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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 > | | Sponsored message from Russell | Star manager concerns? Expand your manager universe. Russell’s multi-manager, multi-strategy funds simplify the manager change process for DC plans. No long searches; no costly transitions. Consider the benefits of multi-manager.Read more > | | 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%.
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| Compliance | Court Finds Advocate Health Retirement Plan Not a Church Plan | A federal district court has found the defined
benefit (DB) retirement plan of Advocate Health Care Network and its
subsidiaries is not a “church plan” under the Employee Retirement Income
Security Act (ERISA). United States District Judge Edmond E. Chang of the U.S.
District Court for the Northern District of Illinois concluded a statutory
analysis reveals that the Advocate plan does not qualify as a church plan and
is instead fully subject to ERISA’s requirements. Chang denied Advocate’s
motion to dismiss the case.Read more > | DOL Investigating RadioShack 401(k) Plan | In an 11-K filing with the Securities and
Exchange Commission (SEC), RadioShack Corporation revealed that the Department
of Labor is investigating its 401(k) plan. The filing says RadioShack is facing several lawsuits
over the company stock investment offering in the plan.Read more > | District Court Moves Forward Boeing Fee Case | The U.S. District Court for the Southern
District of Illinois moved on three motions pending in Spano vs. The Boeing Company, a case about excessive 401(k) plan
fees involving nearly 200,000 retirement plan participants. Besides denying
Boeing’s request for summary judgment on the merits of the case, the court also
granted in part and denied in part Boeing’s motion for summary judgment based
on the Employee Retirement Income Security Act’s (ERISA’s) six-year statute of limitations.
The court also denied plaintiffs’ motion to strike certain reply briefs filed
by Boeing—moving the case one step closer to resolution.Read more > | | Small Talk | ON
THIS DATE: In 1838,
Samuel Morse publicly demonstrated the telegraph for the first time. In 1912, New Mexico became the 47th U.S.
state. In 1945, the Battle of the
Bulge ended with 130,000 German and 77,000 Allied casualties. In 1952, the “Peanuts” comic
strip debuted in Sunday papers across the United States. In 1963, “Wild Kingdom”
premiered on NBC. In 1994, figure
skater Nancy Kerrigan was clubbed on the right leg by an assailant at Cobo
Arena in Detroit, Michigan. Four men were later sentenced to prison for the
attack, including competitor Tonya Harding’s ex-husband. In 1999, Bob Newhart received a star on
the Hollywood Walk of Fame.
TUESDAY
TRIVIA: A group of porcupines is called a prickle.
| TRIVIAL PURSUITS:
From what did the phrase willy-nilly originate?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.,
2014.
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rights reserved. No reproduction without
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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