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| Offering Benefits a Matter of Economics | |
| The majority of small- to mid-sized businesses (SMBs) do not offer health, retirement or other ancillary benefits, Paychex found in a survey of 318 such companies. Only 38% offer such benefits. The survey revealed the more revenues a business earned, the more likely it was to offer retirement and health benefits to employees.Read more > | |
| Products, Deals and People | |
| Principal Introduces Plan Design Modeling Tool | |
| Principal Financial Group launched its retirement modeling planner, designed to assess and improve retirement plan health and overall retirement readiness for participants. While the tool aims to power effectiveness by providing steps to improve plan health, deliver estimated costs on matching contributions, and stress the impacts of retirement readiness, it’s the all-in-one, single platform that highlights its efficiency, according to Principal.Read more > | |
| Economic Events | |
The combined value of distributive trade sales and manufacturers’ shipments for June, adjusted for seasonal and trading-day differences but not for price changes, was estimated at $1,356.8 billion, up 0.3% from May and up 4.3% from June 2016, the Census Bureau announced. Advance estimates of U.S. retail and food services sales for July, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $478.9 billion, an increase of 0.6% from the previous month, and 4.2% above July 2016. Total sales for the May through July period were up 3.9% from the same period a year ago. Retail trade sales were up 0.6% from June, and up 4.3% from last year. Nonstore Retailers were up 11.5% from July 2016, while Building Materials and Garden Equipment and Supplies Dealers were up 8.3% from last year. | |
| Market Mirror | |
Tuesday, the Dow was up 5.28 points (0.02%) at 21,998.99, the NASDAQ was down 7.22 points (0.11%) at 6,333.01, and the S&P 500 decreased by 1.23 (0.05%) to 2,464.61. The Russell 2000 lost 11.07 points (0.79%) to finish at 1,383.23, and the Wilshire 5000 closed 36.81 points (0.14%) lower at 25,510.71. The price of the 10-year Treasury note decreased 14/32, bringing its yield up to 2.272%. The price of the 30-year Treasury bond fell 25/32, increasing its yield to 2.848%. | |
| Ask the Experts | |
| Having More Than One 403(b) Plan and Plan Type | |
| “Our non-union employees participate in a 403(b) plan that provides for employee deferrals and employer contributions. We treat this non-union plan as subject to the Employee Retirement Income Security Act (ERISA). Our union employees participate in an employee deferral only 403(b) plan. We treat this plan as not subject to ERISA. Is this two plan approach permissible?”Read more > | |
| Compliance | |
| IRS Seeks Suggestions for Presentation | |
| The Internal Revenue Service (IRS) is developing a presentation about the pre-approved plans opinion letter program and would like input about what to include. Last month, the IRS issued Revenue Procedure 2017-41, which sets forth the procedures for issuing opinion letters regarding the qualification in form of pre-approved plans under Sections 401, 403(a), and 4975(e)(7) of the Internal Revenue Code.Read more > | |
| Court Sides With Wilmington Trust on ESOP Challenge | |
| A federal court judge has agreed with Wilmington Trust that participants in an Employee Stock Ownership Plan (ESOP) that purchased shares at an allegedly inflated price lack standing to sue. The judge said the plaintiffs did not allege an injury because, although the purchase price of the stock was allegedly inflated, the stock has not been sold at a loss.Read more > | |
| Small Talk | |
| Nearly one-quarter (23%) of workers polled said they have regrets about leaving their former job, according to a survey from staffing firm Accountemps. Sixty-three percent of workers would consider returning to a former employer, but it would take certain things for them to do so.Read more > | |
| ON THIS DATE: In 1777, during the American Revolutionary War, the Battle of Bennington took place. New England’s minutemen routed the British regulars. In 1858, a telegraphed message from Britain’s Queen Victoria to U.S. President James Buchanan was transmitted over the recently laid trans-Atlantic cable. In 1861, President Abraham Lincoln prohibited the Union states from trading with the states of the Confederacy. In 1923, Carnegie Steel Corporation put into place the eight-hour workday for its employees. In 1954, Sports Illustrated was published for the first time. It was claimed that 250,000 subscriptions had been sold before the first issue came off of the presses. In 1984, the U.S. Jaycees voted to admit women to full membership in the organization.
WEDNESDAY WISDOM: “Ah, summer, what power you have to make us suffer and like it.”—Russell Baker, U.S. writer and satirist | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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