| Employees Want DC Plans and Want to Be Auto Enrolled | Automatic enrollment is not being embraced by a majority of employers. Only 41% of large companies (those with 500 employees or more) offer automatic enrollment, compared with just 28% of small companies (100 through 499 employees) and 18% of micro companies (10 through 99 employees). However, 71% of employees would like to be auto-enrolled into their plan. A new report from the Transamerica Center for Retirement Studies reviews the retirement plan landscape.Read more > | | Products, Deals and People | Fidelity Launches Financial Wellness Help Tool | Fidelity launched an interactive money checkup that analyzes the diverse needs of individuals and provides guidance so they can easily take action. The money checkup guides people through a series of questions—from their age and salary to their savings and debt. It asks about their financial goals and then highlights the areas where they need help.Read more > | | Economic Events | The Producer Price Index for final demand increased 0.4% in May, according to the Bureau of Labor Statistics. Final demand prices rose 0.2% in April and declined 0.1% in March. In May, prices for final demand goods advanced 0.7%. The index for final demand services moved up 0.2%. | | Market Mirror | Yesterday, the Dow lost 34.65 points (0.20%) to finish at 17,640.17, the NASDAQ decreased 8.62 points (0.18%) to 4,834.93, and the S&P 500 was down 3.82 points (0.18%) at 2,071.50. The Russell 2000 decreased by 1.48 (0.13) to 1,149.30, and the Wilshire 5000 closed 11.84 points (0.06%) lower at 21,445.94.
On the NYSE, 3.1 billion shares changed hands, with 3 advancing issues for every 2 declining issues. On the NASDAQ, 2.7 billion shares traded, with a slight lead for advancers.
The price of the 10-year Treasury note and 30-year Treasury bond each increased 3/32, bringing their yields down to 1.565% and 2.402%, respectively. | | Compliance | Noting that it has been 10 years since the passage of the Pension Protection Act (PPA), State Street Global Advisors (SSGA) last week held meetings with key members of the Senate Finance and Health, Education, Labor & Pensions committees to discuss drafting a new bill to make retirement plans mandatory among all private sector businesses with 100 or more employees.Read more > | PSNC 2016: Washington Insights | The 2016 PLANSPONSOR National Conference discussion of legislative, regulatory and judicial developments in the retirement plan industry was strongly focused on litigation. Which makes sense, as David Levine, principal with Groom Law Group, Chartered, explained that Washington and the courts are intertwined. “Laws are passed, then plaintiffs’ lawyers search for issues,” he said. “Laws create avenues for compliance, enforcement and litigation.” And there is more Employee Retirement Income Security Act (ERISA) litigation than there’s ever been, added Jamie Fleckner, a partner with Goodwin Proctor LLP. Levine, Fleckner and Lisa Barton, a partner at Morgan, Lewis & Brockius LLP, discussed the types of litigation ongoing and what plan sponsors should keep in mind.Read more > | PSNC 2016: Fiduciary Rule Fundamentals | The final Department of Labor Fiduciary rule is out, so what do plan sponsors need to know? And, what can they do right now to prepare? Speaking at the 2016 PLANSPONSOR National Conference, Steven Wilkes, of counsel, the Wagner Law Group, discussed the rule’s implications for plan sponsors.Read more > | | Small Talk | ON THIS DATE: In 1858, in a speech in Springfield, Illinois, U.S. Senate candidate Abraham Lincoln said the slavery issue had to be resolved. He declared, “A house divided against itself cannot stand.” In 1884, at Coney Island, in Brooklyn, New York, the first roller coaster in America opened. In 1897, the U.S. government signed a treaty of annexation with Hawaii. In 1903, Ford Motor Company was incorporated. In 1941, U.S. President Franklin D. Roosevelt ordered the closure of all German consulates in the United States. In 1952, “Anne Frank: Diary of a Young Girl” was published in the United States. In 1981, the “Chicago Tribune” purchased the Chicago Cubs baseball team from the P.K. Wrigley Chewing Gum Company for $20.5 million. In 1993, the U.S. Postal Service released a set of seven stamps that featured Bill Haley, Buddy Holly, Clyde McPhatter, Otis Redding, Ritchie Valens, Dinah Washington and Elvis Presley. In 2008, California began issuing marriage licenses to same-gender couples.
SURVEY SAYS: Sorry, not this week. | Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
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