Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
August 21st, 2018
Compliance
Analysis of Settlement Terms in Deutsche Bank ERISA Litigation
The bank has agreed to pay $21.9 million to settle charges it benefited from including proprietary funds in its 401(k) plan. Read more >
IRS Approves Plan Sponsor’s Student Loan Repayment Benefit in 401(k) Plan
Because participants receiving a student loan repayment non-elective contribution can still make deferrals to the 401(k) plan and receipt of the contribution is not dependent on whether the employee makes deferrals to the plan, the IRS ruled the benefit will not violate the “contingent benefit” prohibition of the Income Tax Regulations. Read more >
Plaintiff Again Fails to Prove Standing in Voya Stable Value Challenge
Voya successfully moved to dismiss the amended claims under Rule 12(b)(6), arguing that the claims should be dismissed because they fail to plausibly allege the firm actually took a spread on certain separate account assets in question. Read more >
IRS Extends Date for Opinion Letters for Third Remedial Amendment Cycle
The Internal Revenue Service (IRS) has published Revenue Procedure 2018-42 to extend the deadline for submitting on-cycle applications for opinion letters for pre-approved defined contribution (DC) plans for the third six-year remedial amendment cycle to December 31. The IRS notes that Rev. Proc. 2017-41 modified the pre-approved letter program by combining the master & prototype and volume submitter programs into a new opinion letter program. Read more >
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Some Help for Women’s Retirement Savings Gap May Be Coming
Market Mirror

Yesterday, the Dow closed 89.37 points (0.35%) higher at 25,758.69, the NASDAQ was up 4.68 points (0.06%) at 7,821.01, and the S&P 500 increased 6.92 points (024%) to 2,857.05. The Russell 2000 was up 5.75 points (0.34%) at 1,698.69, and the Wilshire 5000 closed 97.53 points (0.33%) higher at 29,807.23.

The price of the 10-year Treasury note increased 11/32, bringing its yield down to 2.819%. The price of the 30-year Treasury bond climbed 23/32, decreasing its yield to 2.983%.

Benefits & Administration
Unions Object to Recouping Overpayment of Pensions From Members
IFPTE Local 21, a union representing 11,000 scientists, engineers, and other public-sector professionals in the Bay Area of California, has partnered with AFSCME Local 101 to protest the possibility that retirees will be asked to make up about 1.5 million dollars in overpayments due to a payment miscalculation. While Retirement Services discovered the payment miscalculation in 2011, it did not stop overpayments to retirees. Read more >
Small Talk

ON THIS DATE: In 1831, Nat Turner, a former slave, led a violent insurrection in Virginia. In 1841, a patent for venetian blinds was issued to John Hampton. In 1878, the American Bar Association was formed by a group of lawyers, judges and law professors in Saratoga, New York. In 1888, the adding machine was patented by William Burroughs. In 1945, President Harry Truman ended the Lend-Lease program that had shipped about $50 billion in aid to America’s Allies during World War II. In 1959, Hawaii became the 50th state. President Dwight Eisenhower also issued the order for the 50 star flag. In 1971, Laura Baugh, at the age of 16, won the United States Women’s Amateur Golf tournament. She was the youngest winner in the history of the tournament. In 1984, Victoria Roche, a reserve outfielder, became the first girl to ever compete in a Little League World Series game. In 1984, Clint Eastwood was given a star on the Hollywood Walk of Fame. In 1996, the Health Insurance Portability and Accountability Act (HIPAA) was signed by President Bill Clinton. The act made it easier to obtain and keep health insurance. In 1997, Afghanistan suspended its embassy operations in the United States. In 1997, Cicely Tyson received a star on the Hollywood Walk of Fame. In 1998, Wesley Snipes received a star on the Hollywood Walk of Fame.

TRIVIAL PURSUITS: Who was the first African American to play baseball in the major league? 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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