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Benefit Briefs |
Education Helps Participants Do the Match Math |
Data-driven examples can
help participants understand just what they’re giving up when they don’t
contribute enough to meet the match, according to results of a TIAA-CREF
survey. More than three-quarters of Americans who have matching contributions
save enough to receive the full employer match. However, only 72% of women
contribute enough to receive the full employer match, compared with 82% of men,
and only 64% of those earning less than $35,000 annually do so. |
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Buyer's Market |
Prudential Names New Stable Value Leader |
Prudential
Retirement has promoted Gary Ward to the firm’s stable value organization. Ward
served previously as head of the Prudential Retirement investment-only stable
value business. He now reports to Jamie Kalamarides, senior vice president and
head of Prudential Retirement’s institutional investment solutions group. Ward
oversaw more than $75 billion in institutional account values in his previous
role in with Prudential. |
Newport Group Opens Chicago Office |
The Newport Group, a national provider
of retirement and executive benefit plans, has opened an office in the Chicago
area. This new facility will support multiple business lines and provide
consulting services to sponsors of retirement and executive benefit plans. |
Pavilion Global Markets Ltd. added
Michael Young and Brian Berg to its transition management team as part of an
effort to expand its service offerings in the United States. They will work to
expand Pavilion’s transition management services among U.S. retirement plan
sponsors, Taft-Hartley plans, endowments and the investment consultant
community. Both were most recently with BNY Mellon’s beta and transition
management team. |
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Market Mirror |
Wednesday, the Dow closed 26.91 points
(0.16%) lower at 17,086.63, the NASDAQ was up 17.68 points (0.40%) at 4,473.70,
and the S&P 500 increased 3.48 points (0.18%) to 1,987.01. The Russell 2000
gained 1.96 points (0.17%) to finish at 1,158.11, and the Wilshire 5000 gained 37.80
points (0.18%) to finish at 20,010.60.
On the NYSE, 3.22 billion shares changed
hands, with 1.37 advancing issues for every declining issue. On the NASDAQ,
2.74 billion shares traded, with 1.02 decliners for every advancing issue.
The price of the 10-year Treasury note
was down 1/32, increasing its yield to 2.468%. The price of the 30-year
Treasury bond dropped 8/32, bringing its yield to 3.265%.
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Rules & Regulators |
SEC Adopts Money Market Fund Reform Rules |
New
Securities and Exchange Commission (SEC) rule amendments establish structural
and operational reforms aimed at addressing “run risks” in money market funds.
The new rules build upon earlier reforms adopted by the SEC, circa March 2010,
that were designed to reduce the interest-rate, credit and liquidity risks
present within money market fund portfolios. The SEC says that when it adopted
the 2010 amendments, it soon after recognized that the recent financial crisis
raised additional questions of whether more fundamental changes to money market
funds might be warranted. |
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Financial Sense |
PLANSPONSOR Profile: L’Oreal |
The
cosmetics giant’s human resources (HR), compensation and benefits director Ben
Marks discusses its auto-enrollment and benefits strategies. “It is important
to understand the needs of your employees, which benefits are most valuable,
particularly for different groups, and integrate that into the reward
strategy,” the U.K.-based Marks says. |
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The World At Large |
U.K. Regulator Launching Auto-Enrollment Compliance Test |
The
Pensions Regulator is piloting a “comprehensive suite” of tests to
enable payroll specialists to check their automatic enrolment data. The tests
are being designed with payroll providers, with a view to being made available
online early next year. The regulator’s Head of Industry Liaison Neil Esslemont
told an audience in London the tests will be for “payroll software
providers to test data to check their auto-enrollment processes’ compliance.” |
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Small Talk |
ON
THIS DATE: In 1911,
American archaeologist Hiram Bingham got his first look at Machu Picchu, an
ancient Inca settlement in Peru that is now one of the world’s top tourist
destinations. In 1969, at 12:51 EDT,
Apollo 11, the U.S. spacecraft that had taken the first astronauts to the
surface of the moon, safely returned to Earth. In 1982, the Rocky movie franchise produced its second No. 1 pop hit
when Survivor’s “Eye Of The Tiger” began a six-week run atop the
Billboard pop chart. |
SURVEY
SAYS: Not this week. |
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