Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
July 9th, 2018
Benefits & Administration
NQDC Plan Recordkeeping Market Now a Blend of Expertise and Administration
The market has become more blended, with the emergence of “hybrid” organizations capable of delivering on both deep NQDC-specific expertise and plan administration, the 2018 PLANSPONSOR Recordkeeping Survey finds. Read more >
One Year In, Assessing the Progress of OregonSaves
Oregon is among the states that is the furthest along in the launch of a government-administered retirement savings program for private-sector workers. This week, the OregonSaves program revealed enrollment numbers for its first full year of operation. According to state authorities, the combined savings of the first groups of participating savers is already approaching $5 million. In addition, the state says, hundreds of thousands of additional eligible workers are on track to join as the program continues to expand statewide over the next two years. According to the independent Register-Guard newspaper, OregonSaves now has enrolled more than 32,000 private-sector employees who previously didn’t have access to a retirement savings option at work, with an average payroll withholding of 5.14% of salary. Read more >
Products, Deals and People
Retirement Industry People Moves
Church Pension Fund announces series of appointments, and INTAC joins Ascensus TPA Solutions division. Read more >
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HSA Amendment Bills Moved to U.S. House
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Missing Inaction
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2017 Recordkeeping Survey
Economic Events

Total nonfarm payroll employment increased by 213,000 in June, and the unemployment rate rose to 4.0%, the Bureau of Labor Statistics reported. Job growth occurred in professional and business services, manufacturing, and health care, while retail trade lost jobs.

 

THE ECONOMIC WEEK AHEAD: Wednesday, the Bureau of Labor Statistics will reveal the producer price index for June and the Census Bureau will report about wholesale trade for May. Thursday, the Labor Department will issue its initial claims report, and the Bureau of Labor Statistics will reveal the consumer price index for June.

Sponsored message from Wells Fargo
Moving From Inertia to Income: Insights Into Delivering Successful Retirement Outcomes
New research: Actions you can take to help meet the changing retirement income needs of your clients Read more >
Market Mirror

Friday, the Dow closed 99.74 points (0.41%) higher at 24,456.48, the NASDAQ gained 101.96 points (1.34%) to finish at 7,688.39, and the S&P 500 increased 23.21 points (0.85%) to 2,759.82. The Russell 2000 was up 14.57 points (0.87%) at 1,694.05, and the Wilshire 5000 climbed 247.7 points (0.87%) to 28,869.28.

 

The price of the 10-year Treasury note was up 3/32, decreasing its yield to 2.823%. The price of the 30-year Treasury bond increased 11/32, bringing its yield down to 2.931%.

 

WEEK’S WORTH: For the week ending July 6, the Dow was up 0.76%, the NASDAQ gained 2.37%, and the S&P 500 increased 1.52%. The Russell 2000 climbed 3.10%, and the Wilshire 5000 finished 1.67% higher.

Compliance
Tax Reform Change to Plan Loans Requires Updates to Documents
The new law extends the time a participant has to repay loans from 60 days after an offset to the date their tax return is due. Read more >
From the Magazine
DB Focus: Rising Costs
Insurance: In theory, it is an arrangement that brings together large groups of people to share common risks, where each pays a charge that is small relative to the potential exposure. In practice, though, costs can get out of proportion—as they have in the case of the premiums charged to corporate defined benefit (DB) plans for Pension Benefit Guaranty Corporation (PBGC) insurance coverage to make good on pension plan defaults. PBGC premiums are high, but there are ways to control them. Read more >
Small Talk

ON THIS DATE: In 1776, the American Declaration of Independence was read aloud to Gen. George Washington’s troops in New York. In 1792, S.L. Mitchell of Columbia College in New York City became the first Professor of Agriculture. In 1847, a 10-hour work day was established for workers in the state of New Hampshire. In 1868, the 14th Amendment to the U.S. Constitution was ratified. The amendment was designed to grant citizenship to and protect the civil liberties of recently freed slaves. In 1872, the doughnut cutter was patented by John F. Blondel. In 1877, Alexander Graham Bell, Gardiner Greene Hubbard, Thomas Sanders and Thomas Watson formed the Bell Telephone Company. In 1878, the corncob pipe was patented by Henry Tibbe. In 1900, the Commonwealth of Australia was established by an act of the British Parliament, uniting the separate colonies under a federal government. In 1922, Johnny Weissmuller became the first person to swim the 100 meters freestyle in less than a minute. In 1971, the United States turned over complete responsibility of the Demilitarized Zone to South Vietnamese units. In 1985, Herschel Walker of the New Jersey Generals was named the Most Valuable Player in the United States Football League (USFL). In 1997, Mike Tyson was banned from the boxing ring and fined $3 million for biting the ear of opponent Evander Holyfield. In 2005, Danny Way, a daredevil skateboarder, rolled down a large ramp and jumped across the Great Wall of China. He was the first person to clear the wall without motorized aid. In 2015, the South Carolina House of Representatives approved taking down the Confederate flag from the Capitol grounds. The flag was removed the next day and taken to a state military museum.

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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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