Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 25th, 2015
Benefits & Administration
Gen X Confident Retirement Savers
Generation X seems to have gotten the message about how important it is to save for retirement, and to start early, an Ameriprise Financial survey finds. Seventy-seven percent of Gen Xers believe they are saving enough to afford the kind of lifestyle they want in retirement. Nearly eight in ten (79%) are saving through a 401(k) retirement plan, and 69% are investing in an individual retirement account (IRA).Read more >
Products, Deals & People
Known for employee onboarding and human resources administration solutions, Paycor has launched a new “360-degree 401(k) service” designed to simplify plan management for retirement plan sponsors, brokers, advisers and third-party administrators.Read more >
To meet client demand in the New York City area, HANYS Benefit Services (HBS) expanded operations to a new location in Melville, New York. The firm provides advisory services, retirement plan offerings and other employee benefits products.Read more >
Sponsored message from PLANSPONSOR
PLANSPONSOR’s 2015 Recordkeeping Survey
Our 2015 Recordkeeping Survey profiles 66 providers seeking to capture sponsor attention with the right balance of value and service.Read more >
Market Mirror
Major U.S. stock indices closed lower as progress remained elusive in talks between Greece and its lenders, according to the Associated Press. The Dow fell 178.00 points (0,98%) to 17,966.07, the NASDAQ decreased 37.68 points (0.73%) to 5,122.41, and the S&P 500 was down 14.18 points (0.67%) at 2,110.02. The Russell 2000 lost 11.79 points (0.91%) to finish at 1,284.02, and the Wilshire 5000 closed 173.77 points (0.77%) lower at 22,324.82. On the NYSE, 3.2 billion shares traded, with a more than 2 to 1 lead for decliners. On the NASDAQ, nearly 2.9 billion shares changed hands, with 2.5 declining issues for every advancing issue. The price of the 10-year Treasury note was up 10/32, decreasing its yield to 2.375%. The price of the 30-year Treasury bond increased 25/32, bringing its yield down to 3.156%.
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2021 Target-Date Fund Survey
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TRIVIAL PURSUITS: Meaning and Origin of the Idiom “Watershed Moment?”
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2020 Recordkeeping Survey
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TRIVIAL PURSUITS: What do the M’s stand for in M&Ms?
Compliance
IRS Publishes NQDC Plan Audit Guide
The Internal Revenue Service (IRS) has published the Nonqualified Deferred Compensation Audit Techniques Guide (June 2015). Good for plan rules through its June 9 publication date, the guide serves as an alert for plan sponsors about what auditors will examine and as a reminder of nonqualified deferred compensation (NQDC) plan rules.Read more >
Group Questions EEOC’s Authority on Wellness Rule
In a comment letter to the Equal Employment Opportunity Commission (EEOC), the HR Policy Association asks the agency to clarify that employers can offer financial incentives up to 30% for family coverage and up to 50% for smoking cessation programs that screen for tobacco use, and to remove “subjective and ill-defined” requirements that the association says will discourage wellness program innovation and increase litigation. The association questions the EEOC’s statutory authority under the Americans with Disabilities Act (ADA) to change the criteria for when a wellness program is “reasonably designed to promote health or prevent disease.”Read more >
Senate Joins Effort to Defund Fiduciary Rule
A Senate appropriations subcommittee approved the FY2016 Labor, Health and Human Services, and Education and Related Agencies (Labor-HHS) Appropriations Bill. The committee said its recommendations include several provisions to restrain regulatory overreach by the administration, including the fiduciary rule at the Department of Labor.Read more >
From the Magazine
Automation Outcomes
Automation in the defined contribution (DC) plan design context was once considered a radical approach to improving on retirement plan participants’ decisionmaking—reserved for only the most paternalistic plan sponsors and providers. But now, automated investment solutions are reshaping DC plans.Read more >
Small Talk
ON THIS DATE: In 1788, Virginia ratified the U.S. Constitution and became the 10th state of the United States. In 1868, the U.S. Congress enacted legislation granting an eight-hour day to workers employed by the Federal government. In 1876, Native American forces led by Chiefs Crazy Horse and Sitting Bull defeated the U.S. Army troops of Lieutenant Colonel George Armstrong Custer in a bloody battle near southern Montana’s Little Bighorn River. In 1942, Major General Dwight D. Eisenhower took command of U.S. forces in Europe. In 1950, armed forces from communist North Korea entered into South Korea, setting off the Korean War. In 1962, the U.S. Supreme Court ruled that the use of unofficial non-denominational prayer in public schools was unconstitutional. In 1981, the U.S. Supreme Court decided that male-only draft registration was constitutional. In 1990, the U.S. Supreme Court upheld the right of an individual, whose wishes are clearly made, to refuse life-sustaining medical treatment. In 2009, Michael Jackson, one of the most commercially successful entertainers in history, died at the age of 50 at his home in Los Angeles, California.
SURVEY SAYS: Last week, Treasury Secretary Jacob J. Lew announced that a newly redesigned $10 note will feature a woman. The announcement said Lew will select a notable woman—with a focus on celebrating a champion for our inclusive democracy. This week, I’d like to know, which woman do you think should be chosen for the new $10 bill? You may respond to the survey by 6 p.m. Pacific time today.Read more >
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