Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
March 22nd, 2019
Benefits & Administration
MainePERS Has Some Suggestions for Struggling Public Pensions
The plan’s history offers a case study for how to turn around a troubled public pension system after years of neglect; the system at one point was no better than 20% funded. Read more >
Nearly Half of State and Local Government Employees Approve of Auto-Enrollment
Nearly half of state and local government employees (47%) approve of automatic enrollment in defined contribution plans, known in the space as supplemental retirement plans (SRPs), the Center for State and Local Government Excellence (SLGE), ICMA-RC and Greenwald & Associates learned in a survey of 400 government employees. Approval of auto-enrollment declines from 24% when the default rate is 1% to 12% when the default rate is 7%. Read more >
Start-Up Retirement Plans Will Evolve in Plan Design and Governance
While start-up plans do offer beneficial provisions for retirement plan participants, PLANSPONSOR’s 2018 Defined Contribution Survey finds not all of them are yet using plan designs and governance practices that are recommended in the industry. Read more >
PLANSPONSOR Awards
Get to Know Our Plan Sponsor of the Year Finalists
Profiles are now online for PLANSPONSOR’s 2019 Plan Sponsor of the Year finalists in the Corporate 401(k) > $100MM to $500MM category. Read more >
MOST READ ARTICLES
1
Employer-Provided Student Loan Repayment Programs Have Pros and Cons
2
Gen X Struggling Most With Retirement Readiness and Confidence
3
‘Modern Tontine Theorists’ Have Ideas for Retirement Savings Decumulation
4
Retirement Plan Sponsors' Interest in Retirement Income Is on the Rise
5
(b)lines Ask the Experts – Employer Contribution Calculation When Moving from Union to Non-Union 403(b)
Economic Events

In the week ending March 16, the advance figure for seasonally adjusted initial claims for unemployment insurance was 221,000, a decrease of 9,000 from the previous week’s revised level of 230,000, the Labor Department reported. The four-week moving average was 225,000, an increase of 1,000 from the previous week’s revised average of 224,000.

 

The average interest rate for a 30-year fixed-rate mortgage is 4.28%, down from 4.31% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 3.71%, down from 3.76%.

Market Mirror

Thursday, the Dow gained 216.84 points (0.84%) to finish at 25,962.51, the NASDAQ closed 109.99 points (1.42%) higher at 7,838.96, and the S&P 500 increased 30.65 points (1.09%) to 2,854.88. The Russell 2000 was up 19.25 points (1.25%) at 1,562.41, and the Wilshire 5000 climbed 329.70 points (1.13%) to 29,530.25.

 

The price of the 10-year Treasury note was down 2/32, increasing its yield to 2.533%. The price of the 30-year Treasury bond was up 5/32, decreasing its yield to 2.964%.

Products, Deals and People
Investment Product and Service Launches
Schwab Adds Conestoga Fund to Mutual Fund List; GSAM Acquires Standard & Poor’s Investment Advisory Services; and Firm Offers FDIC-Insured Alternative to Stable Value Funds. Read more >
TIAA Enhances Customers’ View of Retirement Income
According to Lori Dickerson Fouché, with TIAA, “The enhanced Retirement Profile tool shows TIAA annuity customers how the combination of lifetime income—such as fixed and variable annuities, Social Security or pensions—and systematic withdrawals have the potential to yield a steady and guaranteed retirement paycheck.” Read more >
VALIC Changes Name to AIG Retirement Services
“While the VALIC name is strong and well respected, the AIG name carries even greater recognition in the marketplace and among sponsors, consultants and participants,” Rob Scheinerman, president, AIG Retirement Services, tells PLANSPONSOR. Read more >
Small Talk

ON THIS DATE: In 1457, the Gutenberg Bible became the first printed book. In 1765, the Stamp Act was passed. It was the first direct British tax on the American colonists. In 1882, Congress outlawed polygamy. In 1903, Niagara Falls ran out of water due to a drought. In 1919, the first international airline service was inaugurated on a weekly schedule between Paris and Brussels. In 1935, Persia was renamed Iran. In 1954, the first shopping mall opened in Southfield, Michigan. In 1980, People for Ethical Treatment of Animals (PETA) was founded by Ingrid Newkirk and Alex Pacheco. In 1990, a jury in Anchorage, Alaska, found Captain Hazelwood not guilty in the Exxon Valdez oil spill. In 1993, Intel introduced the Pentium-processor (80586) 64 bits-60 MHz-100+ MIPS. In 1997, Tara Lipinski, at 14 years and 10 months, became the youngest women’s world figure skating champion.

 

 

And now it’s time for FRIDAY FILES!

A failed trust fall. Read more >
You never know what might be lurking on the path as you’re jogging. Read more >
Remember to check both ways before you cross the street. Read more >

In Berlin, Germany, passengers on a high-speed train running from Frankfurt to Paris said a man took a fire extinguisher off the wall, smashed a glass door separating the cab from the passenger compartment, and told the shocked driver the train was going much too fast and he had to save the passengers. According to the Associated Press, the police said the man was drunk.

 

In Sayre, Oklahoma, a woman was arrested for delivering contr.aband to a correctional facility. Apparently, she used a T-shirt gun to launch items over the prison fence. Tulsa television station KOTV reports that the container that was launched contained cellphones, ear buds, phone chargers, metha.mphetamine, digital scales, marij.uana and tobacco.

 

In Schwaebisch Hall, Germany, in a bit of irony, a fire at a crematorium caused significant damage to the building—but the 20 bodies stored inside remained intact.

 

In Santa Rosa, California, a man forced by the city to reduce the height of his fence has protested in an unusual way. The man had built a six-foot-tall fence on his corner lot so his dogs would have a place to run and couldn’t easily get out. However, he was ordered to cut his fence in half after a neighbor filed a complaint with the city, claiming it obstructed the view of oncoming traffic for drivers at the intersection, according to Oakland station KTVU-TV. He complied, but put a bunch of na.ked mannequins in some outdoor seating visibly in the yard. The display also features a sign that reads “Reserved seat for the nosey neighbor that complained about my fence to the city.” The man says so far he has not had any negative feedback.

 

Have a great weekend!

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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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