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| Survey of Lifetime Income Options 401(k) Plan Sponsors Offer Participants: An increasing American lifespan in an era when the predominant workplace retirement plan no longer guarantees lifetime income calls into question how well 401(k) plans work for the oldest Americans. The GAO is asking plan sponsors to participant in a survey that examines the mechanisms in 401(k) plans that can provide some financial stability to participants until the end of their lives. It asks about the advantages and disadvantages of these options, education about them, and barriers that might limit their adoption.Read more > | |
| Economic Events | |
| THE ECONOMIC WEEK AHEAD: Tomorrow, the Conference Board will release its Consumer Confidence Index for June. Wednesday, the Census Bureau will report about construction spending for May. Thursday, the Labor Department will release its initial claims report, the Bureau of Labor Statistics will reveal the unemployment rate for June and the Census Bureau will report about factory orders for May. | |
| Market Mirror | |
Friday, the Dow closed 56.66 points (0.32%) higher at 17,947.02, the NASDAQ closed 31.68 points (0.62%) lower at 5,080.51, and the S&P 500 was virtually unchanged at 2,101.88. The Russell 2000 was down 3.39 points (0.26%) at 1,279.89, and the Wilshire 5000 slipped 12.76 points (0.06%) to 22,245.42. On the NYSE, 3.2 billion shares traded, with 1.3 declining issues for every advancing issue. On the NASDAQ, 2.9 billion shares changed hands, with a 1.5 to 1 ratio of decliners to advancers. The price of the 10-year Treasury note decreased 17/32, bringing its yield up to 2.474%. The price of the 30-year Treasury bond fell 1 5/32, increasing its yield to 3.240%. WEEK’S WORTH: For the week ending June 26, the Dow decreased 0.38%, the NASDAQ fell 0.71%, and the S&P 500 finished 0.38% lower. The Russell 2000 was down 0.37%, and the Wilshire 5000 lost 0.46%. | |
| Compliance | |
| High Court Marriage Decision Will Affect Health Benefits | |
| The U.S. Supreme Court has ruled that under the Fourteenth Amendment, states cannot deny same-gender couples the right to marry, and it is illegal for states to not recognize same-gender marriages performed in another state. “I think today’s decision will have little impact on retirement plan administration,” Kerry Eason, a director in consulting firm PwC’s Chicago office, tells PLANSPONSOR. However, for employer-sponsored health plans, it is a little different.Read more > | |
| From the Magazine | |
| Money Market Reform Will Likely Alter Plan Investment | |
| Money market fund reform which take effect in October 2016, will oblige retirement plan sponsors to review the relevant funds in their lineups and possibly replace them, experts say. The new rules—mainly amendments to existing Securities and Exchange Commission (SEC) governance of money market mutual funds—will affect nearly two-thirds of plans, as 63.5% offer at least one such fund in their investment portfolio, according to the 2014 PLANSPONSOR Defined Contribution (DC) Survey.Read more > | |
| AI’s Research Library | |
| Published every June, the PLANSPONSOR Recordkeeping Survey is now available in print for $95. The survey consists of 16 pages of comparative client profiles, market share and product data for 66 providers of defined contribution recordkeeping services.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1888, Professor Frederick Treves performed the first appendectomy in England. In 1967, blonde bombshell actress Jayne Mansfield was killed when the car in which she was riding struck the rear of a trailer truck on Interstate-90 east of New Orleans, Louisiana. In 1972, in Furman v. Georgia, the U.S. Supreme Court ruled by a vote of 5-4 that capital punishment, as it was then employed on the state and federal level, was unconstitutional. In 2003, Katharine Hepburn—a four-time Academy Award winner for Best Actress and one of the greatest screen legends of Hollywood’s golden era—died of natural causes at the age of 96, at her home in Old Saybrook, Connecticut. | |
| Last week, I asked NewsDash readers which woman they think should be chosen for the new $10 bill. The clear winner was Eleanor Roosevelt, selected by 28.1% of responding readers. The Statue of Liberty took second place, with 14% of respondent votes. Nineteen percent of responding readers submitted their own suggestions for which woman should be on the $10 bill—some serious (Jeannette Rankin), and some, I’m hoping, intended to be funny (Phyllis Diller). In verbatim comments, a large number of readers felt Andrew Jackson should be replaced on the $20, but Alexander Hamilton should not be replaced. Some didn’t like the idea of putting a woman on a bill at all, though there were more who said things like “It’s about time!” Editor’s Choice goes to the reader who said: “Really does it matter? Women, men, just so it is someone who had a positive connection and leadership in United States.” Thanks to everyone who participated in the survey!Read more > | |
| 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 > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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