| Benefits & Administration | Panel Suggests Military Retirement Benefit Changes | The Military Compensation and Retirement
Modernization Commission issued a report of recommendations for changing
retirement and health benefits for military personnel. The panel says the
Uniformed Services retirement system should be modified to provide retirement
benefits to many more service members and maintain the value of retirement benefits
for current members. It notes that 83% of personnel will not be eligible to
receive the pension for which 20 years of service is required. It recommends
that Uniformed Services implement a blended retirement system that offers both
defined benefit (DB) and defined contribution (DC) elements.Read more > | Fidelity finds the year-end average 401(k)
balance was $91,300 for plans in its recordkeeping network—a record high for
401(k) accounts. The average 401(k) balance is up 3% from the end of the third
quarter and 2% year-over-year.Read more > | | Products, Deals & People | SVIA Launches Stable Value Education Series | A video series from the Stable Value Investment Association
(SVIA) is designed to educate investors and financial professionals about
stable value funds. This month, the nonprofit organization began posting
informational videos each week featuring its members from major financial
institutions discussing a range of topics. The first focuses on defining stable
value funds; other topics include the benefits of stable value funds, their
performance history, and comparisons to other conservative investment options.Read more > | | Economic Events | THE ECONOMIC WEEK AHEAD: Today, the
Census Bureau will report about construction spending for December. Tomorrow, it will report about factory
orders for December. Thursday, the
Labor Department will issue its initial claims report. Friday, we’ll learn the unemployment rate for January from the Bureau
of Labor Statistics. |
|
|
|
| Market Mirror | Friday, the
Dow lost 251.90 points (1.45%) to finish at 17,164.95, the NASDAQ was down
48.17 points (1.03%) at 4,635.24, and the S&P 500 closed 26.26 points
(1.30%) lower at 1,994.99. The Russell 2000 fell 24.79 points (2.08%) to
1,165.39, and the Wilshire 5000 decreased 269.15 points (1.26%) to 21,060.44.
On the NYSE,
3.2 billion shares traded, with declining issues outnumbering advancing issues
more than 2 to 1. On the NASDAQ, 2.8 billion shares changed hands, with a 3 to
1 lead for decliners.
The yield of
the 10-year U.S. Treasury note was 1.644%, and the yield of the 30-year
Treasury bond was 2.226%.
WEEK’S
WORTH: For the week ending January 30, the Dow fell
2.87%, the NASDAQ finished 2.58% lower, and the S&P 500 lost 2.77%. The
Russell 2000 was down 1.98%, and the Wilshire 5000 decreased 2.44%.
| | Compliance | Annual DB Funding Notice Final Regs Issued | The Department of Labor’s Employee Benefits
Security Administration (EBSA) is set to publish in the Federal Register a
final rule to increase pension plan transparency by ensuring that workers
receive annual notification of the funded status of their defined benefit
pension plans. The
final regulation is “substantially similar to the proposed regulation,” EBSA
says, but some changes were made to simplify the disclosure and reduce cost
burdens on plans, including the adoption of narrow exemptions and alternative
methods of compliance. The final regulation also reflects changes made to
section 101(f) by the Multiemployer Pension Reform Act of 2014.Read more > | Clarification Needed for Workplace Wellness Programs | Wellness programs are good for employers and
employees, but a current conflict between regulations needs to be cleared up,
witnesses giving testimony to a U.S. Senate committee contended. Noting that
the Equal Employment Opportunity Commission (EEOC) has already filed several
lawsuits, Eric S. Dreiband, a partner at Jones Day in Washington, D.C., told
members of the Health, Education, Labor and Pensions (HELP) Committee:
“Employers that design and implement wellness plans that comply with the ACA
may be unpleasantly surprised to find that the EEOC asserts that such plans may
violate the ADA.”Read more > | | Small Talk | ON THIS DATE: In
1848, the Mexican War was ended with
the signing of the Treaty of Guadalupe Hidalgo. The treaty turned over portions
of land to the U.S., including Texas, New Mexico, Nevada, Utah, Arizona,
California and parts of Colorado and Wyoming. The U.S. gave Mexico $15,000,000
and assumed responsibility of all claims against Mexico by American citizens.
Texas had already entered the U.S. on December 29, 1845. In 1876, the National League of
Professional Baseball Clubs, which came to be more commonly known as the
National League (NL), was formed. In 1887,
Groundhog Day was celebrated for the first time at Gobbler’s Knob in Punxsutawney,
Pennsylvania. In 1892, William
Painter patented the bottle cap. In 1950,
“What’s My Line” debuted on CBS television. In 1996, the dancer, actor and choreographer Gene Kelly died at the
age of 83, at his home in Beverly Hills, California. In 2014, actor Philip Seymour Hoffman died at age 46 in New York City. | SURVEY SAYS: Best ‘Best Picture’ Nominee | Last week I asked NewsDash readers, “Which nominees
for ‘Best Picture’ have you seen, and which do you think should win?” More than
one-third (35.6%) of responding readers have not seen any of the movies
nominated for Best Picture this year. However, one-third (34.2%) have seen “The
Grand Budapest Hotel, and 28.8% have seen “American Sniper.” Asked which Best
Picture nominee should win the Academy Award, “American Sniper” was the number
one pick, with 48.4% of votes. I also asked NewsDash readers to share a movie
they think should have been nominated for the “Best Picture” Academy Award. The
respondents who left general comments were not very excited about the Academy
Awards or its process. Several commenters said they rarely see movies. Editor’s Choice goes to the reader who
said: “If Michael Moore complains, then it must be my kind of film!” Thanks to
everyone who participated in the survey!Read more > | Share the good news with a friend! Pass the Dash along – and tell your
friends/associates they can sign up for their own copy.Read more > | News from PLANSPONSOR.com
Copyright © Asset International, Inc.,
2015.
All
rights reserved. No reproduction without
prior authorization.
|
|