the Suez Canal, an artificial waterway stretching 101 miles across
the isthmus of Suez and connect the Mediterranean and the Red seas. In 1917, jazz legend Ella Fitzgerald was
born in Newport News, Virginia. In 1947,
President Harry S. Truman officially opened the first White House bowling alley.
In 1995, the actress Ginger Rogers,
best known for the 10 films she made with her dance partner Fred Astaire, died
at the age of 83. | | FRIDAY FILES REWIND:
This FRIDAY FILES from five years
ago features something to make you rethink having a pizza delivered, one too
many touches put on an ice sculpture, and the longest lake name you’ve ever
seen. | | Have a fantastic
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. http://www.pages05.net/assetinternationalinc/AssetInternationalSubscriptionCenter/ | | News from PLANSPONSOR.com
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