Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
May 5th, 2016
Benefits & Administration
Fallout for Plan Sponsors from Government Imprudence
Social Security should now be looked at as a foundation for retirement income, but not the whole house. Speaking at the Plan Sponsor Council of America’s 69th Annual Conference, The Honorable David M. Walker, currently senior strategic adviser in PwC’s Global Public Sector Practice, former Comptroller General of the U.S., and former head of the Government Accountability Office, said, “The Federal Government has grown too big, promised too much, and needs to restructure. Future generations are getting a huge burden.”Read more >
Products, Deals and People
MassMutual Launches Benefits Exchange App
The BeneClick! mobile app combines insurance protection, health care coverage and retirement savings plans on a single platform.Read more >
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Settlement Reached in Insperity 401(k) Excessive Fee, Self-Dealing Suit
EBSA Offers Financial Wellness Video Series
The Employee Benefits Security Administration has posted a series of videos covering topics including budgeting and establishing retirement savings rates.Read more >
Economic Events
New orders for manufactured durable goods in March, up two of the last three months, increased $1.7 billion or 0.8% to $230.6 billion, virtually unchanged from the previously published increase, according to the Census Bureau. This followed a 3.1% February decrease. Transportation equipment, also up two of the last three months, drove the increase, $2.1 billion or 2.8% to $75.8 billion. New orders for manufactured nondurable goods increased $3.3 billion or 1.5% to $227.8 billion.
Market Mirror

U.S. stock indices moved lower Wednesday following a dismal report on job creation that gave investors concern over the state of the economy, according to the Associated Press. The Dow lost 99.65 points (0.56%) to finish at 17,651.26, the NASDAQ, closed 37.58 points (0.79%) lower at 4,725.64, and the S&P 500 decreased 12.25 points (0.59%) to 2,051.12. The Russell 2000 was down 8.62 points (0.77%) at 1,113.13, and the Wilshire 5000 fell 114.63 points (0.54%) to 21,197.27.

On the NYSE, 3.1 billion shares traded, with 3 declining issues for every advancing issue. On the NASDAQ, 2.7 billion shares changed hands, with a near 2 to1 lead for decliners.

The price of the U.S. Treasury note was up 7/32, decreasing its yield to 1.776%. The price of the 30-year Treasury bond increased 18/32, bringing its yield down to 2.632%.
From the Magazine
DC Plan Design: Implementing Auto Features
One of the key features of the Pension Protection Act of 2006 (PPA) was that it provides federal support for plan sponsors to automatically enroll their employees into a defined contribution (DC) plan. But even so, experts say, employer concerns about “auto” features include cost, employee pushback and the appearance of being too paternalistic. The arguments in favor, however, cite higher participation rates and employees more likely on track to retire with sufficient assets.Read more >
Investing
Investors Reassessing Strategic Asset Allocation Models
The current low-return environment means institutional investors’ return expectations may be more difficult to achieve unless they find new investment models, according to a research report from State Street Global Advisors (SSGA) titled “Building Bridges.”Read more >
Small Talk

ON THIS DATE: In 1862, the Battle of Puebla took place. It is celebrated as Cinco de Mayo Day.  In 1865, the Thirteenth Amendment was ratified, abolishing slavery in the U.S. In 1891, Music Hall was dedicated in New York City. It was later renamed Carnegie Hall. In 1925, John T. Scopes, a biology teacher in Dayton, Tennessee, was arrested for teaching Darwin’s theory of evolution. In 1936, Edward Ravenscroft received a patent for the screw-on bottle cap with a pour lip. In 1961, Alan Shepard became the first American in space when he made a 15 minute suborbital flight. In 1966, Willie Mays broke the National League record for home runs when he hit his 512th.

 

SURVEY SAYS: Not this week.
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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