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%.
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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 >
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