Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
August 9th, 2016
Compliance
Tibble to Get En Banc Appellate Court Review
A majority of nonrecused, active judges in the 9th U.S. Circuit Court of Appeals ordered the case of Tibble v. Edison International be reheard en banc by the full panel of appellate judges. In its order, the appellate court said the previous decision by a three-judge panel “shall not be cited as precedent by or to any court of the Ninth Circuit.” The appellate court ruled in April that because Glenn Tibble failed to raise the “ongoing duty to monitor” argument in a timely way and there has been no change in the law that could justify failure to raise the argument, he forfeited the argument.Read more >
Trinity Health Settles Church Plan Lawsuit
Trinity Health has entered into a settlement agreement to resolve claims in a lawsuit challenging its pension plans’ ‘church plan’ status under the Employee Retirement Income Security Act (ERISA). The health system will pay millions to its plans and former participants and agreed to keep the plan sufficiently funded.Read more >
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2021 Recordkeeping Survey
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DOL Proposes New Rule on ESG Investing in Retirement Plans
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Mismanagement of ERISA Accounts
Court Enforces 401(a) Plan’s Mandatory Arbitration Provision
The U.S. District Court for the District of New Jersey ruled that a 401(a) plan’s mandatory arbitration provision for benefits claims does not violate the Employee Retirement Income Security Act (ERISA). In its opinion, the court noted that Section 1133(2) of ERISA requires that employee benefit plans provide “a reasonable opportunity to any participant whose claim for benefits has been denied for a full and fair review by the appropriate named fiduciary of the decision denying the claim.” Plaintiff Lorraine H. Luciano alleged that the 401(a) plans arbitration provision required her to share the cost of arbitration, which violated Section 1133(2) of ERISA.Read more >
Products, Deals and People
MassMutual Offers New Group Insurance Coverages
Massachusetts Mutual Life Insurance Co. introduced new insurance coverages to help working Americans protect their finances and savings against critical illnesses and accidents.Read more >
Sponsored message from Alger
Smarter Technologies, Healthier Bodies
Visionary medical expert Dr. Daniel Kraft discusses the future of medicine and its impact on our lives. View VideoRead more >
Market Mirror

Yesterday, the Dow closed 14.24 points (0.08%) lower at 18,529.29, the NASDAQ decreased 7.98 points (0.15%) to 5,213.14, and the S&P 500 decreased by 1.98 (0.09%) to 2,180.89. The Russell 2000 closed 10.48 points (0.86%) higher at 1,230.42, and the Wilshire 5000 was down 6.64 points (0.03%) at 22,627.91.

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

The price of the 10-year Treasury note was down 1/32, increasing its yield to 1.594%. The price of the 30-year Treasury bond was up 5/32, decreasing its yield to 2.309%.
Investing
TDF Market Complexity Brings Opportunity
The latest research from Cerulli Associates highlights the possibility of offering more than one target-date fund (TDF) suite within the defined contribution (DC) plan investment menu.Read more >
Small Talk

ON THIS DATE: In 1831, the first steam locomotive began its first trip between Schenectady and Albany, New York. In 1842, the U.S. and Canada signed the Webster-Ashburton Treaty, which solved a border dispute. In 1854, “Walden” was published by Henry David Thoreau. In 1859, the escalator was patented by Nathan Ames. In 1892, Thomas Edison received a patent for a two-way telegraph. In 1910, A.J. Fisher received a patent for the electric washing machine. In 1936, Jesse Owens won his fourth gold medal at the Berlin Olympics. He was the first American to win four medals in one Olympics. In 1944, the Forest Service and the Wartime Advertising Council created “Smokey the Bear.” In 1945, the U.S. dropped an atomic bomb on Nagasaki. The bombing came three days after the bombing of Hiroshima. About 74,000 people were killed. In 1974, U.S. President Richard Nixon formally resigned. Gerald R. Ford took his place, and became the 38th president of the U.S. In 1975, the New Orleans Superdome as officially opened when the Saints played the Houston Oilers in exhibition football. In 2004, Donald Duck received the 2,257th star on the Hollywood Walk of Fame. In 2004, Trump Hotel and Casino Resorts announced plans to file for Chapter 11 bankruptcy.

 

TRIVIAL PURSUITS: Sorry, not this week.
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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