Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
February 6th, 2019
Benefits & Administration
Most Retirees Report Being Financially Sound
A survey of retirees and employees ages 21 or older by T. Rowe Price found retirees report being financially sound, with 77% saying they have enough money to pay for health care and 69% saying they live as well or better than when they were working. Retirees have better financial habits than those who are employed. Eighty-one percent of retirees say they always or often pay their credit card balances in full when due and 79% say they are always or often are able to stick to a monthly budget. By comparison, 57% of workers say they always or often pay their credit card balances in full when due, and 63% say they always or often are able to stick to a monthly budget. Read more >
Ask the Experts
Who Is Responsible for Maintaining Beneficiary Designations?
“We have gotten into a bit of a misunderstanding with our 403(b) plan recordkeeper as to who is responsible for maintaining updated beneficiary designations. Who is ultimately responsible for maintaining such designations?” Read more >
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Market Mirror

Tuesday, the Dow gained 172.15 points (0.68%) to finish at 25,411.52, the NASDAQ climbed 54.55 points (0.74%) to 7,402.08, and the S&P 500 closed 12.83 points (0.47%) higher at 2,737.70. The Russell 2000 was up 2.69 points (0.18%) at 1,520.23, and the Wilshire 5000 increased 129.78 points (0.46%) to 28,362.59.

The price of the 10-year Treasury note was up 6/32, decreasing its yield to 2.701%. The price of the 30-year Treasury bond increased 15/32, bringing its yield down to 3.032%.

Compliance
Retirement Security Act of 2019 Introduced
Senators Susan Collins, R-Maine, chairman of the Senate Aging Committee, and Maggie Hassan, D-New Hampshire, have introduced the Retirement Security Act of 2019. The bill would permit more businesses to join multiple employer plans (MEP), direct the Department of the Treasury to simplify and consolidate required plan notices in order to reduce costs, and permit employers to provide matches of up to 10%. Read more >
DOL Announces Fiduciary Responsibilities Seminar in San Diego
In addition, the agency has announced a “Getting It Right – Know Your Fiduciary Responsibilities” three-day webcast series. Read more >
Senators Introduce SIMPLE Plan Modernization Act
It aims to make SIMPLE plans more accessible among small businesses and would raise the contribution and catch-up limits. Read more >
Industry Voices
Barry’s Pickings: Benefits and the Role of the Employer
Michael Barry, president of October Three (O3) Plan Advisory Services LLC, discusses how employers balance the various needs of employees with which benefits to offer. Read more >
Small Talk

ON THIS DATE: In 1788, Massachusetts became the sixth state to ratify the U.S. Constitution. In 1815, the state of New Jersey issued the first American railroad charter to John Stevens. In 1899, the Senate ratified a peace treaty between the U.S. and Spain. In 1933, the 20th Amendment to the Constitution was declared in effect. The amendment moved the start of presidential, vice-presidential and congressional terms from March to January. In 1937, K. Elizabeth Ohi became the first Japanese woman lawyer when she received her degree from John Marshall Law School in Chicago. In 1987, President Ronald Reagan turned 76 years old and became the oldest U.S. President in history. In 1998, Washington National Airport was renamed for former President Ronald Reagan with the signing of a bill by President Bill Clinton. In 2000, former First Lady Hillary Rodham Clinton formally declared that she was a candidate for a U.S. Senate seat from the state of New York.

 

WEDNESDAY WISDOM: “Rather fail with honor than succeed by fraud.”—Sophocles, Greek tragic playwright

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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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