Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
August 10th, 2016
Benefits & Administration
Mutual Fund Provider Questions Secure Choice Program
The Investment Company Institute applauds the California governor and legislature for aiming to promote savings among the state’s private sector workers—but it questions lawmakers’ proposed method.Read more >
Ask the Experts
Are Governmental Plans Free From ERISA-Like Regulations?
“I was surprised to learn in your recent Ask the Experts column that governmental plans are always exempt from the rules of the Employee Retirement Income Security Act (ERISA). To me, ERISA is an important regulatory framework for corporate and other plan sponsors to follow that mandates that such sponsors be prudent in administering such plans. Are governmental plans free from ERISA-like prudence requirements?”Read more >
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Products, Deals and People
A new solution from MAXIS Global Benefits Network promises to help multinational organizations pursue competitive rates and better predictability around benefits costs.Read more >
Economic Events
The U.S. Census Bureau announced that June sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $444.6 billion, up 1.9% from the revised May level, but down 0.4% from the June 2015 level.  June sales of durable goods were up 1.2% from June and were up 1.8% from a year ago. Sales of hardware, and plumbing and heating equipment and supplies were up 7.7% from June and sales of electrical and electronic goods were up 2.5%.  Sales of nondurable goods were up 2.5% from May, but were down 2.5% from last June. Sales of farm product raw materials were up 5.1% from June and petroleum and petroleum products were up 5.1%.
Sponsored message from OneAmerica
Retirement Attitudes and Behaviors: OneAmerica Participant Survey.
Participant Insights: OneAmerica research reveals how plan participants prepare for and think about retirement.Read more >
Market Mirror

Tuesday, the Dow increased 3.76 points (0.02%) to 18,533.05, the NASDAQ closed 12.34 points (0.24%) higher at 5,225.48, and the S&P 500 was virtually unchanged at 2,181.74. The Russell 2000 increased by 1.32 (0.11%) to 1,231.74, and the Wilshire 5000 was up 11.35 points (0.05%) at 22,639.26.

On the NYSE, 3.1 billion shares traded, with a slight lead for advancers. On the NASDAQ, 2.7 billion shares changed hands, with 1.3 advancing issues for every declining issue.

The yield of the 10-year Treasury note was 1.551%, and the yield of the 30-year Treasury bond was 2.265%.
Compliance
University DC Plans Latest Target of ERISA Complaints
Schlichter, Bogard and Denton filed separate class action lawsuits against three universities, seeking various damages and remedies for some 60,000 employees enrolled in the universities’ defined contribution (DC) retirement plans.Read more >
From the Magazine
When Deferrals Don't Stop After a Hardship Withdrawal
A plan participant takes a hardship withdrawal from his qualified retirement plan account, yet his salary deferrals continue. If the 401(k), or 403(b), plan has adopted a safe harbor definition of hardship withdrawal, it is in violation of Treasury Regulation 1.401(k)-1(d)(3), which requires that participants wait six months from receiving a distribution to resume contributions. The error is an operational failure, meaning the plan is failing to operate within the terms of the plan document.Read more >
Investing
DC Participants Were Busy Traders in July
Following a strong month for the stock market, data from the Aon Hewitt 401(k) Index shows July had the highest volume of trading in 401(k) plans since January 2016.Read more >
Small Talk

ON THIS DATE: In 1821, Missouri became the 24th state to join the Union. In 1846, the Smithsonian Institution was chartered by the U.S. Congress. It was made possible by $500,000 given by scientist Joseph Smithson. In 1869, the motion picture projector was patented by O.B. Brown. In 1927, Mount Rushmore was formally dedicated. The individual faces of the presidents were dedicated later. In 1948, on ABC, “Candid Camera” made its TV debut. In 1949, in the U.S., the National Military Establishment changed its name to the Department of Defense. In 1981, Pete Rose hit a single and broke the National League all-time hit record with his 3,631 hit.

 

WEDNESDAY WISDOM: “We all need people who will give us feedback. That’s how we improve.”—Bill Gate
Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more >

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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