Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
August 2nd, 2019

The Retirement Industry Needs a Top Cop’s Guidance

All of the President’s cabinet secretaries have substantial authority to promulgate, interpret and enforce regulations. The DOL Secretary, in particular, can have a big influence on employer decisions and behaviors. Read more >
Compliance
Retirement Plan Excessive Fee Cases Continue to Move Down-Market
TriHealth Inc. has been accused of carrying high fees in its 401(k) plan, benchmarked against peer plans with an asset range of $250 million to $500 million. Read more >
DOL Exemption Paves Way for Auto Portability
Now that participants’ small balances may be automatically transferred to their new 401(k) account, Retirement Clearinghouse expects to see a lot of business. Read more >
MOST READ ARTICLES
1
IRS Issues Guidance About Uncashed Retirement Plan Distributions
2
Options for Providing Student Loan Repayment Benefits Increasing
3
Taking a ‘Calculated’ Approach to Retirement Readiness
4
Litigators Share What They Investigate for Filing TDF Lawsuits
5
Government Prosecutors Weigh In on Supreme Court IBM Case
Sponsored message from Hooker & Holcombe
Hooker & Holcombe 2019 Municipal Pension & OPEB Report
Puzzled by how your pension & OPEB plans stack up against other municipal plans? Click to download the report.  Read more >
Economic Events

Construction spending during June was estimated at a seasonally adjusted annual rate of $1,287.0 billion, 1.3% below the revised May estimate of $1,303.4 billion, the Census Bureau reported. The June figure is 2.1% below the June 2018 estimate of $1,314.8 billion. During the first six months of this year, construction spending amounted to $615.8 billion, 0.5% below the $619.0 billion for the same period in 2018.

In the week ending July 27, the advance figure for seasonally adjusted initial claims for unemployment insurance was 215,000, an increase of 8,000 from the previous week’s revised level of 207,000, the Labor Department reported. The four-week moving average was 211,500, a decrease of 1,750 from the previous week’s revised average of 213,250.

The average interest rate for a 30-year fixed-rate mortgage is 3.75%, unchanged from one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 3.2%, slightly up from 3.18% one week ago.

Market Mirror

Thursday, the Dow closed 280.85 points (1.05%) lower at 26,583.42, the NASDAQ was down 64.30 points (0.79%) at 8,111.12, and the S&P 500 decreased 26.82 points (0.90%) to 2,953.56. The Russell 2000 fell 23.84 points (1.51%) to 1,550.76, and the Wilshire 5000 lost 307.92 points (1.00%) to finish at 30,376.90.

The price of the 10-year Treasury note increased 32/32, bringing its yield down to 1.903%. The price of the 30-year Treasury bond climbed 1 6/32, decreasing its yield to 2.455%.

Products, Deals and People
Firms Team Up to Offer New Student Loan Repayment Benefit
The program allows eligible employees to reallocate shares of their retirement plan contribution and company match towards student loan debt. Read more >
Investment Product and Service Launches
Dimensional announces new Investment Solutions Group; Vanguard reopens fund and broadens access to others; DoubleLine Capital adds R shares to five mutual funds; and more. Read more >
Small Talk

ON THIS DATE: In 1776, members of the Continental Congress began adding their signatures to the Declaration of Independence. In 1858, in Boston and New York City the first mailboxes were installed along streets. In 1887, Rowell Hodge patented barbed wire. In 1892, Charles A. Wheeler patented the first escalator. In 1939, Albert Einstein signed a letter to President Franklin Roosevelt urging the U.S. to have an atomic weapons research program. In 1939, President Franklin Roosevelt signed the Hatch Act, prohibiting civil service employees from taking an active part in political campaigns. In 1945, the Allied conference at Potsdam was concluded. In 1964, the Pentagon reported the first of two North Vietnamese attacks on U.S. destroyers in the Gulf of Tonkin. In 1983, the House of Representatives approved a law that designated the third Monday of January as a federal holiday in honor of Dr. Martin Luther King, Jr.

 

And now it’s time for FRIDAY FILES!

The next time someone asks me my age, I’ll tell them, “I’m the oldest I’ve ever been in my life.” Read more >
No, he does not have a crying baby in a pet crate. Read more >
In Longmont, Colorado, a driver tried to avoid detection of a broken tail light by placing a red sports drink there instead. Authorities say he was on his way to get it fixed, so he did not get ticketed. [pic] Read more >

In Brussels, Belgium, on the hottest day ever recorded there, two men got trapped in a shipping container. They feared they would suffocate and made a desperate call to the police emergency line, according to the AFP. Bad luck for them, because they had entered the container to remove drugs. When police freed them, they found it was full of coca.ine.

In Laren, Netherlands, a pedestrian alerted police to mounds of earth and part of a shovel in the woods. They found a “significant amount” of mail in eight holes each measuring one meter deep, apparently left there by the local postman. Some were buried for weeks. “They were mostly bills, magazines, and publicity letters,” Margot van de Coterlet, a spokesman for the Sandd postal company, told the AFP. Police are still trying to figure out the postman’s motive for burying the mail.

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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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