Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 4th, 2019
Benefits & Administration
Consolidating Competition Keeps Recordkeepers on Their Toes
Fidelity’s head of workplace investing expects the recordkeeping business will grow ever more competitive over time, leading to additional consolidation and, he says, more unified services for plan participants. Read more >
Perceptions of Retirement Preparedness Vary With Age and Time
A study from the Federal Reserve finds people at different ages have a savings threshold for feeling they are on track for an adequate retirement, and for those in retirement, reported economic well-being varies substantially with the reason for retirement. Read more >
MOST READ ARTICLES
1
AT&T Sued Over Calculation of Early Retirement Benefits
2
Congressional Leaders Want SECURE Act Passage in 2019
3
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
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Economic Events

Construction spending during April was estimated at a seasonally adjusted annual rate of $1,298.5 billion, nearly the same as the revised March estimate of $1,299.2 billion, the Census Bureau reported. The April figure is 1.2% below the April 2018 estimate of $1,314.7 billion. During the first four months of this year, construction spending amounted to $386.1 billion, 0.2% above the $385.5 billion for the same period in 2018. Spending on private construction was at a seasonally adjusted annual rate of $954.0 billion, 1.7% below the revised March estimate of $970.4 billion. In April, the estimated seasonally adjusted annual rate of public construction spending was $344.6 billion, 4.8% above the revised March estimate of $328.7 billion.

Market Mirror

Yesterday, the Dow eked out a 4.74 points (0.02%) gain to finish at 24,819.78, the NASDAQ fell 120.13 points (1.61%) to 7,333.02, and the S&P 500 decreased 7.61 points (0.28%) to 2,744.45. The Russell 2000 increased 4.50 points (0.31%) to 1,469.98, and the Wilshire 5000 lost 110.77 points (0.39%) to finish at 28,258.62.

 

The price of the 10-year Treasury note was up 5/32, decreasing its yield to 2.075%. The price of the 30-year Treasury bond increased 29/32, bringing its yield down to 2.536%.

Compliance
Archdiocese of San Juan Asks Supreme Court to Weigh In on Pension Plan Judgement
The Archdiocese says since it was ordered to pay $4.7 million to teachers whose pension plan was terminated, officials have seized assets from all Catholic entities in Puerto Rico, including those not covered by the plan. Read more >
EEOC Sues Dental Practice for Age Bias
The agency has been cracking down on age bias, as age discrimination can thwart employees’ plans to work longer and could affect retirement plan drawdown strategies. Read more >
Investing
Alternative Assets Can Help With Derisking DB Plans
A Cerulli Associates report explains how different alternative investments can help a derisking defined benefit (DB) plan with liability hedging as well as risk-seeking. Read more >
Small Talk

ON THIS DATE: In 1784, Marie Thible became the first woman to fly in a hot-air balloon. The flight was 45 minutes long and reached a height of 8,500 feet. In 1812, the Louisiana Territory had its name changed to the Missouri Territory. In 1896, Henry Ford made a successful test drive of his new car in Detroit. He called the vehicle a “Quadricycle.” In 1919, the Senate passed the Women’s Suffrage bill. In 1942, the Battle of Midway began. It was the first major victory for America over Japan during World War II. In 1944, during World War II, the U.S. Fifth Army entered Rome, which began the liberation of the Italian capital. In 1974, Sally Murphy became the first woman to qualify as an aviator with the U.S. Army. In 1985, the U.S. Supreme Court upheld a lower court ruling striking down an Alabama law that provided for a daily minute of silence in public schools. In 1989, in Beijing, Chinese army troops stormed Tiananmen Square to crush the pro-democracy movement. It is believed that hundreds, possibly thousands, of demonstrators were killed. In 1998, George and Ira Gershwin received a star on the Hollywood Walk of Fame.

TRIVIAL PURSUITS: What is the origin of the phrase “cold turkey?” Read more >
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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