| | Compliance | | All 403(b) Plan Sponsors Should Focus on Document Remedial Amendment Period | | The last day of the 403(b) plan remedial amendment period may seem far off, but it’s not, and both Employee Retirement Income Security Act (ERISA)-governed and non-ERISA 403(b) plan sponsors need to start working on any plan restatements now. 403(b) plan sponsors have until March 31, 2020, to adopt a pre-approved plan document and to make sure their plan has been operating in accordance with the plan terms.Read more > | | Citigroup Agrees to Settle Proprietary Funds Lawsuit | | Without any admissions of liability as to any claims, or as to the weakness or strength of either party’s respective claims or defenses, the parties in a lawsuit alleging Citigroup violated its fiduciary duties under the Employee Retirement Income Security Act (ERISA) by offering and keeping affiliated funds in its 401(k) plans when better-performing, lower-cost funds were available have reached a settlement agreement. According to the document submitted to U.S. District Judge Sidney H. Stein of the U.S. District Court for the Southern District of New York, Citigroup will pay $6,900,000 to settle the lawsuit.Read more > | | San Diego’s Move to DC Plan in Limbo | | The California Supreme Court has asked an appellate court to review a proposal approved by voters in 2012 to place new hires in a defined contribution (DC) plan rather than the city’s defined benefit (DB) plan because the city did not confer with labor unions before putting the proposition on the ballot.Read more > |
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| | EEOC Charges University of Wisconsin System With Age Bias | | As many individuals need to work as long as they can before retiring, the Equal Employment Opportunity Commission (EEOC) is focused on eliminating age discrimination in employment. The agency charged in a lawsuit that the University of Wisconsin System violated federal law when it refused to hire a former longtime employee because of her age.Read more > | | | Market Mirror | Wednesday, the Dow closed 45.16 points (0.18%) lower at 25,583.75, the NASDAQ was up 4.66 points (0.06%) at 7,888.33, and the S&P 500 was virtually unchanged at 2,857.70. The Russell 2000 decreased 1.42 points (0.08%) to 1,686.88, and the Wilshire 5000 was down 5/31 points (0.02%) at 29,759.25. The price of the 10-year Treasury note was up 3/32, decreasing its yield to 2.967%. The price of the 30-year Treasury bond increased 4/32, bringing its yield down to 3.115%. | | | Sponsored message from J.P. Morgan | Are you getting the best 401(k) solution?
99% of plan sponsors are satisfied with J.P. Morgan Retirement Link’s Relationship Managers. Leverage our team with an average of 25 years’ experience to build stronger retirement plans with a provider recognized for best-in-class service. START BUILDING STRONGER PLANSRead more > | | | Benefits & Administration | | Employee Debt Linked to Lower Work Productivity | | A study from Fidelity Investments indicates employee wellbeing programs should address finances, health and other stressors for employees. The research found stress related to work and finances impacted just about all employees in the survey, regardless of age, gender or income, and nearly all respondents (98%) reported feeling stressed in the past three months. Employees were most likely to report high levels of stress caused by their job (47% of participants), saving for the future (34%), paying off debt (33%) and their weight (30%). Fidelity found a link between employee debt and productivity and health.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 1930, Betty Boop had her beginning in “Dizzy Dishes” created by Max Fleischer. 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 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 1973, the U.S. Senate committee investigating the Watergate affair filed suit against President Richard Nixon. In 1974, 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 was 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. | | SURVEY SAYS: Nearly three-quarters (74%) of employees polled by global staffing firm Robert Half said they’ve achieved a good to excellent work-life balance. This week, I’d like to know, are you happy with your work-life balance, and who do you think is responsible for your level of work-life balance? You may respond to this week’s survey by 6 p.m. Pacific time today.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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