Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
October 3rd, 2016
Benefits & Administration
California State-Run Retirement Program Signed Into Law
California Governor Jerry Brown has signed the California Secure Choice Retirement Savings Act, taking the next step in implementing one of the nation’s first state-sponsored, auto-enrolled retirement savings programs for the private sector. Employees will be defaulted at 3% of salary into “a personal retirement plan, with the option to opt out or change contributions at any time.”Read more >
Industry Voices
Barry’s Pickings Online: No More Happy Talk
It’s time to face the reality that saving for retirement is tough, and policies need to address the fact that the cost of saving for retirement is higher and employees don’t have any additional money to save.Read more >
MOST READ ARTICLES
1
2021 Target-Date Fund Survey
2
The DOL Has Begun Retirement Plan Cybersecurity Audits
3
Rush of Litigation Against Retirement Plans Expected to Continue
4
2020 Recordkeeping Survey
5
TRIVIAL PURSUITS: What do the M’s stand for in M&Ms?
Products, Deals and People
Retirement Industry People Moves
Integrated Retirement hires new ERISA expert; MV Financial names head of Retirement Plan Practice; and more.Read more >
Nonprofit Offers Financial Wellness Program to Employers
Money Management International (MMI), a nonprofit credit and debt counseling organization, launched Financial Solutions, a new financial wellness product under its Mapping Your Future line of services. Mapping Your Future Financial Solutions is designed to help employers address the financial needs of their employees.Read more >
Sponsored message from SEI
A Changing Landscape Requires a New Approach: DC Discretion
Sponsors consider discretionary investment management. Why the shift?Read more >
Economic Events
THE ECONOMIC WEEK AHEAD: Today, the Census Bureau will report about construction spending for August. Wednesday, the Census Bureau will report about factory orders for August. Thursday, the Labor Department will issue its initial claims report. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for September, and the Census Bureau will report about wholesale orders for August.
Market Mirror

Friday, the Dow gained 164.70 points (0.91%) to finish at 18,308.15, the NASDAQ closed 42.85 points (0.81%) higher at 5,312.00, and the S&P 500 increased 17.14 points (0.80%) to 2,168.27. The Russell 2000 was up 13.90 points (1.12%) at 1,251.64, and the Wilshire 5000 climbed 190.75 points (0.85%) to 22,576.67.

On the NYSE, 3.1 billion shares changed hands, and on the NASDAQ 2.9 billion shares traded, with advancing issues outnumbering declining issues more than 2 to 1 on both exchanges.

The yield of the 10-year Treasury note was 1.597%. The yield of the 30-year Treasury bond was 2.316%.

WEEK’S WORTH: For the week ending September 30, the Dow gained 0.26%, the NASDAQ increased 0.12%, and the S&P 500 finished 0.16% higher. The Russell 2000 fell 0.24%, and the Wilshire 5000 was up 0.09%.
Sponsored message from MetLife
Webcast: Lifetime Income for Defined Contribution Plans – A Path Forward
PLANSPONSOR and MetLife discuss findings from MetLife’s new Lifetime Income Poll, and offer perspectives about the core purpose of a DC plans, including best practices for delivering income solutions to participants.Read more >
Compliance
IRS to Host Webcast Clarifying 403(b) Requirements
The Internal Revenue Service (IRS) is hosting a free webcast about clarifying the universal availability and other 403(b) retirement plan requirements.Read more >
IRS Issues Updates to Correction Programs
A new revenue procedure addresses changes to the determination letter program, changes to the Audit Closing Agreement Program and modification to user fees.Read more >
Small Talk
ON THIS DATE: In 1863, U.S. President Abraham Lincoln declared that the last Thursday of November would be recognized as Thanksgiving Day. In 1893, the motor-driven vacuum cleaner was patented by J.S. Thurman. In 1922, Rebecca L. Felton became the first female to hold office of U.S. Senator. She was appointed by Governor Thomas W. Hardwick of Georgia to fill a vacancy. In 1942, the Office of Economic Stabilization was established by U.S. President Franklin D. Roosevelt. He also authorized controls on rents, wages, salaries and farm prices. In 1952, Britain became the third nuclear power in the world when they successfully detonated their first atomic bomb. The U.S. and Russia were the only other nuclear powers. In 1954, “Father Knows Best” began airing on CBS-TV. In 1955, “Captain Kangaroo” premiered on CBS-TV, and “The Mickey Mouse Club” premiered on ABC-TV. In 1961, “The Dick Van Dyke Show” debuted on CBS-TV. In 1974, Frank Robinson took over the management position of the Cleveland Indians baseball team. He was the first black manager in major league baseball. In 1989, Art Shell became the first black head coach in the modern NFL when he took over the Los Angeles Raiders.
SURVEY SAYS: We need more respondents to our survey, the results of which will be included in an issue of PLANSPONSOR magazine. For fiduciary reasons, it is recommended that retirement plan sponsors benchmark their providers every three to five years by issuing a request for proposals (RFP) or a request for information (RFI). Last week, I asked, when was the last time your company performed a benchmarking for providers, were results significantly different from each provider, and did you find something that led you to make a change? You may respond to the survey by 6 p.m. Pacific time today.Read more >
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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