Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
September 16th, 2019
Benefits & Administration
Plan Sponsors Should Address Financial Squeeze Put on Gen X
Struggling with debt and budgeting, Gen Xers are in their prime earning years, they are getting close to retirement and they are taking care of both their children and their parents. Read more >
Products, Deals and People
Retirement Plan Providers Can Get Plan Sponsor Website Audit
The audit allows retirement plan recordkeepers to pinpoint and fix shortcomings within their plan-sponsor-facing digital user experience, according to Corporate Insight. Read more >
Retirement Industry People Moves
Seyfarth Shaw announces ERISA expert as partner; OneAmerica adds regional VP; Mercer appoints Western region leaders; and more. Read more >
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Millennium Trust Helps Small Businesses Select a Retirement Plan
Sponsored message from J. P. Morgan Asset Management
When you know the facts
You can help more people cross the retirement finish line. Two decades of research and the behavioral data of millions of participants fuels J.P. Morgan’s investment decisions. Get the facts. Read more >
Economic Events

The combined value of distributive trade sales and manufacturers’ shipments for July, adjusted for seasonal and trading day differences but not for price changes, was estimated at $1,462.9 billion, up 0.3% from June and up 1.3% from July 2018, the Census Bureau reported.

 

Advance estimates of U.S. retail and food services sales for August, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $526.1 billion, an increase of 0.4% from the previous month, and 4.1% above August 2018. Total sales for the June through August period were up 3.7% from the same period a year ago. Retail trade sales were up 0.6% from June, and 4.6% above last year. Nonstore retailers were up 16% from August 2018, and motor vehicles and parts dealers were up 6.8% from last year.

 

THE ECONOMIC WEEK AHEAD: Wednesday, the Census Bureau will report about housing starts for August. Thursday, the Labor Department will issue its initial claims report, and the National Association of Realtors will report about existing home sales for August.

Market Mirror

Friday, the Dow was up 37.07 points (0.14%) at 27,219.52, the NASDAQ closed 17.75 points (0.22%) lower at 8,176.71, and the S&P 500 was down 2.18 points (0.07%) at 3,007.39. The Russell 2000 increased 3.07 points (0.20%) to 1,578.14, and the Wilshire 5000 decreased 21.16 points (0.07%) to 30,764.47.

 

The price of the 10-year Treasury note decreased 1 2/32, bringing its yield up to 1.905%. The price of the 30-year Treasury bond fell 2 6/32, increasing its yield to 2.377%.

 

WEEK’S WORTH: For the week ending September 13, the Dow gained 1.58%, the NASDAQ was up 0.91%, and the S&P 500 increased 0.96%. The Russell 2000 climbed 4.85%, and the Wilshire 5000 finished 1.20% higher.

Compliance
There’s a New IRS Mailing Address Plan Sponsors Need to Know
The mailing address for Employee Plans (EP) submissions for determination letters, letter rulings, individual retirement arrangement (IRA) opinion letters, and others has changed. Read more >
Investing
Spooked Participants Flee Into Inflated Fixed-Income
When equity markets become volatile, retirement plan trading activity spikes towards fixed-income. Read more >
Sponsored message from MassMutual
Checklist for Financial Wellness Read more >
Small Talk

ON THIS DATE: In 1620, the Mayflower departed from Plymouth, England for the New World. There were 102 passengers onboard. In 1893, the “Cherokee Strip” in Oklahoma was swarmed by hundreds of thousands of settlers. In 1908, General Motors was founded by William Crapo “Billy” Durant. The company was formed by merging the Buick and Olds car companies. In 1940, President Franklin Roosevelt signed into law the Selective Training and Service Act, which set up the first peacetime military draft in U.S. history. In 1968, “The Andy Griffith Show” was seen for the final time on CBS. In 1972, “The Bob Newhart Show” premiered on CBS-TV. In 1976, the Episcopal Church formally approved women to be ordained as priests and bishops. In 1987, the Montreal Protocol was signed by 24 countries in an effort to save the Earth’s ozone layer by reducing emissions of harmful chemicals by the year 2000. In 1994, Exxon Corporation was ordered by federal jury to pay $5 billion in punitive damages to the people harmed by the 1989 Exxon Valdez spill. In 1998, Meryl Streep received a star on the Hollywood Walk of Fame.

SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “What financial topics does your company educate employees about, and which of those do you need more education about?” Investment basics (67.9%), budgeting (57.1%) and simple strategies for investing properly (42.9%) topped the list for financial topics responding readers’ firms educate employees about. As for financial topics responding readers need more education about, wills and estate planning (42.9%), strategies for creating income in retirement (32.1%), tax strategies (25%) and paying for caregiving responsibilities (25%) topped the list. Among those who left comments about financial know-how education, several stressed that financial education should be done in school. A couple noted that it is hard to focus people on the long term or get them to change their habits. One argued that employees are expecting employers to do too much, and one pointed out that with competing financial priorities and many employees living paycheck to paycheck, financial discipline can be difficult. Editor’s Choice goes to the reader who said, “We try to teach our employees about simple day-to-day spending habits. Most of our employees are young, single males. Reducing that beer budget is tough!” A big thank you to all who participated in the survey! Read more >
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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