Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
January 28th, 2019

2019 Plan Sponsor of the Year Finalists

PLANSPONSOR is pleased to announce Plan Sponsor of the Year award finalists in the Public Defined Contribution (DC) and Public Defined Benefit (DB) categories. Read more >
Benefits & Administration
Survey Suggests Pension Risk Transfer Activity Will Increase in 2019
Sixty-seven percent of defined benefit (DB) plan sponsors polled say they will conduct an annuity buyout to de-risk, and the majority of them have already taken actions to prepare. Read more >
Compliance
Failure to Remit Contributions Cost Retirement Plan Fiduciaries Over $500,000
In addition, a federal district court has ordered the trustee of the plans not to serve in a fiduciary capacity to any Employee Retirement Income Security Act (ERISA) employee benefit plan. Read more >
Investing
The Effect of Market Volatility on Millennials’ Retirement Savings
Millennials need to understand their longer investing time horizon allows them to handle more market risk and even provides certain opportunities for saving for retirement. Read more >
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Open MEPs Not for Every Plan Sponsor
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Pension Participants Claim ERISA Breaches in Dow DuPont Pension Transfer
Economic Events

THE ECONOMIC WEEK AHEAD: Tomorrow, the Conference Board will release its Consumer Confidence Index for January. Thursday, the Labor Department will release its initial claims report, and Friday, the Bureau of Labor Statistics will reveal the unemployment rate for January.

Market Mirror

Friday, the Dow gained 183.96 points (0.75%) to finish at 24,737.20, the NASDAQ closed 91.40 points (1.29%) higher at 7,164.86, and the S&P 500 increased 22.43 points (0.85%) to 2,664.76. The Russell 2000 was up 18.45 points (1.26%) at 1,482.85, and the Wilshire 5000 climbed 248.78 points (0.91%) to 27,572.60.

 

The price of the 10-year Treasury note was down 10/32, increasing its yield to 2.749%. The price of the 30-year Treasury bond decreased 18/32, bringing its yield up to 3.063%.

 

WEEK’S WORTH: For the week ending January 25, the Dow closed 0.12% higher, the NASDAQ increased 0.11%, and the S&P 500 decreased 0.22%. The Russell 2000 was up 0.02%, and the Wilshire 5000 was down 0.16%.

Products, Deals and People
Great-West Sells Life and Annuity Business, Will Focus on Retirement and Investment Divisions
“Through Empower Retirement and Great-West Investments, we will have the opportunity to further our leadership position in the defined contribution retirement market and bolster our position in markets for investments and wealth management,” a representative told PLANSPONSOR. Read more >
Retirement Industry People Moves
Former PBGC counsel joins The Wagner Law Group; Buck names chief actuary; Pentegra announces DC client services VP; and more. Read more >
Voya Launches Health Savings and Spending Account Solutions
Voya health savings account (HSA) account holders with $2,000 or more in their HSA may choose to actively manage their account and select their investment options within their HSA. Read more >
Small Talk

ON THIS DATE: In 1878, the first telephone switchboard was installed in New Haven, Connecticut. In 1878, “The Yale News” was published for the first time. It was the first daily collegiate newspaper in the U.S. In 1902, the Carnegie Institution was established in Washington, D.C. It began with a gift of $10 million from Andrew Carnegie. In 1915, the Coast Guard was created by an act of Congress to fight contraband trade and aid distressed vessels at sea. In 1916, Louis D. Brandeis was appointed by President Woodrow Wilson to the U.S. Supreme Court, becoming its first Jewish member. In 1922, the National Football League (NFL) franchise in Decatur, Illinois, transferred to Chicago and took the name Chicago Bears. In 1973, CBS-TV debuted “Barnaby Jones.” In 1986, the U.S. space shuttle Challenger exploded just after takeoff. All seven of its crewmembers were killed. In 1997, Clive Davis received a star on the Hollywood Walk of Fame. In 1999, Ford Motor Company announced the purchase of Sweden’s Volvo AB for $6.45 billion.

SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Which, if any, of the Best Picture nominees have you seen, and which, if any, would you like to win the Oscar?” The biggest percentage of responding readers (38.2%) indicated they have not seen any of the nominated films. Aside from that, Black Panther was seen by more respondents (36.8%) than any other move. A Star Is Born was seen by 27.9%, BlacKkKlansman was seen by 5.9%, Bohemian Rhapsody by 11.8%, The Favourite by 4.4%, Green Book by 10.3%, Roma by 2.9% and Vice by 7.3%. More responding readers said they would like to see A Star Is Born win the Oscar (30.7%) than any other move. One-quarter said none of them should win. Black Panther and Bohemian Rhapsody were each selected by 12.5% of respondents, Green Book was selected by 10.7%, The Favourite by 5.4% and Roma by 5.6%. It was obvious by the comments left by the few readers who chose to leave them that not only were many of the nominated films not seen, but many readers do not go to the movies in theaters. Some expressed distaste for the Academy Awards in general. Editor’s Choice goes to the reader who said: “The movie experience is so pricey now, I haven’t seen a movie in the theater since SkyFall. Save that money for my retirement plan and watch the movie 10 years from now on stream or TV… 🙂 I’ll catch up to the hype then!” Thanks to all who participated in our survey! 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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