| Pension Risk Transfers Moved Down Market in 2015 | Group annuity pension risk transfer sales increased a very solid 54% in 2015, totaling $14.4 billion, according to LIMRA Secure Retirement Institute’s U.S. Quarterly Group Annuity Risk Transfer Survey. “In prior years, significant market growth was a result of one or two jumbo-deals, like the deal between Prudential and General Motors in 2012,” says Michael Ericson, LIMRA Secure Retirement Institute analyst. “This year we saw broad growth across the industry and many of the sales came from smaller plans. Companies reported selling more than 300 separate contracts under $100 million.”Read more > | Ill. Considering Private-Sector Tactics to Cut Pension Liability | Two bills in Illinois propose allowing workers at retirement to take pension benefits as a lump-sum cash payment and give up guaranteed pension payments for life. However, a retiree would not have to take the entire amount as a lump sum, but could take a certain amount as a lump sum and leave some in the retirement system to continue getting a monthly payment from the state, albeit at a reduced level. State Representative Elaine Nekritz said she believes the buyout plans would be found constitutional.Read more > | Several Factors Affect Costs for DB Plans | Employer costs for defined benefit (DB) plans differ by industry, occupation, establishment size and region, according to data from the Bureau of Labor Statistics. The Bureau looked into why costs are greater for some plans than others.Read more > | | Market Mirror | Yesterday, the Dow fell 123.47 points (0.74%) to 16,516.50, the NASDAQ closed 32.52 points (0.71%) lower at 4,557.95, and the S&P 500 decreased 12.36 points (0.63%) to 1,935.69. The Russell 2000 was down 3.29 points (0.32%) at 1,033.89, and the Wilshire 5000 lost 142.64 points (0.72%) to finish at 19,749.65.
On the NYSE, 3.1 billion shares traded, with a slight lead for advancers. On the NASDAQ, 2.7 billion shares changed hands, with a slight lead for declining issues.
The price of the 10-year Treasury note was up 8/32, decreasing its yield to 1.738%. The price of the 30-year Treasury bond increased 15/32, bringing its yield down to 2.614%. | | Compliance | Will Plan Sponsors Feel Effect of SCOTUS Vacancy? | An Employee Retirement Income Security Act (ERISA) attorney feels the Supreme Court vacancy will not be filled before the end of President Obama’s term, but also says it shouldn’t have a big effect on retirement plan sponsors.Read more > | | Small Talk | ON THIS DATE: In 1692, in Salem Village, in the Massachusetts Bay Colony, the Salem witch trials began. Four women were the first to be charged. In 1781, in America, the Continental Congress adopted the Articles of Confederation. In 1790, the U.S. Congress authorized the first U.S. census. In 1803, Ohio became the 17th U.S. state. In 1845, U.S. President John Tyler signed the congressional resolution to annex the Republic of Texas. In 1867, Nebraska became the 37th U.S. state. In 1869, postage stamps with scenes were issued for the first time. In 1872, the U.S. Congress authorized the creation of Yellowstone National Park. In 1873, E. Remington and Sons of Ilion, New York, began the manufacturing the first practical typewriter. In 1932, the 22-month-old son of Charles and Anne Lindbergh was kidnapped. In 1937, U.S. Steel raised workers’ wages to $5 a day. In 1937, in Connecticut, the first permanent automobile license plates were issued. In 1941, FM radio began in Nashville, Tennessee, when station W47NV began operations. In 1954, the United States announced that it had conducted a hydrogen bomb test on the Bikini Atoll in the Pacific Ocean. In 1961, the Peace Corps was established by U.S. President John Kennedy. In 1995, Yahoo! was incorporated. In 2003, Khalid Shaikh Mohammed was captured by CIA and Pakistani agents near Islamabad. He was the suspected mastermind behind the terrorist attacks on the United States on September 11, 2001.
NOTE: Yesterday’s ON THIS DATE said in 1860, the first electric tabulating machine was invented by Herman Hollerith. In fact, that was actually the birth date for the inventor. | TRIVIAL PURSUITS: What were the first scenes depicted on U.S. postage stamps?Read more > | Share the good 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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