Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
December 11th, 2018
Compliance
Lawsuit Argues MetLife Pension Calculations Use Outdated Mortality Table
A newly filed complaint takes issue with the way MetLife calculates the actuarial equivalence of different types of annuity benefit options available in the firm’s pension plan. Read more >
Parties in Franklin Templeton Self-Dealing Suit Agree to Settle
In a case alleging self-dealing in Franklin Templeton’s 401(k) plan, the parties have reached an agreement in principle to settle the case. Details of the settlement agreement are forthcoming. A federal district court judge recently moved forward most claims in the case, and a trial date was set for January 14. Read more >
Appellate Court Affirms Dismissal of Chevron ERISA Lawsuit
Agreeing with a federal district court that plaintiffs did not allege sufficient facts to support a plausible claim that Chevron Corporation and its defined contribution (DC) plan committee breached their Employee Retirement Income Security Act (ERISA) duties of loyalty and prudence, the 9th U.S. Circuit Court of Appeals affirmed dismissal of the lawsuit. The appellate court found that the allegations showed only that Chevron could have chosen different vehicles for investment that performed better during the relevant period, or sought lower fees for administration of the fund, not that any breach of ERISA duties had occurred. Read more >
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The Senate Math That Could Block SECURE Act
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House Committee Advances Bill to Establish Union Pension Lifeline Program
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Open MEPs Not for Every Plan Sponsor
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Driving Financial Wellness at Work
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Pension Participants Claim ERISA Breaches in Dow DuPont Pension Transfer
More Diverse ERISA Litigation Expected in 2019
Reflecting on lessons learned this year, Jamie Fleckner, partner at Goodwin Procter, says cases still are growing more diverse in their claims and outcomes relative to earlier waves of retirement plan litigation. Read more >
Market Mirror

Yesterday, the Dow increased 34.31 points (0.14%) to 24,423.36, the NASDAQ gained 51.27 points (0.74%) to finish at 7,020.52, and the S&P 500 closed 4.64 points (0.18%) higher at 2,637.72. The Russell 2000 was down 4.99 points (0.34%) at 1,443.10, and the Wilshire 5000 was up 16.29 points (0.06%) at 27,160.15.

 

The price of the 10-year Treasury note was down 2/32, increasing its yield to 2.860%. The price of the 30-year Treasury bond was up 5/32, decreasing its yield to 3.131%.

Sponsored message from Putnam Investments
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Benefits & Administration
Market Volatility Didn’t Bring Down DB Plan Funded Status in November
Firms that monitor defined benefit (DB) plan funded status reported slight gains for the month. An increase in liability values was offset by an increase in asset values. Read more >
Products, Deals and People
Cigna Offers Financial Wellness Program to Group Insurance Clients
The program includes tools such as “money coaching,” where customers can utilize a financial professional for thirty days at no additional cost; identity theft protection and resolution services, and tools and resources for preparing wills and other important legal documents, among other things. Read more >
Small Talk

ON THIS DATE: In 1719, the first recorded sighting of the aurora borealis took place in New England. In 1769, Edward Beran of London patented venetian blinds. In 1816, Indiana was admitted to the Union as the 19th American state. In 1844, Dr. Horace Wells became the first person to have a tooth extracted after receiving an anesthetic—Nitrous Oxide, or laughing gas. In 1872, Pinckney Benton Stewart Pinchback became America’s first black governor when he took office as acting governor of Louisiana. In 1930, the Bank of the United States in New York failed. In 1937, the Fascist Council in Rome withdrew Italy from the League of Nations. In 1941, Germany and Italy declared war on the United States. The U.S in turn declared war on the two countries. In 1946, the United Nations International Children’s Emergency Fund (UNICEF) was established by the U.N. General Assembly. The fund provides relief to children in countries devastated by war. In 1951, Joe DiMaggio  of the New York Yankees announced his retirement from major league baseball. In 1961, the first direct American military support for South Vietnam occurred when a U.S. aircraft carrier carrying Army helicopters arrived in Saigon. In 1981, Muhammad Ali fought his last fight. He lost his 61st fight to Trevor Berbick. In 1985, General Electric Company agreed to buy RCA Corporation for $6.3 billion. Also included in the deal was NBC Radio and Television. In 1998, majority Republicans on the House Judiciary Committee pushed through three articles of impeachment against President Bill Clinton. In 2001, U.S. Attorney General John Ashcroft announced the first federal indictment directly related to the terrorist attacks on the United States on September 11, 2001. Zacarias Moussaoui was charged with six conspiracy charges. Moussaoui was in custody at the time of the attacks. In 2013, Standard & Poors announced that Facebook would join its S&P 500 index after the close of trading on December 20.

TRIVIAL PURSUITS: Yahtzee is a dice game resembling the card game Poker. From where did the game Yahtzee get its name? 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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