Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 27th, 2019
Benefits & Administration
Study Finds Large Disparity in Women’s Retirement Readiness
Women have lower retirement savings and are saving less, and more women than men report planning to retire later because they’ll need to, T. Rowe Price found.Read more >
A Lack of Retirement Income Guidance Harms Participants
Defined contribution (DC) plan participants are unlikely to feel confidence about retiring when they receive no retirement income projections and no help defining discretionary versus required expenses.Read more >
Products, Deals and People
CEFEX Offers Due Diligence Reports on Advisers and Providers
For retirement plan sponsors, the CEFEX Independent Assessment Report offers a method to document the selection and monitoring of their service providers, thereby helping them fulfill their fiduciary obligations.Read more >
MOST READ ARTICLES
1
IRS Announces 2020 Contribution and Benefit Limits
2
IRS Proposes Update to Mortality Tables Used to Calculate RMDs
3
Employees Are Making Each Other Sick
4
Maximum Benefit and Contribution Limits Table 2020
5
Congressional Leaders Want SECURE Act Passage in 2019
Sponsored message from J.P. Morgan Asset Management
Three retirement spending surprises
J.P. Morgan’s research into real-life retirement spending patterns suggests it may be a good time to re-examine popular replacement income strategies.Read more >
Economic Events
New orders for manufactured durable goods in May decreased $3.3 billion or 1.3% to $243.4 billion, the U.S. Census Bureau announced. This decrease, down three of the last four months, followed a 2.8% April decrease. Excluding transportation, new orders increased 0.3%. Excluding defense, new orders decreased 0.6%. Transportation equipment, also down three of the last four months, drove the decrease, $3.9 billion or 4.6% to $80.0 billion.
Market Mirror

Wednesday, the Dow was down 11.40 points (0.04%) at 26,536.82, the NASDAQ closed 25.25 points (0.32%) higher at 7,909.97, and the S&P 500 decreased 3.60 points (0.12%) to 2,913.78. The Russell 5000 lost 3.26 points (0.21%) to finish at 1,517.78, and the Wilshire 5000 closed 34.87 points (0.12%) lower at 29,892.21.

 

The price of the 10-year Treasury note decreased 27/32, bringing its yield up to 2.048%. The price of the 30-year Treasury bond fell 1 1/32, increasing its yield to 2.572%.
Compliance
Engaging With Plan Auditors Can Improve Plan Operations and Governance
In testimony to the ERISA Advisory Council, James Haubrock, with the American Institute of Certified Public Accountants (AICPA), explained how using findings from retirement plan financial audits can help plan sponsors improve their processes and compliance.Read more >
PBGC Proposes Changes to Several Regulations
The proposed rulemaking would make technical corrections, clarifications, and improvements to its regulations on Reportable Events and Certain Other Notification Requirements, Annual Financial and Actuarial Information Reporting, Termination of Single-Employer Plans, and Premium Rates.Read more >
House Blocks Funding for SEC Regulation Best Interest
The House of Representatives passed the Financial Services and General Government Appropriations Act, which includes an amendment that would block funding for the Securities and Exchange Commission (SEC) to implement Regulation Best Interest (Reg BI). Both the Investment Company Institute (ICI) and the Insured Retirement Institute (IRI) issued statements denouncing the action.Read more >
Supreme Court Rules in Case With Major Implications for Retirement Plans
The case concerns the issue of how much courts should defer to agency (such as IRS or Department of Labor) interpretations of regulations.Read more >
Small Talk
ON THIS DATE: In 1847, New York and Boston were linked by telegraph wires. In 1924, Democrats offered Mrs. Leroy Springs for vice presidential nomination. She was the first woman considered for the job. In 1927, the U.S. Marines adopted the English bulldog as their mascot. In 1929, scientists at Bell Laboratories in New York revealed a system for transmitting television pictures. In 1944, during World War II, American forces completed their capture of the French port of Cherbourg from the German army. In 1950, two days after North Korea invaded South Korea, U.S. President Truman ordered the Air Force and Navy into the Korean conflict. The United Nations Security Council had asked for member nations to help South Korea repel an invasion from the North. In 1955, Illinois enacted the first automobile seat belt legislation. In 1967, the world’s first cash dispenser was installed at Barclays Bank in Enfield, England. The device was invented by John Sheppard-Barron. The machine operated on a voucher system and the maximum withdrawal was $28. In 1980, President Jimmy Carter signed legislation reviving draft registration. In 1984, the Federal Communications Commission moved to deregulate U.S. commercial TV by lifting most programming requirements and ending day-part restrictions on advertising. In 1985, Route 66 was officially removed from the United States Highway System. In 1991, Associate Justice Thurgood Marshall resigned from the U.S. Supreme Court.
SURVEY SAYS: By now, everyone in the retirement industry (hopefully) has heard about the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Among provisions of the SECURE Act are those that would allow unrelated plan sponsors to band together in pooled employer plans, otherwise known as “open” multiple employer plans (MEPs); change the age participants have to start taking required minimum distributions to 72; and provide a new safe harbor for plan sponsors to select a lifetime income provider in order to offer annuities within their retirement plan. This week, I’d like to know, do you think these provisions will improve the retirement income adequacy of Americans? You may respond to this survey by 6 p.m. Pacific time today.Read more >
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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