Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
December 1st, 2014
Benefits & Administration
CalPERS Reports Cost-Cutting Actions
The California Public Employees’ Retirement System (CalPERS) announced efforts that have saved the pension fund more than $162 million in the last three fiscal years. Between fiscal year 2011-12 and 2013-14, CalPERS achieved savings in its investment, health care, and information technology programs.Read more >
ERIC Encourages PBGC to Support Pension De-Risking
In September, the Pension Benefit Guaranty Corporation (PBGC) said it intends to revise the 2015 premium filing procedures and instructions to, among other things, require reporting of certain undertakings by defined benefit (DB) plan sponsors to cash out or annuitize benefits for a specified group of former employees. In a comment letter, the ERISA Industry Committee (ERIC) explains that plan sponsors can increase the strength and longevity of their DB plans through a variety of de-risking methods, and the PBGC, accordingly, should support the efforts of companies that continue to sponsor and/or administer defined benefit plans.Read more >
Sponsored message from The Newport Group
Newport #1 in “Best in Class” Awards in 2014 PLANSPONSOR DC Survey
The Newport Group, a national provider of retirement and executive benefit plans, is #1 in “Best in Class” awards in PLANSPONSOR magazine’s 2014 Defined Contribution Survey. Newport earned a record 72 awards-more than any other provider in the retirement industry.Read more >
Economic Events
Sales of new single-family houses in October were at a seasonally adjusted annual rate of 458,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.7% above the revised September rate of 455,000 and is 1.8% above the October 2013 estimate of 450,000. New orders for manufactured durable goods in October increased $1.0 billion or 0.4% to $243.8 billion, the U.S. Census Bureau announced. This increase, up following two consecutive monthly decreases, followed a 0.9% September decrease. Excluding transportation, new orders decreased 0.9%. Excluding defense, new orders decreased 0.6%. Transportation equipment, also up following two consecutive monthly decreases, drove the increase, $2.5 billion or 3.4% to $76.3 billion.