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| Employees Want Employer Help With Financial Issues | |
| More than half indicate they wish their employer offered more resources to help them prioritize their finances and wish their employer did more to educate them about saving for retirement.Read more > | |
| PLANSPONSOR Research | |
| The State of Recordkeeping | |
| Recordkeeping has always been a challenging business, as exemplified by the shrinking number of providers participating in our annual PLANSPONSOR Recordkeeping Survey. Brian O’Keefe, director of research and surveys at Strategic Insight, parent of PLANSPONSOR, says, “Recordkeeping is often described as a commodity, and that might be true for the pure administration of participant accounts, but the 55 providers responding to this year’s survey showcase a wide range of investment, technology and servicing options.”Read more > | |
| Sponsored message from Prudential | |
| UNLOCK THE POWER OF THE WELLNESS EFFECT FOR YOUR BUSINESS Discover Prudential’s unique POV and best practices for implementing financial wellness solutions.Read more > | |
| Products, Deals and People | |
| Voya Financial Inc. launched its Retirement Check-Up Report. This new resource allows an employer to measure the health of its retirement plan based on the digital enrollment and savings decisions participants make online and through their mobile devices.Read more > | |
| Advisory firm Cafaro Greenleaf launched its new reporting system, Fiduciary Fit. The system will allow retirement plan fiduciaries to have access to the complete documented process of their investment selection and monitoring, and also provide clients with fiduciary protection.Read more > | |
| Morningstar Inc. published a new study assessing plans from 10 of the largest HSA plan providers. It evaluated the plans through two different lenses: one, as an investment vehicle to save for future medical expenses and the second as a spending vehicle to cover medical costs today and found room for improvement.Read more > | |
| Economic Events | |
The Conference Board Consumer Confidence Index, which had decreased in May, increased moderately in June. The Index now stands at 118.9 (1985=100), up from 117.6 in May. The Present Situation Index increased from 140.6 to 146.3, while the Expectations Index declined from 102.3 last month to 100.6.
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| Market Mirror | |
Tuesday, the Dow closed 98.89 points (0.46%) lower at 21,310.66, the NASDAQ lost 100.53 points (1.61%) to finish at 6,146.62, and the S&P 500 decreased 19.69 points (0.81%) to 2,419.38. The Russell 2000 was down 13.11 points (0.93%) at 1,403.52, and the Wilshire 5000 fell 201.77 points (0.80%) to 25,165.85. The price of the 10-year Treasury note decreased 19/32, bringing its yield up to 2.205%. The price of the 30-year Treasury bond fell 1 6/32, increasing its yield to 2.755%. | |
| Compliance | |
| Washington University in St. Louis Faces Second 403(b) Lawsuit | |
| The strongly worded complaint says the plan fiduciaries “utterly abdicated their fiduciary duties to act prudently and loyally” by turning the plan over to TIAA and Vanguard Group.Read more > | |
| From the Magazine | |
| Retirement Security in a DC World | |
| On June 1, 2012, United Technologies Corp. (UTC), headquartered in Farmington, Connecticut, added a lifetime income strategy to its defined contribution (DC) plan. It was not just added, however, it was selected as the qualified default investment alternative (QDIA). Making this bold decision was a culmination of years of thoughtful plan design by the plan sponsor.Read more > | |
| Ask the Experts | |
| “Our 403(b) plan provides for a fairly large employer contribution, which causes some of our employees to be restricted by the 415 combined limit on employer and employee contributions. However, I noticed that the software that we use to calculate combined contributions includes the age-50 catch-up contribution and the 15-year catch-up contribution as part of the 415 limit. Is this correct?”Read more > | |
| Small Talk | |
ON THIS DATE: In 1776, American Colonists repulsed a British sea attack on Charleston, South Carolina. In 1869, R. W. Wood was appointed as the first Surgeon General of the U.S. Navy. In 1894, Congress made Labor Day a national holiday. In 1902, the U.S. Congress passed the Spooner bill, it authorized a canal to be built across the isthmus of Panama. In1919, the Treaty of Versailles was signed ending World War I exactly five years after it began. The treaty also established the League of Nations. In 1939, Pan American Airways began the first transatlantic passenger service. In 1938, Congress created the Federal Housing Administration (FHA) to insure construction loans. In 1950, North Korean forces captured Seoul, South Korea. In 1971, the U.S. Supreme Court overturned the draft evasion conviction of Muhammad Ali. In 1972, U.S. President Richard Nixon announced that no new draftees would be sent to Vietnam. In 1976, the first women entered the U.S. Air Force Academy. In 1996, The Citadel voted to admit women, ending a 153-year-old men-only policy at the South Carolina military school. In 1996, Charles M. Schulz got a star on the Hollywood Walk of Fame. In 1997, Mike Tyson was disqualified for biting Evander Holyfield’s ear after three rounds of their WBA heavyweight title fight in Las Vegas. In 2005, the final design for the “Freedom Tower” (One World Trade Center) was formally unveiled. In 2007, the American bald eagle was removed from the endangered species list.
WEDNESDAY WISDOM:“If you fell down yesterday, stand up today.”—H. G. Wells, English writer | |
| Share the 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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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