| An analysis from the National Institute on
Retirement Security finds Americans in nearly every state are expected to fall
far short on purchasing power in their golden years. The bleak findings are
from the institute’s State Financial Security Scorecards research project. During
a webcast covering the findings, a panel of experts warned even the
highest-ranking states show “weak outlooks in terms of potential retirement
income for retirees.” Put another way, even workers in the top-ranked states
have far less saved than they are likely to need to fund a comfortable
retirement.Read more > | A study by software provider SAS and Duke
University, just published in The American Journal of Managed Care, found
primary care users of the SAS Health Care Center (HCC) saved the company up to
$600 per user in health plan claims costs over three years. One takeaway from
the study, “Worksite Medical Home: Health Services Use and Claim Costs,” is
that use of on-site medical centers is associated with decreased total use of
outpatient care including preventive care services.Read more > | Federal TSP Considering Expanded Withdrawal Options | Federal Thrift Savings Plan (TSP) Executive
Director Greg Long has issued a memo to Federal Retirement Thrift Investment
Board members recommending more flexible withdrawal options for TSP members. In
the memo, acquired by FedSmith, Long says an examination of TSP data last year
“confirmed that many participants are transferring their balances from the TSP
to other financial institutions at age 59½ and upon separation from federal
employment. Virtually all of these transferred dollars are moving into accounts
with higher expenses than are available within the TSP, a fact that appears to
run counter to the participants’ interest.”Read more > | Total 401(k) Contributions Reach Record Levels | For the trailing 12 months ending in the second
quarter, total contributions, including company match, to 401(k) plan
participant accounts reached $10,180, up from $9,840 at the end of the first
quarter, according to Fidelity Investments. This is the first time that
trailing one-year contributions surpassed $10,000. Fidelity also found Baby
Boomer participants may be overweight in equities.Read more > | | Products, Deals & People | John Hancock to Offer Financial Wellness Program | John Hancock Retirement Plan Services will begin
offering Morningstar’s HelloWallet financial wellness program on its Total
Retirement Solutions platform in the fourth quarter.Read more > | | Economic Events | In the week ending July 25, the advance
figure for seasonally adjusted initial claims for unemployment insurance was
267,000, an increase of 12,000 from the previous week’s unrevised level of
255,000, the Labor Department reported. The four-week moving average was 274,750,
a decrease of 3,750 from the previous week’s unrevised average of 278,500.
The average interest rate for a 30-year fixed-rate
mortgage is 3.98%, down from 4.04% one week ago, according to Freddie Mac. The
average interest rate for a 15-year fixed-rate mortgage is 3.17%, down from 3.21%.
| | Market Mirror | Major U.S.
stock indices ended mostly flat Thursday. The Dow slipped 5.41 points (0.03%)
to 17,745.98, the NASDAQ closed 17.05 points (0.33%) higher at 5,128.78, and
the S&P 500 was virtually unchanged at 2,108.63. The Russell 2000 increased
2.47 points (0.20%) to 1,232.07, and the Wilshire 5000 was up 13.47 points
(0.06%) at 22,205.86.
On the NYSE,
3.2 billion shares changed hands, with a nearly even split between advancers and
decliners. On the NASDAQ, 2.8 billion shares traded, with a slight lead for
advancers.
The 10-year Treasury note increased 7/32, bringing its
yield down to 2.261%. The price of the 30-year Treasury bond climbed 1 3/32,
decreasing its yield to 2.944%.
| | Compliance | The Michigan Supreme Court has upheld the
constitutionality of a 2011 law that forced 15,000 state workers to contribute
4% of their salary to maintain full pension benefits, the Detroit News reports.
The decision overturned a lower court ruling that said forcing state workers to
put 4% of pay into the pension or move to a defined contribution (DC) plan was
unconstitutional.Read more > | Lawmakers Press DOL to Redraft Fiduciary Proposal | A group of members of the U.S. House of
Representatives Thursday sent a letter to Thomas Perez, secretary of the
Department of Labor (DOL), suggesting a re-proposal of its recent re-proposal.
Their concern, just days after the end of the comment period, is that the
expansion of the fiduciary definition would hinder Americans trying to save for
retirement.Read more > | | Small Talk | ON
THIS DATE: In 1875,
former President Andrew Johnson, who had become president upon the assassination
of Abraham Lincoln in 1865, died of a stroke while visiting his daughter in
Tennessee. In 1928, MGM’s Leo the
lion roared for the first time for MGM’s first talking picture, “White
Shadows on the South Seas.” In 1975, James Riddle Hoffa, one of the
most influential American labor leaders of the 20th century, disappeared in
Detroit, Michigan, never to be heard from again. In 1989, the Game Boy handheld video game device was released in the
U.S.
And now it’s time for FRIDAY FILES!
| In Acadiana,
Louisiana, the St. Landry Parish law enforcement is angry someone robbed
Stelly’s Supermarket and gives a very real Crime Stoppers report.Read more > | In Sioux
Falls, South Dakota, a 17-year-old J.C. Penney employee was sent home for
wearing short her boss said were “too revealing.” The girl pointed out that she
bought the shorts in the J.C. Penney career department. A local news station
reported that her boss told her shorts were not allowed and asked her to go
home and change. When he asked how long it would take her to change and come
back, she quit. | In Westminster,
England, magicians video bombing a news report make it interesting.Read more > | In Hernando County, Florida,
a driver refused to move his SUV from the sidewalk right outside the main entry
and exit door at the county jail. After multiple refusals, he backed up into a
bench and then accelerated forward, driving through the jail’s lawn, according
to the local ABC News station. He then turned back toward the jail and deputies
said he took aim with his vehicle at a deputy’s patrol car. The man turned
abruptly, drove in a circle and struck a flagpole. He was ordered from the
vehicle and taken into custody.
On I-65
in Indiana, a state trooper pulled over a man for speeding. The man was
traveling with his daughter who has Down Syndrome. The trooper decided to make
the daughter a state trooper for five minutes and asked her whether she wanted
to issue her dad a warning or a ticket. The girl chose a ticket. However, the
good-hearted trooper only issued a warning. The Indiana State Police responded
to the man’s post about the incident that they are glad the daughter is on
their side.
Have a great weekend,
everyone! | 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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