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| Products, Deals and People | |
| Retirement Industry People Moves | |
| OneAmerica hires new regional manager; Taft-Hartley plan consultant joins Milliman, and more.Read more > | |
| Economic Events | |
The U.S. Census Bureau announced that July sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $441.9 billion, down 0.4% from the revised June level and down 1.0% from the July 2015 level. July sales of durable goods were up 0.2% from June and were up 0.7% from a year ago. Sales of nondurable goods were down 1.0% from June and down 2.6% from last July. Sales of petroleum and petroleum products were down 3.5% from June and sales of beer, wine, and distilled alcoholic beverages were down 2.4%. THE ECONOMIC WEEK AHEAD: Thursday, the Labor Department will issue its initial claims report, the Census Bureau will report about retail sales for August and business inventories for July, and the Bureau of Labor Statistics will reveal the producer price index for August. Friday, the Bureau of Labor Statistics will reveal the consumer price index for August. | |
| Sponsored message from Prudential | |
| The Ease of Automation and Guaranteed Lifetime Income Prudential Retirement recently commissioned a survey that asked plan participants their thoughts on plan design features including auto enrollment, auto escalation and guaranteed lifetime income solutions. This whitepaper takes an in-depth look at the findings and suggests ways for plan sponsors to better meet participant needs and expectations.Read more > | |
| Market Mirror | |
Friday, the Dow lost 394.46 points (2.13%) to finish at 18,085.45, the NASDAQ closed 133.57 points (2.54%) lower at 5,125.91, and the S&P 500 decreased 53.49 points (2.45%) to 2,127.81. The Russell 2000 shed 39.14 points (3.11%) to finish at 1,219.21, and the Wilshire 5000 fell 512.00 points (2.27%) to 22,157.52. On the NYSE, 3.1 billion shares traded, with declining issues outnumbering advancing issues nearly 18 to 1. On the NASDAQ, 2.9 billion shares changed hands, with a more than 6 to 1 lead for decliners. The price of the 10-year Treasury note decreased 22/32, bringing its yield up to 1.672%. The price of the 30-year Treasury bond fell 1 29/32, increasing its yield to 2.393%. WEEK’S WORTH: For the week ending September 9, the Dow was down 2.20%, the NASDAQ finished 2.36% lower, and the S&P 500 lost 2.39%. The Russell 2000 fell 2.61%, and the Wilshire 5000 decreased 2.33%. | |
| Compliance | |
| A California appellate court has agreed with a lower court that application of a new formula for pension benefits for employees, implemented by legislation to deter pension spiking, did not amount to an unconstitutional impairment of the employees’ contracts. The court said public employees have a “vested right” to a pension that is a “reasonable” pension—not an immutable entitlement to the most optimal formula of calculating the pension.Read more > | |
| GAO Makes Recommendations for Lifetime Income Options in 401(k)s | |
| A Government Accountability Office (GAO) questionnaire from 11 401(k) plan recordkeepers showed that most plans covered by the questionnaire had not adopted products and services that could help participants turn their savings into a retirement income stream. GAO gave the DOL seven recommendations to address 401(k) plan sponsors’ fear of offering lifetime income options in their plans.Read more > | |
| IRS Issues Final Rule for Partial Annuities in DB Plans | |
| The Internal Revenue Service (IRS) has issued a final rule modifying minimum present value requirements for partial annuity distribution options under defined benefit (DB) plans. Rather than a single-sum payment, the IRS believes many participants are better served by having the opportunity to elect to receive a portion of their retirement benefits in annuity form while receiving accelerated payments for the remainder of their benefits.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1609, English explorer Henry Hudson sailed down what is now known as the Hudson River. In 1916, Adelina and August Van Buren finished the first successful transcontinental motorcycle tour to be attempted by two women. They started in New York City on July 5, 1916. In 1918, during World War I, at the Battle of St. Mihiel, U.S. Army personnel operate tanks for the first time. In 1954, “Lassie” made its television debut on CBS. In 1963, the last episode of “Leave it to Beaver” was aired. In 1979, Carl Yastrzemski of the Boston Red Sox became the first American League player to get 3,000 career hits and 400 career home runs. In 1984, Michael Jordan signed a seven-year contract to play basketball with the Chicago Bulls. In 1992, Dr. Mae Carol Jemison became the first African-American woman in space. She was the payload specialist aboard the space shuttle Endeavor. Also onboard were Mission Specialist N. Jan Davis and Air Force Lieutenant Colonel Mark C. Lee. They were the first married couple to fly together in space. And, Mamoru Mohri became the first Japanese person to fly into space. | |
| SURVEY SAYS RESPONSES: Last week, I revived a SURVEY SAYS we asked back in 2011 that was actually requested by a reader sending a child off to college for the first time. I asked NewsDash readers, “What did you, or your child, forgot to bring to college that you, or your child, most regretted leaving behind?” Out of the list of items I provided, only bike and shower shoes were chosen, each by 9.1% of readers. Most readers chose “other,” including items such as responsibility, extension cords and pillows. In comments left by some respondents, answers to the first question were explained. Some noted how things on my list weren’t necessary when they went to college— “Cell phone charger made me chuckle. Back in the 90s, only the rich people had those fancy things.” Editor’s Choice goes to the reader who said: “My son was so caught up in the excitement of being on his own and the new adventures that awaited him, he forgot he might actually miss home!” Thanks to all who responded to the survey!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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