| | Benefits & Administration | | Younger Generations Not Managing Money With an Eye Toward the Future | | A new survey report from Charles Schwab, “Young adults lack basic money know-how for long-term financial success,” indicates the youngest cohort in the U.S. work force has incurred average savings of just $1,628 and debt of $8,003. According to Schwab’s survey data, many young people “seem to have a genuine lack of understanding about debt in general.” “A decade after the onset of the financial crisis, American young adults are optimistic about their future financial success but demonstrate behaviors that suggest they may be unprepared for the realities of achieving it,” the report warns. “While 81% of young adults ages 16 to 25 witnessed their parents experience financial hardship, 76% believe they will have a better financial future than their parents.”Read more > | | Automatic Features in Retirement Plans Boost Retirement Confidence | | Fifty-two percent of retirement plan participants think they will be able to retire at their ideal retirement age, and 52% either somewhat or strongly agree that their savings will last throughout their lifetime, according to a survey by J.P. Morgan Asset Management. However, only 40% are very or extremely confident they know how much to save in order to achieve their retirement goals, 39% think they have estimated how much they will have saved by retirement, and only 34% have figured out how much monthly income their savings will generate in retirement. The survey reveals most retirement plan participants would like savings and investing guidance.Read more > |
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| | Plan Sponsors Changing Plan Designs, Investments to Improve Participant Retirement Outcomes | | Preparing participants financially to be able to retire beat out reducing plan costs as plan sponsors’ top concern in this year’s Fidelity Investments Plan Sponsor Attitudes Study.Read more > | | | Market Mirror | Yesterday, the Dow lost 125.44 points (0.50%) to finish at 25,187.70, the NASDAQ was down 19.40 points (0.25%) at 7,819.71, and the S&P 500 decreased 11.35 points (0.40%) to 2,821.93. The Russell 2000 fell 11.49 points (0.68%) to 1,675.32, and the Wilshire 5000 closed 137.98 points (0.47%) lower at 29,428.86. The price of the 10-year Treasury note was down 1/32, increasing its yield to 2.875%. The price of the 30-year Treasury bond decreased 9/32, bringing its yield up to 3.046%. | | | Sponsored message from MetLife | | MetLife’s Roberta Rafaloff Discusses How Plan Design Can Lead to More Successful Retirement Outcomes.Read more > | | | Compliance | | DOL Appoints Independent Fiduciary to Abandoned Plan | | Fiduciaries of the Sacred Heart Hospital Profit-Sharing 401(k) Plan failed to administer the plan after the hospital operations ceased in 2013, according to the Department of Labor (DOL).Read more > | | Charter School Reprimanded for Late Deposit of 403(b) Deferrals | | “The school has been deemed non-compliant with its contractual obligations regarding financial management as identified in the charter operating agreement,” a letter sent to school officials says.Read more > | | | Small Talk | | ON THIS DATE: In 1805, a peace treaty between the U.S. and Tunis was signed on board the USS Constitution. In 1848, the Oregon Territory was established. In 1896, gold was discovered in Canada’s Yukon Territory. Within the next year more than 30,000 people rushed to the area to look for gold. In 1917, China declared war on Germany and Austria during World War I. In 1935, President Franklin D. Roosevelt signed the Social Security Act into law. The act created unemployment insurance and pension plans for the elderly. In 1941, Congress appropriated the funds to construct the Pentagon (approximately $83 million). The building was the new home of the U.S. War Department. In 1941, President Franklin Roosevelt and British Prime Minister Winston Churchill issued the Atlantic Charter. The charter was a statement of principles that renounced aggression. In 1945, it was announced by President Harry Truman that Japan had surrendered unconditionally. The surrender ended World War II. In 1953, the whiffle ball was invented. In 1959, the first meeting was held to organize the American Football League. In 1980, People for Ethical Treatment of Animals (PETA) was incorporated. In 1992, the U.S. announced that emergency airlifts of food to Somalia would begin. The action was being taken to stop mass deaths due to starvation. In 1995, Shannon Faulkner became the first female cadet in the history of The Citadel, South Carolina’s state military college. She quit the school less than a week later. In 2015, in Havana, Cuba, the U.S. Embassy was re-opened after being closed 54 years earlier. | | TRIVIAL PURSUITS: How cobwebs form and a tip for preventing them.Read more > | | 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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