Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
November 7th, 2018
Benefits & Administration
MassMutual Will Take on $50M of E.W. Scripps Pension Liability
MassMutual has announced a pension risk transfer (PRT) agreement with the E.W. Scripps Company, through which the media firm will purchase a group annuity contract and transfer approximately $50 million of pension plan obligations. Scripps Chief Financial Officer Lisa Knutson says the pension risk transfer agreement is “another move in the company’s effort to de-risk its pension plan.” Read more >
Many Participants in the Dark on Their Allocations
Twenty-two percent of retirement plan participants do not know how their assets are allocated, Legg Mason learned in a survey. This jumps to 34% of Baby Boomers but declines to 11% of Millennials. Among those who do know how their assets are allocated, they put 51% in equities, 15% in fixed income, 12% in cash, 11% in target-date funds (TDFs) and 10% in commodities. Read more >
Study Reveals Staying the Course With Retirement Plans Pays Off
The average 401(k) plan account balance of “consistent 401(k) participants”—those who remained active in the same 401(k) plans from year-end 2010 through year-end 2016—more than doubled in that period, according to data published by the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI). They point out that 401(k) account balance growth reflects contributions of employers and workers, in addition to investment returns, and varies with participants’ asset allocation, withdrawals and loan activity. Read more >
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Market Mirror

Tuesday, the Dow climbed 173.31 points (0.68%) to 25,635.01, the NASDAQ closed 47.11 points (0.64%) higher at 7,375.96, and the S&P 500 increased 17.14 points (0.63%) to 2,755.45. The Russell 2000 was up 8.59 points (0.55%) at 1,556.10, and the Wilshire 5000 gained 165.12 points (0.58%) to finish at 28,467.25.

 

The price of the 10-year Treasury note was down 3/32, increasing its yield to 3.225%. The price of the 30-year Treasury bond was up 2/32, decreasing its yield to 3.443%.

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Ask the Experts
Limits When Contributing to Both For-Profit and Nonprofit Retirement Plans
“What are the combined limits for someone whose employer has both a nonprofit and affiliated for-profit organization, where the individual works for both and participates in retirement plans sponsored by both organizations?” Read more >
Investing
Institutional Investors Maintain Positive Performance in Q3 2018
BNY Mellon says higher allocations to U.S. equity drove outperformance as U.S. fixed income sustained its streak as the lowest performing asset class. Read more >
Small Talk

ON THIS DATE: In 1811, the Shawnee Indians of chief Tecumseh were defeated by William Henry Harrison at the Battle of Wabash (or (Tippecanoe). In 1874, the Republican party of the U.S. was first symbolized as an elephant in a cartoon by Thomas Nast in Harper’s Weekly. In 1916, Jeanette Rankin of Montana became the first woman elected to the U.S. Congress. In 1929, the Museum of Modern Art in New York City opened to the public. In 1944, President Franklin D. Roosevelt became the first person to win a fourth term as president. In 1963, Elston Howard, of the New York Yankees, became the first black player to be named the American League’s Most Valuable Player. In 1965, the “Pillsbury Dough Boy” debuted in television commercials. In 1967, Carl Stokes was elected the first black mayor Cleveland, Ohio, becoming the first black mayor of a major city. In 1967, President Lyndon B. Johnson signed a bill establishing the Corporation for Public Broadcasting. In 1973, New Jersey became the first U.S. state to permit girls to play on Little League baseball teams. In 1973, Congress over-rode President Richard Nixon’s veto of the War Powers Act, which limits a chief executive’s power to wage war without congressional approval. In 1989, L. Douglas Wilder won the governor’s race in Virginia, becoming the first elected African-American state governor in U.S. history. In 1989, David Dinkins was elected and become New York City’s first African-American mayor. In 1999, Tiger Woods became the first golfer since Ben Hogan in 1953 to win four straight tournaments. In 2000, Hillary Rodham Clinton made history as the first president’s wife to win public office. The state of New York elected her to the U.S. Senate.

 

 

WEDNESDAY WISDOM: “Unless someone like you cares a whole awful lot, nothing is going to get better. It’s not.”—Dr. Seuss

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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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