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| Vanguard Rolling Out Plan Sponsor Workstation | |
| Vanguard has announced a new tool, My Plan Manager, designed to make retirement plan sponsors’ plan data more accessible and actionable so they can help participants reach retirement goals. The first capabilities will include a deepened set of employee information, as well as a list builder and expanded reporting functions that let plan sponsors easily target employee segments based on selected criteria. Kathy Himsworth, a principal in recordkeeping services at Vanguard Institutional Investor Group in Valley Forge, Pennsylvania, explains to PLANSPONSOR that the platform will make all information about a client’s plans and participants available at their fingertips. With the list builder they can set parameters to get information about a subset of participants, she adds.Read more > | |
| Sponsored message from Wells Fargo | |
| Build a stronger plan lineup Order Three Pillars to Plan Construction today.Read more > | |
| Market Mirror | |
Major U.S. stock indices ended higher Wednesday after the Federal Open Market Committee said it will not raise interest rates until it sees job market improvement and higher inflation. The Dow climbed 227.11 points (1.27%) to 18,076.19, the NASDAQ increased 45.39 points (0.92%) to 4,982.83, and the S&P 500 closed 23.85 points (1.15%) higher at 2,098.13. The Russell 2000 was up 9.90 points (0.80%) at 1,252.13, and the Wilshire 5000 gained 252.67 points (1.15%) to finish at 22,216.60. On the NYSE, 3.2 billion shares traded, with a more than 4 to 1 lead for advancers. On the NASDAQ, 2.8 billion shares changed hands, with 1.6 advancing issues for every declining issue. The price of the 10-year Treasury note increased 1 7/32, bringing its yield down to 1.917%. The price of the 30-year Treasury bond climbed 2 2/32, decreasing its yield to 2.504%. | |
| Compliance | |
| DOL Adds Flexibility to Investment Disclosure Rules | |
| The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced a direct final rule that provides a two-month grace period for participant-directed individual account plans, such as 401(k)s, to provide annual investment and plan-related information to participants. According to EBSA, the rule changes the requirement that annual disclosures be made at least once in any 12-month period to at least once in any 14-month period.Read more > | |
| DOL Alleges Company ESOP Creation Was Flawed | |
| Accurate company valuations are critical when it comes to establishing an employee stock ownership plan (ESOP), the Department of Labor (DOL) says in an enforcement action announcement. The DOL contends that, when establishing an ESOP, a company’s owner sought to inflate the company’s stock price to benefit himself. The department filed a lawsuit in federal court against Dr. Roy Geronemus, owner of the Manhattan-based Laser and Skin Surgery Center of New York, and plan trustee Samuel Ginsberg, alleging the stock valuation process when setting up the Laser Skin and Surgery Center ESOP in 2009 was flawed, and the ESOP’s subsequent $24 million purchase of the stock violated the Employee Retirement Income Security Act (ERISA).Read more > | |
| Small Talk | |
| ON THIS DATE: In 1628, the Massachusetts colony was founded by Englishmen. In 1895, the Los Angeles Railway was established to provide streetcar service. In 1918, the U.S. Congress approved Daylight-Saving Time. In 1953, for the first time, audiences were able to sit in their living rooms and watch as the movie world’s most prestigious honors, the Academy Awards, were given out at the RKO Pantages Theatre in Hollywood, California. In 1977, the last episode of “The Mary Tyler Moore Show” aired. In 2002, actor Ben Kingsley was knighted by Queen Elizabeth II at Buckingham Palace. In 2003, the United States, along with coalition forces primarily from the United Kingdom, initiated war on Iraq. | |
| SURVEY SAYS: There are many ways retirement plan sponsors and those that serve them can keep themselves up-to-date on plan design and administrative trends and best practices, as well as new rules and legislation. This week, I’d like to know, how do you keep yourself educated about these things? You may respond to this week’s survey by 6 p.m. Pacific time today.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 > | |
News from PLANSPONSOR.com
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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