Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
April 4th, 2017
Benefits & Administration
Boomers Running Out of Time to Save for Retirement
The Insured Retirement Institute (IRI) has kicked off National Retirement Planning week with a release of findings of its 7th annual survey of Baby Boomers. Cathy Weatherford, president and CEO, IRI, noted during a media call that the survey found 46% of Baby Boomers say they have no retirement savings—the highest percentage recorded in seven years. “Time is running out for Boomers, and we don’t get do-overs. “It’s imperative that Boomers start saving now, and we hope this week sparks that,” she said. Read more >
Combatting the Wage Barrier with Retirement Planning
Plan sponsors and advisers play critical roles in addressing the gender pay gap and motivating women to save for retirement. Read more >
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Economic Events

Construction spending during February was estimated at a seasonally adjusted annual rate of $1,192.8 billion, 0.8% above the revised January estimate of $1,183.8 billion, the Census Bureau announced. The February figure is 3% above the February 2016 estimate of $1,157.7 billion. During the first two months of this year, construction spending amounted to $163.3 billion, 3% above the $158.5 billion for the same period in 2016.

Market Mirror

Yesterday, the Dow was down 13.01 points (0.06%) at 20,650.21, the NASDAQ decreased 17.06 points (0.29%) to 5,894.68, and the S&P 500 slipped 3.88 points (0.16%) to 2,358.84. The Russell 2000 closed 15.02 points (1.11%) higher at 1,369.66, and the Wilshire 5000 closed 62.23 points (0.25%) lower at 24,562.49.

On the NYSE, 3.1 billion shares changed hands, with a 1.3 to 1 ratio of declining issues to advancing issues. On the NASDAQ, 3.0 billion shares traded, with a more than 2 to 1 lead for decliners.

The price of the 10-year Treasury note increased 17/32, bringing its yield down to 2.324%. The price of the 30-year Treasury bond climbed 1 2/32, decreasing its yield to 2.955%.

Compliance
Jackson National Accused of Self-Dealing in DC Plan
A lawsuit has been filed accusing fiduciaries of the Jackson National Life Insurance Company Defined Contribution Retirement Plan of self-dealing and imprudent investment of retirement plan assets. According to the complaint, “Jackson National put its financial interests ahead of the Plan’s interests by selecting high-cost proprietary investment products offered and managed by Jackson National and its affiliates on the Plan’s menu of investment options. This allowed Jackson National to maximize company profits at the expense of the Plan by collecting for itself millions of dollars in fees, an amount that greatly exceeds what the Plan would have paid for comparable low-cost non- proprietary investment products that are not offered by Jackson National to the Plan.” Read more >
Texas Roadhouse to Pay $12 Million in Age Discrimination Lawsuit
The restaurant chain allegedly denied specific positions to applicants ages 40 years and older from 2007 to 2014. Read more >
From the Magazine
ETMFs: A New Option
As managers of active mutual funds look to hold their ground in the battle against passive rivals, product innovation will likely be a factor in remaining competitive. With passive mutual fund and exchange-traded fund (ETF) managers in a race to the bottom with fees consistently in the single digits, active managers cannot compete on fees alone. The introduction of lower-cost packaging options may allow for a narrowing of this gap. One innovation is the exchange-traded managed fund (ETMF), introduced early last year under the NextShares brand name. Read more >
Small Talk

ON THIS DATE: In 1812, the territory of Orleans became the 18th U.S. state and would become known as Louisiana. In 1818, a plan was passed by the U.S. Congress that the U.S. flag would have 13 red and white stripes and 20 stars and that a new star would be added for the each new state. In 1841, U.S. President William Henry Harrison, at the age of 68, became the first president to die in office. He had been sworn in only a month before he died of pneumonia. In 1862, in the U.S., the Battle of Yorktown began as Union General George B. McClellan closed in on Richmond, Virginia. In 1887, Susanna M. Salter became mayor of Argonia, Kansas, making her the first woman mayor in the U.S. In 1917, the U.S. Senate voted 90-6 to enter World War I on the Allied side. In 1932, after five years of research, professor C.G. King, of the University of Pittsburgh, isolated vitamin C. In 1945, during World War II, U.S. forces liberated the Nazi death camp Ohrdruf in Germany. In 1949, twelve nations signed a treaty to create The North Atlantic Treaty Organization (NATO). In 1968, Martin Luther King Jr. was assassinated at the age of 39. In 1973, in New York, the original World Trade Center twin towers opened. At the time they were the tallest building in the world.

TRIVIAL PURSUITS: What is the official title of the person who is Chief Justice of the Supreme Court? Read more >
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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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