Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
January 6th, 2015
Benefits & Administration
Illinois Establishes Retirement Plan for Private-Sector Workers
Illinois Governor Pat Quinn signed legislation establishing an individual retirement plan for private-sector employees who currently do not have access to a retirement plan at work. Senate Bill 2758 establishes the Illinois Secure Choice Savings Program, an individual-account retirement savings option with a 3% automatic payroll deduction. Employers that do not already offer a retirement savings plan to workers, have been in business for at least two years and employ 25 or more employees are required to participate.Read more >
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Products, Deals & People
ABD Insurance and Financial Services hired Brian Ashworth as vice president of its retirement services group. Headquartered in San Mateo, California, ABD Insurance and Financial Services (ABD) has nearly 160 enterprise risk and reward advisers working with a variety of client types—including retirement plans.Read more >
Market Mirror
Falling oil prices continue to rattle investors, as the Dow fell 331.34 points (1.86%) to 17,501.65 yesterday. The NASDAQ closed 74.24 points (1.57%) lower at 4,652.57, and the S&P 500 lost 37.62 points (1.83%) to finish at 2,020.58. The Russell 2000 decreased 17.45 points (1.46%) to 1,181.35, and the Wilshire 5000 dropped 396.26 points (1.83%) to 21,269.06. On the NYSE, 3.2 billion shares traded, with a more than 3 to 1 lead for decliners. On the NASDAQ, 2.7 billion shares changed hands, with 2.4 declining issues for every advancing issue. The price of the 10-year Treasury note was up 21/32, decreasing its yield to 2.037%. The price of the 30-year Treasury bond increased 1 27/32, with its yield down to 2.604%.