Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
February 14th, 2018
Benefits & Administration
Battling Common Retirement Plan Website Errors
As the retirement industry progresses to modern advances with personalized websites, apps, and platforms, technological errors are bound to occur. In order to combat this and increase awareness among plan sponsors, Mike Webb, vice president of Cammack Retirement, addresses these common mistakes in a recent post. He identifies broken and incorrect website links, outdated information and inaccurate material on subsidiary websites as the usual slipups, and says that while recordkeepers may be responsible for maintaining participant websites, plan sponsors could hold responsibility as well, especially if they use the company Intranet for participant access to retirement plan information. Read more >
Employers Don’t See HDHPs As Best to Make Employees Health Care Consumers
Aside from reducing their own health care costs, one impetus for employers to adopt high-deductible health plans (HDHPs) was to put the onus on employees to pay for more costs of medical procedures in order to encourage them to shop for best value at the lowest prices—but that is not what employers are seeing happen. Only 3.4% of respondents to a survey from Change Healthcare identified HDHPs as the best approach for converting passive patients into active health care consumers. In fact, they seem to be having the opposite effect—spurring more care avoidance than shopping. The majority of respondents to the survey cited other approaches for converting passive patients into active health care consumers. Read more >
Participation in Retirement Plans Increases Focus on Financial Future
Workers who are participating or have participated in an employer-sponsored retirement plan are more likely to have calculated retirement income needs and to have used more sophisticated tools for doing so, Pew finds. Read more >
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Couples Fail to Discuss Savings and Retirement
Only half of couples who participate in their workplace retirement plan discuss retirement savings and investment decisions with their spouse or partner all or most of the time, Lincoln Financial Group learned in a survey. Read more >
Market Mirror

Tuesday, the Dow gained 39.18 points (0.16%) to finish at 24,640.45, the NASDAQ closed 31.55 points (0.45%) higher at 7,013.51, and the S&P 500 increased 6.94 points (0.26%) to 2,662.94. The Russell 2000 was up 3.97 points (0.27%) at 1,494.95, and the Wilshire 5000 climbed 81.15 points (0.29%) to 27,607.76.

The price of the 10-year Treasury note was up 8/32, decreasing its yield to 2.832%. The price of the 30-year Treasury bond increased 17/32, bringing its yield down to 3.117%.

Compliance
DOL Reaches Settlement for Plans Affected by Fraudulent Loans
The U.S. Department of Labor (DOL) has entered into a settlement agreement with U.S. Fiduciary Services and three of its subsidiaries that provides for payment of more than $7 million to 42 retirement plans that suffered losses as a result of investments in fictitious loans made by Florida-based First Farmers Financial LLC (FFF). Read more >
Ask the Experts
Using Hours of Service to Calculate Eligibility
“Our firm sponsors an Employee Retirement Income Security Act (ERISA) 403(b) plan that has a two-year service requirement (100% vested after two years) in which the hours-counting method (1,000-hour requirement) is used. Our recordkeeper is calculating some individuals as having met their service requirement prior to their second anniversary with the firm. How is that possible?” Read more >
Small Talk
Office romance is at a 10-year low, with 36% of workers reporting dating a co-worker, down from 41% last year and 40% in 2008, according to CareerBuilder’s Annual Valentine’s Day survey. Thirty-seven percent of men say they have dated a coworker compared to 35% of women. Nearly one-third (31%) of workers who dated at work ended up getting married; however, it’s not always this way. Read more >

ON THIS DATE: In 1803, Moses Coates received a patent for the apple parer. In 1849, the first photograph of a U.S. President, while in office, was taken by Matthew Brady in New York City. President James Polk was the subject of the picture. In 1859, Oregon became the 33rd member of the Union. In 1876, Alexander Graham Bell filed an application for a patent for the telephone. In 1899, Congress approved voting machines for use in federal elections. In 1903, the U.S. Department of Commerce and Labor was established. In 1912, Arizona was admitted as the 48th U.S. state. In 1920, the League of Women Voters was founded in Chicago. The first president of the organization was Maude Wood Park. In 1929, The “St. Valentine’s Day Massacre” took place in Chicago. Seven gangsters who were rivals of Al Capone were killed. In 1932, the U.S. won the first bobsled competition at the Winter Olympic Games at Lake Placid, New York. In 1946, ENIAC (Electronic Numerical Integrator and Computer) was unveiled. The device, built at the University of Pennsylvania, was the world’s first general purpose electronic computer. In 1966, Wilt Chamberlain of the Philadelphia 76ers set a National Basketball Association (NBA) record as he reached a career high of 20,884 points after seven seasons. In 1980, Walter Cronkite announced his retirement from the “CBS Evening News.” In 2005, the video-sharing website YouTube was activated.

 

WEDNESDAY WISDOM: “Treasure your relationships, not your possessions.”—Anthony J. D’Angelo, American author

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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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