Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
July 26th, 2018
Products, Deals and People
Prudential Promotes After-Tax Savings for the Unexpected
Prudential Retirement has introduced an after-tax supplemental savings solution that uses after-tax employee contributions to an existing retirement plan to build savings that can be accessed to cover emergencies. Prudential worked with the Washington, D.C., nonprofit organization Prosperity Now to design a potential solution using payroll deductions to fund after-tax contributions. Read more >
Voya Targets Emergency Savings with Financial Wellness Feature
Voya introduced The Financial Wellness Experience, aimed at enhancing emergency savings among retirement plan participants. The tool will include access to “guidance and personal financial planning services” through the usage of resource centers, where participants will find “educational articles, life-stage tips, planning tools and calculators,” according to the company. Read more >
Economic Events
Sales of new single-family houses in June were at a seasonally adjusted annual rate of 631,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.  This is 5.3% below the revised May rate of 666,000, but is 2.4% above the June 2017 estimate of 616,000.
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Market Mirror

Wednesday, the Dow was up 172.16 points (0.68%) at 25,414.10, the NASDAQ gained 91.47 points (1.17%) to 7,932.24, and the S&P 500 increased 25.67 points (0.91%) to 2,846.07. The Russell 2000 closed 5.01 points (0.30%) higher at 1,685.20, and the Wilshire 5000 gained 244.28 points (0.83%) to finish at 29,635.70.

The price of the 10-year Treasury note fell 5/32, bringing its yield up to 2.696%. The price of the 30-year Treasury bond decreased 11/32, boosting its yield to 3.093%.

Sponsored message from Schwab Retirement Plan Services, Inc.
Three Key Insights to Consider for Building Confidence and Improving Outcomes. Insights on how using increased levels of guidance and advice may help build better outcomes for your employees.  Read more >
Compliance
Appeals Court Allows Case Against USC to Proceed
In Munro vs. University of Southern California (USC), the United States Court of Appeals for the Ninth Circuit upheld the district court’s denial of defendants’ motion to compel arbitration of collective claims for breach of fiduciary duty in the administration of two Employee Retirement Income Security Act (ERSA) plans. USC had wanted to settle the case through arbitration, but the court ruled that the dispute against USC fell outside the scope of the arbitration agreements that the participants signed. Read more >
Stakeholders Beg Congress to Act on Solvency of Multiemployer Plans
The Joint Select Committee on the Solvency of Multiemployer Pension Plans held its fifth public hearing to gather testimony on the dire financial situation facing the U.S. multiemployer pension system. Three of four speakers at the hearing were financial gurus, and they offered sobering testimony, but the most passionate testimony was that from a retired Teamster and former truck driver. Read more >
PBGC Updates Address for Pension Insurance Premium Payments
Effective immediately, the federal pension insurance program has a new set of mailing addresses for plan sponsors sending premium payments and correspondence, including its P.O. boxes for deliveries via U.S Postal Service and overnight delivery via a delivery service. Read more >
From the Magazine
Stable Value Funds Preserve Capital and Provide a Solid Return
For defined contribution (DC) plan investors, continuity and reliability have been the traditional appeal of stable value funds. They are simple on the surface, yet complex due to an intricate insurance company “wrap” mechanism that stabilizes yield and account values. And, for years, their values were indeed stable, and payouts were steady and predictable, making them a reassuring choice to many sponsors as a capital preservation option. (This magazine article is part of our exclusive content and requires a free registration to read.) Read more >
Small Talk

ON THIS DATE: In 1775, a postal system was established by the 2nd Continental Congress of the United States. The first Postmaster General was Benjamin Franklin. In 1788, New York became the 11th state to ratify the U.S. Constitution. In 1881, Thomas Edison and Patrick Kenny executed a patent application for a facsimile telegraph (U.S. Pat. 479,184). In 1903, the first automobile trip across the United States (San Francisco to New York) was completed by Horatio Nelson Jackson and Sewall K. Crocker. In 1947, U.S. President Harry Truman signed The National Security Act. The act created the National Security Council, the Department of Defense, the Central Intelligence Agency and the Joint Chiefs of Staff. In 1948, U.S. President Harry Truman signed executive orders that prohibited discrimination in the U.S. armed forces and federal employment. In 1952, Mickey Mantle hits his first grand-slam. In 1990, President George H. W. Bush signed the Americans With Disabilities Act. In 1993, Mars Observer took its photo of Mars. In 1998, AT&T and British Telecommunications PLC announced they were forming a joint venture to combine international operations and develop a new Internet system.

SURVEY SAYS: Not this week.

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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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