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Retirement Plan Financial Audit Processes Are Evolving
Retirement Plan Financial Audit Processes Are Evolving
New processes and systems can cut costs for plan sponsors, streamline the work and allow for any discrepancies to be caught earlier.
Deals and People
Retirement Industry People Moves
Former Pentegra SVP launches expert firm focused on group retirement plans; OneAmerica names senior director of participant experience; Barber rejoins Franklin Templeton to head municipal bond team; and more.
Most Read
The Growing Interest in Guaranteed Income Options
2021 Recordkeeping Survey
TRIVIAL PURSUITS: How Many States Are in More Than One Time Zone?
TRIVIAL PURSUITS: Meaning and Origin of the Idiom “Watershed Moment?”
TRIVIAL PURSUITS: What do the M’s stand for in M&Ms?
Economic Events
Today, the Census Bureau will report about construction spending for January. Thursday, the Labor Department will issue its initial claims report, and the Census Bureau will report about factory orders for January. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for January, and the Census Bureau will report about wholesale trade for January.
Market Mirror
Friday, the Dow closed 357.28 points (1.39%) lower at 25,409.36, the NASDAQ was virtually unchanged at 8,567.37, and the S&P 500 was down 24.54 points (0.82%) at 2,954.22. The Russell 2000 lost 21.44 points (1.43%) to finish at 1,476.43, and the Wilshire 5000 decreased 260.65 points (0.86%) to 30,124.99.

The price of the 10-year Treasury note increased 8/32, bringing its yield down to 1.182%. The price of the 30-year Treasury bond climbed 1 3/32, decreasing its yield to 1.711%.

For the week ending February 28, the Dow dropped 12.36%, the NASDAQ finished 10.54% lower, and the S&P 500 lost 11.49%. The Russell 2000 plunged 12.04%, and the Wilshire 5000 fell 11.57%.
Oracle Agrees to Settle ERISA Lawsuit
A non-monetary component of the settlement requires Oracle to instruct its 401(k) plan recordkeeper to not solicit participants for cross-selling products and services.
Fees Significantly Vary Performance for Public DB Private Equity Investors
A report from Stanford University and Harvard Business School researchers provides food for thought about fee negotiations with private equity investment providers.
Small Talk
ON THIS DATE: In 1807, Congress passed an act to “prohibit the importation of slaves into any port or place within the jurisdiction of the United States… from any foreign kingdom, place, or country.” In 1836, Texas declared its independence from Mexico and an ad interim government was formed. In 1861, Congress created the Territory of Nevada. In 1877, Rutherford B. Hayes was declared the winner of the 1876 presidential election by Congress. Samuel J. Tilden, however, had won the popular vote on November 7, 1876. In 1899, Mount Rainier National Park in Washington was established by Congress. In 1899, President William McKinley signed a measure that created the rank of Admiral for the U.S. Navy. The first admiral was George Dewey. In 1903, the Martha Washington Hotel opened for business in New York City. The hotel had 416 rooms and was the first hotel exclusively for women. In 1904, Theodor Geisel, better known to the world as Dr. Seuss, was born in Springfield, Massachusetts. In 1917, citizens of Puerto Rico were granted U.S. citizenship with the enactment of the Jones Act. In 1925, state and federal highway officials developed a nationwide route-numbering system and adopted the familiar U.S. shield-shaped, numbered marker. In 1929, the U.S. Court of Customs & Patent Appeals was created by Congress. In 1933, the motion picture King Kong had its world premiere in New York City. In 1939, the Massachusetts legislature voted to ratify the Bill of Rights to the U.S. Constitution. These first ten amendments had gone into effect 147 years before. In 1949, the B-50 Superfortress Lucky Lady II landed in Fort Worth, Texas, completing the first non-stop around-the-world flight. In 1998, images from the American spacecraft Galileo indicated that the Jupiter moon Europa has a liquid ocean and a source of interior heat. In 2004, NASA announced that the Mars rover Opportunity had discovered evidence that water had existed on Mars in the past.
SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Other than Social Security, do you have a source of guaranteed income for retirement?” I also asked them what source of guaranteed income in retirement they think is best. More than two-thirds (67.6%) of responding readers said they do have a source of guaranteed income in retirement other than Social Security. As for what source of guaranteed income in retirement they think is best, the vast majority (71.4%) selected “a defined benefit (DB) plan.” This was followed very distantly by “an annuity or annuity-type product” (17.1%) and “a managed payout fund/service” (5.7%). Grateful for their DB plans is what many of those who left verbatim comments said. There were some who expressed lament for DB plans—and suggested reasons for the abandonment of them by some plan sponsors. Annuities are met with a skeptical eye, and some don’t have faith that there are any guarantees. Editor’s Choice goes to the reader who said: “Excited to see what decumulation options become available from DC plans institutionally. Hopefully, annuity-like without the retail annuity costs/fees.” A big thank you to all who participated in our survey!
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