| Benefits & Administration | Analysis Needed for Faculty Reluctant to Retire | TIAA-CREF’s Faculty Career and Retirement Survey finds higher education institution tenured faculty age 50 or older can be divided into three groups—35% expect to retire by normal retirement age; 16% would prefer to retire by normal retirement age, but expect to work longer (they are “reluctantly reluctant”); and 49% would like to and expect to work past normal retirement age (they are “reluctant by choice”). Personal finances are a particular barrier for those reluctantly reluctant. Psychosocial factors are the issue with those reluctant by choice.Read more > | Best Practices for Reducing Fiduciary Liability Risk | When running a retirement plan, sponsors can follow certain best practices to reduce their risk of violating fiduciary duties. It starts with identifying plan fiduciaries, formally defining their roles in writing, and training them to properly perform their functions, says Barb Van Zomeren, vice president of the Employee Retirement Income Security Act (ERISA) and compliance at Ascensus in Brainerd, Minnesota. The sponsor should also establish a formal retirement committee to manage the plan and the investments, ensure the committee meets regularly, and document discussions at the meetings and all decisions made, she says.Read more > | | Ask the Experts | Why Form 5500 Fee Info Doesn’t Match Plan Expenses | “I am commencing the process of reviewing the 2014
Form 5500 for our calendar-year Employee Retirement Income Security Act (ERISA)
403(b) plan. I noticed that the fees listed in Schedule C are lower than what I
calculate plan expenses to be based on the service provider disclosures that
are delivered to us, as well as other documentation. Shouldn’t these figures
reconcile?”Read more > | | Products, Deals & People | ForUsAll has created a simple and inexpensive 401(k) product for small businesses with 3(16) and 3(38) fiduciary services.Read more > |
|
|
|
| Economic Events | Sales of new single-family houses in May
were at a seasonally adjusted annual rate of 546,000, according to estimates
released jointly by the U.S. Census Bureau and the Department of Housing and
Urban Development. This is 2.2% above the revised April rate of 534,000 and
19.5% above the May 2014 estimate of 457,000.
New orders for manufactured durable
goods in May decreased $4.1 billion or 1.8% to $228.9 billion, the U.S. Census
Bureau announced. This decrease, down three of the last four months, followed a
1.5% April decrease. Excluding transportation, new orders increased 0.5%.
Excluding defense, new orders decreased 2.1%. Transportation equipment, also
down three of the last four months, drove the decrease, down $4.9 billion or
6.4% to $71.7 billion.
| | Market Mirror | Tuesday, the
Dow closed 24.29 points (0.13%) higher at 18,144.07, the NASDAQ ticked up 6.12
points (0.12%) to 5,160.09, and the S&P 500 was up 1.34 points (0.06%) at
2,124.19. The Russell 2000 gained 3.38 points (0.26%) to finish at 1,295.77,
and the Wilshire 5000 increased 21.85 points (0.10%) to 22,495.10.
On the NYSE,
3.2 billion shares traded, with 1.4 advancing issues for every declining issue.
On the NASDAQ, 2.9 billion shares changed hands, with a 1.3 to 1 ratio of
advancers to decliners.
The price of
the 10-year Treasury note was down 10/32, bringing its yield up to 2.412%. The
price of the 30-year Treasury bond decreased 20/32, increasing its yield to
3.200%.
| | Compliance | IRS Publishes Information for Cycle E Restatements | The Internal Revenue Service (IRS) has released subject matter packages that Employee Plans Specialists use when reviewing retirement plan documents. Plan sponsors can also use these packages as a review tool before submitting a determination letter application to the IRS. Plans in Cycle E submit determination letter applications for their plans beginning February 1, 2015, through January 31, 2016. Each subject matter—such as minimum vesting standards, required plan distributions and Section 401(k) requirements—is packaged as a publication and two forms.Read more > | The Internal Revenue Service (IRS) has published a new voluntary correction program (VCP) Submission Kit for correcting contribution failures for money purchase pension plans (MPPs) and target benefit pension plans.Read more > | | From the Magazine | What Makes a Successful RFP Process? | What is commoditized in recordkeeping services these days, and how do you get the most out of your provider? It depends on how you approach the request for proposals (RFP) process, adviser Ellen Lander says. “We all get so glib and say [services are] a commodity, but I do see differences [between firms],” says Lander, a principal at Renaissance Benefit Advisors Group in Jamison, Pennsylvania.Read more > | | Small Talk | Indiana University Media School researcher and assistant professor Jessica Gall Myrick found even if people watch cat videos on the Internet to procrastinate or while they should be working, the emotional pay-off may actually help them take on tough tasks afterward. Gall Myrick surveyed nearly 7,000 people about their viewing of cat videos and how it affects their moods. Respondents revealed they were more energetic and felt more positive after watching cat-related online media than before.Read more > | ON
THIS DATE: In 1844,
Charles Goodyear was granted U.S. patent #3,633 for vulcanized rubber. In 1922, the American Professional
Football Association took the name of The National Football League. In 1964, the Federal Trade Commission
announced that starting in 1965, cigarette manufactures would be required to
include warnings on their packaging about the harmful effects of smoking. In 1966, the United States Senate passed
what would become the National Traffic and Motor Vehicle Safety Act, which
created the nation’s first mandatory federal safety standards for motor
vehicles. In 1997, U.S. Air Force
officials released a 231-page report dismissing long-standing claims of an
alien spacecraft crash almost 50 years earlier in Roswell, New Mexico. | WEDNESDAY
WISDOM: “A
man has cause for regret only when he sows and no one reaps.” —Charles
Goodyear, inventor | Share the good news with a friend! Pass the Dash along – and tell your
friends/associates they can sign up for their own copy.Read more > | News from PLANSPONSOR.com
Copyright © Asset International, Inc.,
2015.
All rights reserved. No reproduction without prior authorization.
|
|