| | Benefit Briefs | | Approach Genders Differently in Wellness Initiatives | | A survey shows marked differences in the
perspectives, behaviors and attitudes male and female employees display towards
their health and well-being. Female employees are more concerned about their
health and place a higher priority on staying healthy than their male
counterparts; however, they are also more likely to view personal stress,
affordability and lack of employer support as obstacles to improving their
personal health, according to a survey from Aon Hewitt, the National Business
Group on Health and The Futures Company. | | | Buyer's Market | | Morningstar Acquires HelloWallet | | Investment research firm Morningstar, Inc. has
entered into an agreement to acquire online financial wellness provider
HelloWallet Holding, Inc. Brock Johnson, head of retirement solutions for
Morningstar based in Chicago, tells PLANSPONSOR he believes the two firms are a
“natural strategic fit” with HelloWallet assisting with savings strategies and
Morningstar then complementing those strategies with investment advice. Aside
from Morningstar’s managed account offerings, Johnson believes the acquisition
will provide “ a broader solution set” that answers the demand by the market
for a more holistic approach to saving and investing, offering more
comprehensive services to participants. | | A More Complete Picture of DB Plan Liabilities | | Measures of defined benefit (DB) plan
liabilities currently used by plan sponsors do not tell the whole story,
contends a paper from Russell Investments. Plan sponsors typically focus on the
projected benefit obligation (PBO) liability metric, says Marcus Muetze, senior
consultant at Russell Investments. He tells PLANSPONSOR the PBO, which appears
on the corporate balance sheet, is used in calculating pension expense, so it’s
a very important metric. Plan sponsors also calculate liabilities used to
determine minimum required contributions or Pension Benefit Guaranty
Corporation (PBGC) variable rate premiums, but in the paper “Introducing TFBO,”
Muetze says these metrics do not tell plan sponsors the whole story about their
plan’s long-term economics. | | | Economic Events | | THE ECONOMIC WEEK AHEAD: Today, the Census Bureau will report about
construction spending and factory orders for April. Thursday, the Labor
Department will issue its initial claims report, and Friday, the Bureau of
Labor Statistics will report about nonfarm payrolls and we’ll learn the
unemployment rate for May. | | | Market Mirror | | Friday, the Dow inched up 18.43 points
(0.11%) to 16,717.17, the NASDAQ slipped 5.33 points (0.13%) to 4,242.62, and
the S&P 500 increased 3.54 points (0.18%) to 1,923.57. The Russell 2000
fell 5.57 points (0.49%) to 1,134.50, and the Wilshire 5000 closed 15.36 points
(0.08%) higher at 20,348.35.
On the NYSE, 3.2 billion shares traded,
with a slight lead for advancers. On the NASDAQ, 2.7 billion shares changed hands,
with nearly 1.7 declining issues for every advancing issue.
The price of the 10-year Treasury note
decreased 3/32, increasing its yield to 2.477%. The price of the 30-year
Treasury bond was down 1/32, bringing its yield up to 3.327%.
WEEK’S
WORTH: For the week ending May 30, the Dow was up
0.67%, the NASDAQ climbed 1.36%, and the S&P 500 gained 1.21%. The Russell
2000 increased 0.74%, and the Wilshire 5000 closed 1.12% higher.
| | | Rules & Regulators | | The Pension Benefit Guaranty Corporation (PBGC)
issued final regulations relaxing some reporting for multiemployer pension
plans. The regulations reduce the number of actuarial valuations required for
certain small terminated but not insolvent plans, shorten the advance notice
filing requirements for mergers in situations that do not involve a compliance
determination, and remove certain insolvency notice and update requirements. | | How to Avoid Errors in QDROs | | There are certain qualified domestic relations
order (QDRO) errors plan sponsors and recordkeepers need to keep an eye out
for, Bob
Toth, an attorney based in Fort Wayne, Indiana, tells PLANSPONSOR. “These
mistakes are avoided by providing a draft to the plan administrator or
providing to the attorney either a template or a checklist they would use in
drafting the order, if the attorney contacts them first,” he says. | | A federal district court has ordered an Oregon
realtor to repay more than $400,000 to the participants of its profit-sharing
plan. Pursuant to a consent judgment entered into by the Department of Labor
(DOL), the Portland-based Georgetown Realty Inc., the company’s owner, John
Mahaffy, and the Georgetown Realty Inc. Profit Sharing Plan and Trust, will pay
$420,127 to the plan for losses due to imprudent real estate investments
directed by Mahaffy. | | | The World at Large | | The average retired household in the UK is
paying around 30% of its annual income in a combination of direct and indirect
taxes, according to analysis of government data by Prudential. | | | Small Talk | | ON THIS DATE: In 1865,
in an event that is generally regarded as marking the end of the Civil War,
Confederate General Edmund Kirby Smith, commander of Confederate forces west of
the Mississippi, signed the surrender terms offered by Union negotiators. With
Smith’s surrender, the last Confederate army ceased to exist. In 1886, in an intimate ceremony held in
the Blue Room of the White House, President Grover Cleveland married Frances
Folsom, the daughter of Cleveland’s late law partner and friend, Oscar Folsom.
Fewer than 40 people were present to witness the 49-year-old president exchange
vows with Frances, who at 21 years of age became the youngest first lady in
U.S. history. In 1924, with
Congress’ passage of the Indian Citizenship Act, the government of the United
States conferred citizenship on all Native Americans born within the
territorial limits of the country. In 1935,
Babe Ruth, one of the greatest players in the history of baseball, ended his
Major League playing career after 22 seasons, 10 World Series and 714 home
runs. In 1962, Ray Charles’ “I
Can’t Stop Loving You” topped the U.S. pop charts. | | SURVEY SAYS: Summer Reading List 2014 | | Last week, NewsDash readers responded to our annual
summer reading list survey. In addition to asking readers what they will read
this summer, I asked them where they like to read. Half of responding NewsDash
readers chose “anywhere I can.” Nearly one-quarter (23.7%) said they like to
read on the beach or by the pool; 47.4% on the porch, patio or deck at home or
on vacation; 31.6% indoors, where there’s air conditioning and no bugs. As for
the reading list, there weren’t as many duplicates as in lists past; duplicates
included the Divergent series, the Game of Thrones Series, and Whiskey Beach by
Nora Roberts. Some readers listed authors—i.e. David Baldacci, James
Rollins—rather than book titles. In verbatim comments, readers expanded on
where they like to read—“Nothing better than sitting on the deck at twilight
with a glass of wine and a good book,” and “My all-time favorite place to read
is in a deck chair on a cruise ship!” for example. One reader lamented that summer
is just as busy so doesn’t offer any more time to read than any other season,
while another is considering what to read after getting rid of cable TV— “We’re
pulling the plug on the cable this summer so maybe I’ll start with ‘War and
Peace’ or ‘How to Win Friends’ for it could be the strangest of times.” Editor’s Choice goes to the Dr. Seuss
among commenters who said: “I like to read on a plane, on a train, in the sun
just for fun, while I’m bathing, not while shaving, while I’m waiting, not
while skating, sometimes in bed, while being fed. So many places yet to try, my
oh my oh my oh my!” Thank you to everyone who participated in the survey! | | Share the good news with a friend! Pass the Dash along – and tell your
friends/associates they can sign up for their own copy. | | News from PLANSPONSOR.com
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