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| PSNC 2017: Getting to Those Not at a Desk—Communicating Through Digital | |
| Tanya Barrett, executive director, human resources (HR), at Hoag Hospital, a 2017 Plan Sponsor of the Year in the 403(b) category, spoke about the strategies the hospital uses to reach its work force, which has the wide-ranging educational backgrounds and income levels typical of a hospital, has an average age of 40 and average tenure of eight years, and is 75% female.Read more > | |
| PSNC 2017: Retirement Security at an Inflection Point | |
| Aging populations and work forces are placing an increased strain on the federal, public and private retirement systems, warned Joe Ready, executive vice president and director of Wells Fargo Institutional Retirement and Trust, addressing the 2017 PLANSPONSOR National Conference, in Washington, D.C. “We all have been living for some time in a world of consumer direction, but this is finally having an impact in the retirement space,” he said.Read more > | |
| PSNC 2017: Supplementary Savings Plans—Executive Benefit and NQDC | |
| Speaking on a panel at the 2017 PLANSPONSOR National Conference in Washington, D.C., Jeff Roberts, regional channel manager at ADP, said executive benefit and nonqualified deferred compensation plans (NQDCs) are used by employers to attract and retain key employees. Data from the Boston Research Group finds that the average participant in an NQDC plan will receive 20% of retirement income from this plan alone, he said.Read more > | |
| Sponsored message from First State Investments | |
| First State Investments Four benefits of infrastructure, regardless of portfolio sizeRead more > | |
| Products, Deals and People | |
| Retirement Industry People Moves | |
| Pavilion Advisory expands consultant team; American Century Investments names head of ETFs; Deutsche AM expands equities portfolio management team; Lockton hires senior VP; Glenn Reed retires from Vanguard.Read more > | |
| Economic Events | |
April sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $462.3 billion, down 0.4% from the revised March level, but up 7.3% from the April 2016 level, the Census Bureau reported. The February to March percent change was revised from the preliminary estimate of virtually unchanged to down 0.2. THE ECONOMIC WEEK AHEAD: Tomorrow, the Bureau of Labor Statistics will reveal the Producer Price Index for May. Wednesday, the Bureau of Labor Statistics will reveal the Consumer Price Index for May, the Census Bureau will report about retail sales for May and business inventories for April. Thursday, the Labor Department will release its initial claims report. Friday, the Census Bureau will report about housing starts for May. | |
| Market Mirror | |
Friday, the Dow closed 89.44 points (0.42%) higher at 21,271.97, the NASDAQ lost 113.85 points (1.80%) to finish at 6,207.92, and the S&P 500 was down 2.02 points (0.08%) at 2,431.77. The Russell 2000 was up 6.09 points (0.43%) at 1,421.70, and the Russell 2000 decreased 17.25 points (0.07%) to 25,295.45. The price of the 10-year Treasury bond decreased 3/32, bringing its yield up to 2.200%. The price of the 30-year Treasury bond was down 2/32, increasing its yield to 2.855%. WEEK’S WORTH: For the week ending June 9, the Dow increased 0.31%, the NASDAQ fell 1.55%, and the S&P 500 decreased 0.30%. The Russell 2000 gained 1.16%, and the Wilshire 5000 was down 0.20%. | |
| Compliance | |
| The Investment Company Institute (ICI) and the Financial Services Institute (FSI) both issued statements applauding the U.S. House of Representatives’ passage on Thursday of the Financial CHOICE [Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs] Act of 2017. The bill is considered to be the first real step toward Congressional repeal of Dodd-Frank regulations and the Department of Labor (DOL) fiduciary rule.Read more > | |
| PSNC 2017: Fixing Your Mistakes—Correcting the Most Common Plan Errors | |
| No one is perfect, not even plan sponsors. Mistakes will be made. Speaking at the 2017 PLANSPONSOR National Conference, in Washington, D.C., Tami Guimelli, assistant vice president, Employee Retirement Income Security Act (ERISA) attorney, benefits consulting group at John Hancock Retirement Plan Services, discussed common plan mistakes and how to navigate the regulators’ various correction programs.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1665, England installed a municipal government in New York. It was the former Dutch settlement of New Amsterdam. In 1838, the Iowa Territory was organized. In 1897, Carl Elsener patented his penknife. The object later became known as the Swiss army knife. In 1918, the first airplane bombing raid by an American unit occurred on World War I’s Western Front in France. In 1921, U.S. President Warren Harding urged every young man to attend military training camp. In 1923, Harry Houdini, while suspended upside down 40 feet above the ground, escaped from a strait jacket. In 1939, the National Baseball Hall of Fame and Museum was dedicated in Cooperstown, New York. In 1985, Wayne “The Great One” Gretsky was named winner of the NHL’s Hart Trophy. The award is given to the league’s Most Valuable Player. In 1987, U.S. President Ronald Reagan publicly challenged Mikhail Gorbachev to tear down the Berlin Wall. In 1991, the Chicago Bulls won their first NBA championship. The Bulls beat the Los Angeles Lakers four games to one. In 1997, the U.S. Treasury Department unveiled a new $50 bill meant to be more counterfeit-resistant. In 2009, in the U.S., The switch from analog TV transmission to digital was completed. | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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