| | Despite worries about their funding statuses, 66% of multiemployer plans are in the green zone, according to Segal Consulting. They have an average funding of 87%, just slightly down from 88% last year. “These results are particularly notable, given the investment performance last year yielded just 0.1% median return,” says Diane Gleave, senior vice president at Segal.Read more > | | | PLANSPONSOR Research | | PLANSPONSOR’s 2016 Recordkeeping Survey | | PLANSPONSOR’s 18th annual Recordkeeping Survey questionnaire was distributed to known providers of full-service and unbundled recordkeeping for both qualified and nonqualified defined contribution (DC) plans. A total of 60 responses were received prior to the survey deadline in May.Read more > | | | Sponsored message from Empower Retirement | Empower Retirement’s Lifetime Income Score Report
The sixth annual Lifetime Income ScoreSM report includes survey results from more than 4,000 American workers. Based on individual responses, it estimates the percentage of working income that American households are on track to replace in retirement.Read more > | | | Products, Deals and People | | Alliance Benefit Group Financial Services, Corp. (ABGFS) has partnered with Liazon to offer its clients Liazon’s Bright Choices Exchange. Bright Choices is an online benefits store that helps employers save money on their health care costs by setting predictable budgets, while also allowing employees to personalize their benefits package with a selection of health, dental, vision, life, disability, and other benefits.Read more > | | | Economic Events | | Existing-home sales sprang ahead in May to their highest pace in almost a decade, while the uptick in demand this spring amidst lagging supply levels pushed the median sales price to an all-time high, according to the National Association of Realtors. All major regions except for the Midwest saw strong sales increases last month. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 1.8% to a seasonally adjusted annual rate of 5.53 million in May from a downwardly revised 5.43 million in April. With last month’s gain, sales are now up 4.5% from May 2015 (5.29 million) and are at their highest annual pace since February 2007 (5.79 million). | | | Market Mirror | Wednesday, the Dow fell 48.90 points (0.27%) to 17,780.83, the NASDAQ closed 10.44 points (0.22%) lower at 4,833.32, and the S&P 500 was down 3.45 points (0.17%) at 2,085.45. The Russell 2000 decreased 4.90 points (0.42%) to 1,148.97, and the Wilshire 5000 lost 41.35 points (0.19%) to finish at 21,574.95.
On the NYSE, 3.2 billion shares traded, with 1.4 declining issues for every advancing issue. On the NASDAQ, 2.6 billion shares changed hands, with a 3 to 2 ratio of decliners to advancers.
The price of the 10-year Treasury note was up 7/32, decreasing its yield to 1.684%. The price of the 30-year Treasury bond increased 10/32, bringing its yield down to 2.501%. | | | Compliance | | Senators Want to Help Participants Find Old DC Accounts | | The Retirement Savings Lost and Found Act aims at simplifying the process of first locating and then consolidating abandoned DC plan accounts.Read more > | | Lawmakers Hear Wide Support for Open MEPs | | Witnesses speaking during a Senate subcommittee hearing expressed the benefits of allowing open multiple employer plans for small businesses and discussed what legislation about them should include.Read more > | | | Investing | | May was another light month of trading activity by 401(k) investors, according to the Aon Hewitt 401(k) Index. Asset classes with the most inflows were Bond funds ($121 million), GIC/Stable Value funds ($89 million), and Money Market funds ($34 billion). The most trading outflows were posted to Large U.S. Equity funds ($152 million), Mid U.S. Equity funds ($34 million), and Company Stock funds ($24 million).Read more > | | | Small Talk | | ON THIS DATE: In 1836, the U.S. Congress approved the Deposit Act, which contained a provision for turning over surplus federal revenue to the states. In 1865, Confederate General Stand Watie, who was also a Cherokee chief, surrendered the last sizable Confederate army at Fort Towson, in the Oklahoma Territory. In 1868, Christopher Latham Sholes received a patent for an invention that he called a “Type-Writer.” In 1938, Marineland opened near St. Augustine, Florida. In 1947, the U.S. Senate joined the House in overriding President Truman’s veto of the Taft-Hartley Act. In 2003, Apple Computer Inc. unveiled the new Power Mac desktop computer. In 2004, the U.S. proposed that North Korea agree to a series of nuclear disarmament measures over a three-month period in exchange for economic benefits. In 2005, Roger Ebert received a star on the Hollywood Walk of Fame. | | SURVEY SAYS: During a dinner at the PLANSPONSOR National Conference celebrating the 2016 Best in Class 401(k) Plan designees, conversations turned to the career paths that led folks into the retirement industry. For example, one guy started out as a chemical engineer and moved around until becoming chief finance officer. My first job out of graduate school was as a math instructor at a university in Virginia. This week, I’d like to know, did you start your career in the retirement industry? If your path was unusual or unexpected, we’d love to hear your story. You may respond to this week’s survey by 6 p.m. Pacific time today.Read more > | | 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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