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| Higher Education Institutions Generous With Retirement Contributions | |
| The College & University Benefits Study, conducted by Sibson Consulting, finds 77% of all defined contribution (DC) plans of private and public higher education institutions included contributions almost three times greater than corporate contributions in 401(k) plans. For universities that utilize DC plans, the study finds the median institution contribution to be 9%, with a 25th percentile at 7.1% and a mean contribution of 8.7%.Read more > | |
| Products, Deals and People | |
| According to its recent stock plan participant survey, ETRADE Securities found two out of five stock plan participants don’t understand vesting and two out of three don’t understand the tax implications of their plans. And despite using the equity received from grants to fund retirement plans, many plan participants have trouble understanding the core aspects of their benefits. In an attempt to reverse this trend, ETRADE says it created “a greatly enhanced experience, offering a simplified interface that provides clear insight and actionable steps to help plan participants with making informed decisions.”Read more > | |
| Sponsored message from PNC | |
| Generational Divide in the Workplace Generational Divide in the Workplace and Its Impact on Plan ParticipatioRead more > | |
| Market Mirror | |
Yesterday, the Dow lost 53.42 points (0.29%) to finish at 18,400.88, the NASDAQ closed 9.77 points (0.19%) lower at 5,213.22, and the S&P 500 was down 5.25 points (0.24%) at 2,170.87. The Russell 2000 decreased 6.13 points (0.49%) to 1,239.89, and the Wilshire 5000 fell 58.46 points (0.26%) to 22,561.22. On the NYSE, 3.1 billion shares traded, with 1.6 declining issues for every advancing issue. On the NASDAQ, nearly 3 billion shares changed hands, with a 1.8 to 1 ration of decliners to advancers. The price of the 10-year Treasury note was down 3/32, increasing its yield to 1.577%. The price of the 30-year Treasury bond was unchanged, with its yield at 2.232%. | |
| Compliance | |
| Chevron Wins Dismissal of ERISA Challenge | |
| An Employee Retirement Income Security Act (ERISA) lawsuit filed by participants in a Chevron Corporation defined contribution (DC) plan has been dismissed after a hearing before the U.S. District Court for the Southern District of California—making for some informative reading for ERISA industry practitioners. Among other things, the six plaintiffs who filed the proposed class action alleged that plan fiduciaries “breached their duties of loyalty and prudence by providing participants with a money market fund as a capital preservation option, instead of offering them a stable value fund.”Read more > | |
| Small Talk | |
| ON THIS DATE: In 1799, the Bank of Manhattan Company opened in New York City. It was the forerunner of Chase Manhattan. In 1807, former U.S. Vice President Aaron Burr was found innocent of treason. In 1878, Emma M. Nutt became the first female telephone operator in the U.S. The company was the Telephone Dispatch Company of Boston. In 1939, World War II began when Germany invaded Poland. In 1942, a federal judge in Sacramento, California, upheld the wartime detention of Japanese-Americans as well as Japanese nationals. In 1945, the U.S. received official word of Japan’s formal surrender that ended World War II. In Japan, it was actually September 2nd. In 1970, the last episode of “I Dream of Jeannie” aired on NBC-TV. In 1972, America’s Bobby Fischer beat Russia’s Boris Spassky to become world chess champion. In 1979, the U.S. Pioneer 11 became the first spacecraft to visit Saturn. In 1985, the Titanic was found by Dr. Robert Ballard and Jean Louis Michel in a joint U.S. and French expedition. | |
| SURVEY SAYS: Studies show many retirement plan participants are planning to delay retirement to make sure they don’t outlive their savings. This week, I’d like to know, do you plan to delay your retirement? Are employees in your company delaying retirement, and what effect is this having on your company? You may respond to this week’s survey at 6 p.m. Pacific time today.Read more > | |
| Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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