| | Products, Deals and People | | HealthSavings Administrators and Paul Verberne, Esq., of Verberne x Maldonado, LLP, have created “A Guide to Health Savings Accounts and Medicare”— a free, 26-page resource covering the basics of health savings accounts (HSAs) and Medicare, as well as how each program impacts the other. HealthSavings’ emphasis is on helping employees understand the value of HSAs as part of a comprehensive retirement planning strategy. As HSA accountholders near retirement, questions often arise about the impact of Medicare on their HSA.Read more > | | TIAA Exec Reflects on History of Retirement Plans | | Ron Pressman is TIAA CEO for Institutional Financial Services, and he’s also a bit of an amateur historian. During a recent conversation with PLANSPONSOR, Pressman reflected on his organization’s upcoming 100th anniversary. He did this to highlight “both the obligation and the opportunity” that historic firms like TIAA face in today’s challenging retirement planning environment. Pressman, offered up five best practices that retirement plans can implement.Read more > | | | Economic Events | | May sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $460.8 billion, down 0.5% from the revised April level, but up 6.2% from the May 2016 level, the Census Bureau announced. The March 2017 to April 2017 percent change was revised from the preliminary estimate of down 0.4% to down 0.3%. | | | Market Mirror | Tuesday, the Dow was virtually unchanged at 21,409.07, the NASDAQ increased 16.91 points (0.27%) to 6,193.30, and the S&P 500 decreased by 1.90 (0.08%) to 2,425.53. The Russell 2000 closed 4.58 points (0.33%) higher at 1,413.05, and the Wilshire 5000 ticked up 2.14 points (0.01%) to 25,229.45.
The price of the 10-year Treasury note and the price of the 30-year Treasury bond both increased 6/32, bringing their yields down to 2.355% and 2.919%, respectively. | | | Compliance | | PBGC Requests More Time to Collect Multiemployer Merger Information | | The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval of a collection of information contained in PBGC’s regulation on Mergers and Transfers Between Multiemployer Plans. The agency says it uses information submitted by plan sponsors under the regulation to determine whether mergers and transfers conform to the requirements of the Employee Retirement Income Security Act (ERISA) Section 4231.Read more > | | American Airlines Agrees to Settle Proprietary Funds Lawsuit | | A preliminary settlement agreement has been submitted for court approval in a case accusing American Airlines of including affiliated funds in its retirement plan investment lineup though they were more expensive and lower-performing than other funds. The core of the plaintiffs’ claims relate to the use of American Beacon Funds in the plan. AMR Corp., American Airlines’ parent company, created a line of mutual funds that were managed by another subsidiary of AMR Corp. This fund manager was later renamed American Beacon Advisors, Inc. in 2005. Earlier this year, a federal district court judge refused to dismiss the case.Read more > | | | Ask the Experts | | “I have received conflicting information as to whether Form 8955-SSA is required to be filed electronically. Can the Experts clarify?”Read more > | | | Small Talk | ON THIS DATE: In 1862, the U.S. Congress authorized the Medal of Honor. In 1870, the first rotary can opener with a cutting wheel was patented by William W. Lyman. In 1933, a minimum wage of 40 cents an hour was established in the U.S. In 1954, U.S. President Dwight D. Eisenhower proposed a highway modernization program, with costs to be shared by federal and state governments. In 1954, the Major League Baseball Players Association was organized in Cleveland, Ohio. In 1982, the last of the distinctive-looking Checker taxicabs rolled off the assembly line in Kalamazoo, Michigan. In 1984, Democratic presidential candidate Walter F. Mondale named U.S. Representative Geraldine A. Ferraro of New York to be his running mate. Ferraro was the first woman to run for vice president on a major party ticket. In 1999, Walt Disney Co. announced that it was merging all of its Internet operations together with Infoseek into Go.com.
WEDNESDAY WISDOM: “Never go to a doctor whose office plants have died.”—Erma Bombeck, American journalist | | Share the news with a friend! Pass the NewsDash along and tell your friend/association they can sign up for their own copy.Read more > |
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