| A Plan Sponsor Implements a Financial Wellness Program | Roy Richter, deputy inspector of the New York
City Police Department (NYPD) and president of the Captains Endowment
Association, is the trustee for the Senior Officers Council (SOC) Annuity Trust
Fund. It has always been important to Richter to educate plan members about the
value of their financial health and how to use all of the retirement plans
offered by the city to achieve financial security and, ultimately, retire well.
He noticed that members were not aware of how much they had available to
retire, or how much it really would require. Many were in a position of being
able to retire but didn’t know it. The plan adviser with whom Richter works,
Barbara Delaney, principal at Stone Street Equity, saw an opportunity to
further Richter’s mission and bring the SOC plan members a full financial
wellness benefit.Read more > | | Products, Deals & People | Diana Jordan comes to Unified Trust Company;
Julie Niccum rejoins Ascensus.Read more > | Kravitz Offers New Investment Product for Cash Balance Plans | Kravitz has launched a new product that “can
offer diverse investment options within a single cash balance plan.”
Traditional cash balance plans are pooled and invested collectively to meet a
single targeted interest crediting rate (ICR), explains Dan Kravitz, president
of the retirement plan administration firm Kravitz, but recent regulatory
changes allow for a new approach. Kravitz says the Internal Revenue Service’s
(IRS) approval of “actual rate of return” interest crediting rates for cash
balance plans “gave plan sponsors greater flexibility and removed some funding
challenges.”Read more > | Meiji Yasuda Life Insurance Company has entered
into a definitive agreement to acquire StanCorp Financial Group (The Standard).
The Standard, founded in 1906 and headquartered in Portland, Oregon, is a
provider of insurance, retirement and investment products and services. Its
subsidiaries include Standard Retirement Services, Standard Insurance Company,
The Standard Life Insurance Company of New York, StanCorp Mortgage Investors,
StanCorp Investment Advisers, StanCorp Real Estate and StanCorp Equities.
Founded in 1881 and headquartered in Tokyo, Meiji Yasuda is the oldest and
third-largest life insurance company in Japan.Read more > | | Economic Events | Sales of new single-family houses in
June 2015 were at a seasonally adjusted annual rate of 482,000, according to
estimates released jointly by the U.S. Census Bureau and the Department of
Housing and Urban Development. This is 6.8% below the revised May rate of
517,000, but is 18.1% above the June 2014 estimate of 408,000.
THE
ECONOMIC WEEK AHEAD: Today,
the Census Bureau will report about durable goods orders for June. Tomorrow, the Conference Board will
release its Consumer Confidence Index for July. Thursday, the Labor Department will issue its initial claims
report.
| | Market Mirror | Friday, the
Dow was down 163.39 points (0.92%) at 17,568.53, the NASDAQ lost 57.78 points
(1.12%) to finish at 5,088.63, and the S&P 500 closed 22.50 points (1.07%)
lower at 2,079.65. The Russell 2000 fell 18.98 points (1.52%) to 1,225.99, and
the Wilshire 5000 decreased 225.23 points (1.02%) to 21,906.75.
On the NYSE,
3.2 billion shares traded, with 2.7 declining issues for every advancing issue.
On the NASDAQ, 2.9 billion shares changed hands, with a more than 3 to 1 lead
for decliners.
The price of
the 10-year Treasury note was up 3/32, decreasing its yield to 2.257%. The
price of the 30-year Treasury bond increased 6/32, bringing its yield down to
2.959%.
WEEK’S
WORTH: For the week ending July 24, the Dow lost
2.86%, the NASDAQ finished 2.33% lower, and the S&P 500 was down 2.21%. The
Russell 2000 fell 3.24%, and the Wilshire 5000 decreased 2.29%.
| | Compliance | PBGC Proposes Change to Waiver of Reporting Requirements | The Pension Benefit Guaranty Corporation (PBGC)
is proposing to amend its regulation on Annual Financial and Actuarial
Information Reporting to codify provisions of the Moving Ahead for Progress in
the 21st Century Act (MAP-21) and the Highway and Transportation and Funding
Act of 2014 (HATFA). In
its proposal, the PBGC says the current regulation does not allow it to access
important available information about plans that present substantial risk and
exposure to the pension insurance system. The agency is not receiving data in
4010 filings that it would otherwise receive because plans that were never
intended to qualify for a regulatory waiver are, in fact, qualifying as a
result of MAP-21 and HATFA funding relief.Read more > | | Investing | Investment Product Development Is Changing | Less than 25% of investment products launched
since 2000 managed to attract $1 billion or more during the last decade,
according to a report from Casey Quirk & Associates. The research, titled
“New Arrows for the Quiver: Product Development for a New Active and Beta
World,” finds that a strong shift towards customization and individualized
asset allocation is redefining longstanding product development processes
impacting the retirement plan industry. The report argues greater demand for
customization “has revealed weaknesses in the current product development
strategies used by many asset management firms.”Read more > | | Small Talk | ON THIS DATE: In
1804, the 12th Amendment to the U.S.
Constitution was ratified. With the amendment Electors were directed to vote
for a President and for a Vice-President rather than for two choices for
President. In 1953, the United
States, the People’s Republic of China, North Korea, and South Korea agreed to
an armistice, bringing the Korean War to an end. In 1965, in the U.S., the Federal Cigarette Labeling and Advertising
Act was signed into law. The law required health warnings on all cigarette
packages. In 1974, the House
Judiciary Committee recommended that America’s 37th president, Richard M.
Nixon, be impeached and removed from office. In 1995, the Korean War Veterans Memorial was dedicated in Washington,
D.C., by U.S. President Bill Clinton and South Korean President Kim Young-sam.
In 1996, in Atlanta, Georgia, the
XXVI Summer Olympiad was disrupted by the explosion of a nail-laden pipe bomb
in Centennial Olympic Park. In 2003,
the legendary actor-comedian Bob Hope died at age 100 in Toluca Lake,
California. | Last week, I asked NewsDash readers, “Who covers
your work while you’re on vacation?” More than half (52%) of responding readers
said only essential or emergency tasks get covered, while more than one-quarter
(26%) said none of their work gets covered. Similarly, nearly one-quarter
(24.7%) of respondents indicated that no one covers their work while they are
on vacation. For 19.2%, a combination of their boss, co-workers or employees
they supervise cover for them. Nearly 7% reported that they check in and handle
their own work while on vacation. Among those who chose to leave verbatim
comments, most lamented about how much work has to be done before and after
taking a vacation, with one reader asking, “Wait, what? I can get work covered
while on vacation?” Many just check in and work during vacation to try to get
ahead of the backlog awaiting them. However, one reader chooses to look at it
positively, “Although it can be overwhelming to come back to a pile of work, it
is certainly a great reminder that the daily work we do really does mean
something.” Then, there were those who lamented about the coverage they
supposedly have, “The question should have been who is supposed to cover your work on vacation?” one reader says, while
another notes, “My boss covers my work when I’m on vacation. I fix everything
when I get back.” Editor’s Choice
goes to the reader who said: “Dust covers my work until I return.” Thanks to everyone who participated in the
survey!Read more > | Share the good news with a friend! Pass the Dash along – and tell your
friends/associates they can sign up for their own copy.Read more > |
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