Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
July 17th, 2018
ERISA Excessive Fee Claims Against Checksmart Time-Barred by District Court
The U.S. District Court for the Southern District of Ohio has ruled in favor of the defense in an Employee Retirement Income Security Act (ERISA) excessive fee lawsuit targeting Checksmart Financial’s defined contribution (DC) plan and Cetera Advisors. The original lawsuit was filed by a participant in the Checksmart Financial 401(k) Plan, contending in various ways that fees for funds offered in the plan are excessive. The plaintiff accused Checksmart, its plan committee, and the plan’s investment adviser, Cetera Advisor Network, of only offering expensive and unsuitable actively managed mutual funds, without an adequate or appropriate number of passively managed and less expensive mutual fund investment options. The court rejected several arguments by plaintiffs that the suit should not be dismissed for falling outside ERISA’s three-year statute of limitations.Read more >
Workers Urge Committee to Fix Multiemployer Pension Crisis Now
The Joint Select Committee on the Solvency of Multiemployer Pension Plans held a hearing in Ohio last week to gather testimony from employees affected by the multiemployer pension plan crisis. The committee was told that benefit cuts are not the answer and was urged to reform withdrawal liability rules.Read more >
Sifting Through Retirement Plan Regulations
Understanding the hierarchy of regulations and how plan sponsors should interpret seemingly conflicting ones.Read more >
TRIVIAL PURSUITS: How Many States Are in More Than One Time Zone?
2021 Recordkeeping Survey
TRIVIAL PURSUITS: Meaning and Origin of the Idiom “Watershed Moment?”
EARN Act Clears Senate Finance Committee
Vanguard Partners With Candidly For Student Loan Repayment Program
Economic Events

The combined value of distributive trade sales and manufacturers’ shipments for May, adjusted for seasonal and trading-day differences but not for price changes, was estimated at $1,449.7 billion, up 1.4% from April and up 8.6% from May 2017, the Census Bureau reported.


Advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $506.8 billion, an increase of 0.5% from the previous month, and 6.6% above June 2017. Total sales for the April through June period were up 5.9% from the same period a year ago. Retail trade sales were up 0.3% from May and 6.4% above last year. Gasoline Stations were up 21.6% from June 2017, while Nonstore Retailers were up 10.2% from last year.
Sponsored message from Vanguard
The Markets Became Volatile-What Will Your Participants Do About It?
Target-date funds can protect participants from impulsive reactions to market volatility.Read more >
Market Mirror

Yesterday, the Dow increased 44.95 points (0.18%) to 25,064.36, the NASDAQ closed 20.26 points (0.26%) lower at 7,805.72, and the S&P 500 was down 2.88 points (0.10%) at 2,798.43. The Russell 2000 lost 8.48 points (0.50%) to finish at 1,678.60, and the Wilshire 5000 decreased 37.79 points (0.13%) to 29,223.59.


The price of the 10-year Treasury note was down 6/32, increasing its yield to 2.852%. The price of the 30-year Treasury bond decreased 19/32, bringing its yield up to 2.959%.
Benefits & Administration
Missing Inaction
What are the rules for locating missing retirement plan participants and what should plan sponsors do when they’re found?Read more >
Products, Deals and People
MetLife Suggests Four Core Principles for Creating a Financial Wellness Program
The second whitepaper in a series says financial wellness is centered around four core principles: financial awareness, financial health, financial security and financial inclusion.Read more >
Personalized Planning & Advice Managed Account Solution Launched by Fidelity
Through the expanded Fidelity managed account program, employees will benefit from “ongoing, proactive engagement, including expanded annual checkups, reminders, and information that addresses their specific investment needs, to help them stay on track toward their financial goals.”Read more >
Small Talk
ON THIS DATE: In 1453, France defeated England at Castillon, France, which ended the 100 Years’ War. In 1821, Spain ceded Florida to the U.S. In 1862, national cemeteries were authorized by the U.S. government. In 1867, Harvard School of Dental Medicine was established in Boston. It was the first dental school in the U.S. In 1898, U.S. troops under General William R. Shafter took Santiago de Cuba during the Spanish-American War. In 1917, the British royal family adopted the Windsor name. In 1941, the longest hitting streak in baseball history ended when the Cleveland Indians pitchers held New York Yankee Joe DiMaggio hitless for the first time in 57 games. In 1945, President Harry Truman, Soviet leader Josef Stalin and British Prime Minister Winston S. Churchill began meeting at Potsdam in the final Allied summit of World War II. In 1950, the television show “The Colgate Comedy Hour” debuted featuring Dean Martin and Jerry Lewis. In 1955, Disneyland opened in Anaheim, California. In 1966, Ho Chi Minh ordered a partial mobilization of North Vietnam forces to defend against American air strikes. In 1975, an Apollo spaceship docked with a Soyuz spacecraft in orbit. It was the first link up between the U.S. and Soviet Union. In 1997, after 117 years, the Woolworth Corp. closed its last 400 stores.
TRIVIAL PURSUITS: Why is the District of Columbia so named?Read more >
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Editorial: Alison Cooke Mintzer


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