Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 14th, 2018
Benefits & Administration
Male Millennials Have 34% More Saved Than Their Female Counterparts
Female Millennials have saved an average of $66,700 for retirement, fully 34% less than the $101,500 their male counterparts have saved, according to the PNC Investments Millennials & Investing Survey. Additionally, female Millennials are much more risk-averse and are skeptical of alternative investments, including cryptocurrencies and peer-to-peer lending. Read more >
Divorce Negatively Impacts People’s Retirement Readiness
Divorce is very costly to individuals and, in most cases, reduces people’s retirement readiness, according to the Center for Retirement Research at Boston College. The center’s National Retirement Risk Index (NRRI) found that 53% of households that have gone through a divorce are at financial risk in retirement, compared with 48% of households that have not experienced a divorce. Read more >
PSNC 2018: Spending in Retirement and Financial Shocks – Fact and Fiction
EBRI’s Lori Lucas tells PLANSPONSOR National Conference attendees that retirees actually spend less than the industry suggests employees save for retirement, and there are different reasons for that. Read more >
Products, Deals and People
FPS Group Enhances Recordkeeping Platform
The 403(b) and 457(b) plan recordkeeper offers participant enrollment, investment transparency, transactions processing and increased plan oversight. Read more >
MOST READ ARTICLES
1
(b)est Practices: What Do You Know About Revenue Sharing?
2
Employee Debt Linked to Lower Work Productivity
3
Most DC Plan Advisers Offer Financial Wellness Support
4
2018 Plan Administration Guide, Part Two: Recordkeeping Survey
5
GAO Explores Why Few Retirement Plans Embrace ESG Investing
Economic Events

The Producer Price Index for final demand rose 0.5% in May, as the index for final demand goods advanced 1.0%, and prices for final demand services moved up 0.3%, the Bureau of Labor Statistics reported. The final demand index increased 3.1% for the 12 months ended in May.

Market Mirror

Wednesday, the Dow was down 119.53 points (0.47%) at 25,201.20, the NASDAQ lost 8.10 points (0.11%) to finish at 7,695.70, and the S&P 500 shed 11.22 points (0.40%) to close at 2,775.63. The Russell 2000 decreased 5.76 points (0.34%) to 1,676.54, and the Wilshire 5000 lost 114.63 points (0.39%) to close at 28,983.39.

 

The price of the 10-year Treasury note was down 2/32, increasing its yield to 2.973%. The price of the 30-year Treasury bond was up 4/32, decreasing its yield to 3.081%.

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Compliance
SEC Finds Merrill Lynch Traders Overcharged for RMBS
The Securities and Exchange Commission (SEC) has announced that Merrill Lynch, Pierce, Fenner & Smith will pay more than $15 million to settle charges that its employees misled customers into overpaying for residential mortgage-backed securities (RMBSs). The charges say that Merrill Lynch traders and salespeople convinced customers to overpay for RMBSs by deceiving them about the price the firm paid to acquire the securities. Read more >
Fiduciary Responsibilities for DC Plan Loans
“Because the Department of Labor [DOL] views plan loans as investments, they should be treated with the same level of care and scrutiny as any other investment,” says Rob Reiskytl, a partner in retirement consulting division of Aon in Minneapolis. “Plan sponsors need to consider the structure of the loans, the cost of the loans and under what circumstances they should allow these loans to be available.” Read more >
Small Talk

ON THIS DATE: In 1775, the Continental Army was founded by the Second Continental Congress for purposes of common defense. This event is considered to be the birth of the United States Army. In 1777, the Continental Congress in Philadelphia adopted the “Stars and Stripes” as the national flag of the United States. In 1834, Isaac Fischer Jr. patented sandpaper. In 1846, a group of U.S. settlers in Sonoma proclaimed the Republic of California. In 1900, Hawaii became a U.S. territory. In 1943, the U.S. Supreme Court ruled that schoolchildren could not be made to salute the U.S. flag if doing so conflicted with their religious beliefs. In 1951, “Univac I” was unveiled. It was a computer designed for the U.S. Census Bureau and billed as the world’s first commercial computer. In 1952, the Nautilus was dedicated. It was the first nuclear powered submarine. In 1954, President Dwight D. Eisenhower signed an order adding the words “under God” to the Pledge of Allegiance. In 1989, former U.S. President Ronald Reagan received an honorary knighthood from Britain’s Queen Elizabeth II.

 

 

No SURVEY SAYS 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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