Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
November 12th, 2015
Benefits & Administration
Pensions Get Positive Push from Markets in October
The funded status of the typical U.S. corporate pension plan rose in October, increasing by 2.9 percentage points, to 84.7%, according to BNY Mellon Fiduciary Solutions’ Monthly Institutional Scorecard. Corporate pensions are now up 2.4% year to date, after briefly dipping into negative territory in September. Public plans, and foundations and endowments both exceeded the Scorecard’s monthly return targets by 3.9% and 3.8%, respectively.Read more >
From the Magazine
Experts Answer Questions About ACA Excise Tax
Experts from Groom Law Group provide responses to questions received about the Affordable Care Act (ACA) excise tax and guidance from the Internal Revenue Service (IRS).Read more >
2022 Recordkeeping Survey
IRS Updates Life Expectancy Tables for Retirees
TRIVIAL PURSUITS: How Many States Are in More Than One Time Zone?
TRIVIAL PURSUITS: Meaning and Origin of the Idiom “Watershed Moment?”
TRIVIAL PURSUITS: Which are the most northern, southern, eastern and western U.S. States?
A Plan Sponsor Boosts Employee Retirement Confidence
It has always been important to Roy Richter, deputy inspector of the New York City Police Department (NYPD) and president of the Captains Endowment Association—who also serves as trustee for the Senior Officers Council (SOC) Annuity Trust Fund to educate plan members about the value of their financial health and how to use all of the retirement plans offered by the city to achieve financial security and to, ultimately, retire well. About three years ago, Richter realized that those enrolled in the New York City governmental plan were unaware of how much they had available in the plan or how much retirement would require. Many were in a position of being able to retire but did not know that.Read more >
Market Mirror

U.S. stock indices closed lower Wednesday, dragged down by weakness in retailers and energy companies, according to the Associated Press. The Dow closed 55.99 points (0.32%) lower at 17,702.22, the NASDAQ decreased 16.22 points (0.32%) to 5,067.02, and the S&P 500 was down 6.05 points (0.29%) at 2,075.67. The Russell 2000 lost 9.62 points (0.81%) to finish at 1,178.07, and the Wilshire 5000 fell 91.95 points (0.42%) to 21,586.68.

On the NYSE, 3.2 billion shares changed hands, with 1.3 declining issues for every advancing issue. On the NASDAQ, 2.7 billion shares traded, with a 1.8 to 1 ratio of decliners to advancers.

The bond markets were closed for Veterans Day.

Novant Health Agrees to Settle Excessive Fee Suit
A settlement agreement has been filed in the U.S. District Court for the Middle District of North Carolina in a case against Novant Health over excessive fees and other fiduciary violations in the administration of its retirement plans. The settlement calls for monetary relief in the amount of $32 million, as well as non-monetary relief, including that Novant will adopt a new investment policy statement and conduct a competitive bidding process for recordkeeping, investment consulting and participant education services for the plans. However, in a statement of non-opposition filed in support of the proposed settlement, Novant said it disagrees with the claims.Read more >
Small Talk
ON THIS DATE: In 1859, the first flying trapeze act was performed by Jules Leotard at Cirque Napoleon in Paris, France. He was also the designer of the garment that is named after him. In 1892, William “Pudge” Heffelfinger became the first professional football player when he was paid a $500 bonus for helping the Allegheny Athletic Association beat the Pittsburgh Athletic Club. In 1915, Theodore W. Richards, of Harvard University, became the first American to be awarded the Nobel Prize in chemistry. In 1946, the first drive-up banking facility opened at the Exchange National Bank in Chicago. In 1954, Ellis Island, the immigration station in New York Harbor, closed after processing more than 20 million immigrants since 1892. In 1997, Ramzi Yousef was found guilty of masterminding the 1993 bombing of the World Trade Center. In 1998, Daimler-Benz completed a merger with Chrysler to form Daimler-Chrysler AG.
SURVEY SAYS: Commuting from work can range from a few minutes to a few hours, and can include driving, riding, biking or walking. Whatever your commute is like, you are likely doing something else during that time. This week, I’d like to know, how do you spend your time on your commute to work? You may respond to this 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 >

Editorial: Alison Cooke Mintzer


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