Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 3rd, 2019
Benefits & Administration
Employees Need to Plan for Greater Health Costs in Retirement
The Employee Benefit Research Institute (EBRI) says that due to the financial condition of the Medicare program and cutbacks to employment-based retiree health programs, in the future, individuals are going to have to pay a greater share of their health care costs in retirement. Read more >
Jump in Hardship Withdrawals Tied to Bipartisan Budget Act
The law changed the rules for 401(k) loans and hardship withdrawals, making it easier to draw money directly as a hardship without first getting involved in the loan process. Read more >
MOST READ ARTICLES
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AT&T Sued Over Calculation of Early Retirement Benefits
2
Congressional Leaders Want SECURE Act Passage in 2019
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New Lawsuit Highlights Importance of Cybersecurity for Retirement Plans
4
IRS Releases 2019-2020 Priority Guidance Plan
5
DC Plans 3.0 Will Really be Tailored to Individual Situations
Sponsored message from PIMCO
Rationality and Retirement: Mutually Exclusive?
Cognitive biases may lead to suboptimal judgments. Behavioral science-based nudges may help. Read more >
Products, Deals and People
Transamerica Brings In Directors of Client Engagement and Retirement Strategy
Chris Messina will focus on working with client executives to create best strategies and practices for Transamerica’s plan sponsor clients, and Wendy Daniels will focus on executing the company’s strategy to acquire retirement plan business with an emphasis on health care and higher education retirement plans. Read more >
Economic Events

THE ECONOMIC WEEK AHEAD: Today, the Census Bureau will report about construction spending in April. Tomorrow, the Census Bureau will report about factory orders in April. Thursday, the Labor Department will issue its initial claims report. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for May, and the Census Bureau will report about wholesale traded for April.

Market Mirror

Friday, the Dow lost 354.84 points (1.41%) to finish at 24,815.04, the NASDAQ closed 114.57 points (1.51%) lower at 7,453.15, and the S&P 500 decreased 36.80 points (1.32%) to 2,752.06. The Russell 2000 was down 20.04 points (1.35%) at 1,465.49, and the Wilshire 5000 fell 378.87 points (1.32%) to 28,369.44.

 

The price of the 10-year Treasury bond increased 30/32, bringing its yield down to 2.129%. The price of the 30-year Treasury bond climbed 1 27/32, decreasing its yield to 2.573%.

 

WEEK’S WORTH: For the week ending May 31, the Dow lost 3.01%, the NASDAQ was down 2.41%, and the S&P 500 decreased 2.62%. The Russell 2000 fell 3.21%, and the Wilshire 5000 finished 2.67% lower.

Compliance
403(b) Participants Denied Second Attempt to Sue Georgetown University
A federal court judge found that participants in two retirement plans sponsored by Georgetown University filed their motion for leave to file an amended complaint two days too late under Federal Rules of Civil Procedure, and provided no evidence to support extending the timeframe. Read more >
Small Talk

ON THIS DATE: In 1621, the Dutch West India Company received a charter for New Netherlands (now known as New York). In 1784, Congress formally created the United States Army to replace the disbanded Continental Army. In 1800, John Adams moved to Washington, D.C. He was the first President to live in what later became the capital of the United States. In 1959, the first class graduated from the Air Force Academy in Denver, Colorado. In 1965, Edward White became the first American astronaut to do a “space walk” when he left the Gemini 4 capsule. In 1989, Chinese army troops positioned themselves to begin a sweep of Beijing to crush student-led pro-democracy demonstrations in Tiananmen Square.

SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Do you spend more time reading during the summer than other times of the year?” I also asked them to share what’s on their reading list for the summer of 2019. Responding readers were evenly split between those who do spend more time reading in the summer and those who don’t. Asked what’s on their reading list for this summer, readers shared titles, authors or genres. “Becoming” by Michelle Obama and “Game of Thrones” were common answers by several readers. In verbatim comments left by readers, the split between those who read more in the summer and those who don’t was clearly seen. One reader talked about an app to use to track how much one reads. Another said last year, he or she picked out some books from the NewsDash survey list and said, “I must say that I was not disappointed! I am looking forward to new suggestions for this year.” Editor’s Choice goes to the reader who said: “Can’t wait to see others’ lists! Thanks for doing this again.” A big thank you to all who participated in the survey! Read more >
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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