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| An analysis from Aon Hewitt reveals that most workers will likely need to work longer to save enough to maintain their standard of living in retirement. Aon Hewitt’s analysis of 77 large U.S. employers, representing 2.1 million employees, projects the average worker will need to save 11 times their final pay at retirement (age 65) to keep their preretirement lifestyle. How many are not on track?Read more > | |
| Ask the Experts | |
| As the market has experienced a downturn, I am fielding calls from our 403(b) plan participants regarding their retirement plan exposure to the stock market. Are there any best practice recommendations as to how I should respond to such inquiries?”Read more > | |
| Sponsored message from PLANSPONSOR | |
| PLANSPONSOR Interviews Jeremy Hersch Click here to see PLANSPONSOR’s interview of Jeremy Hersch, Vice President of Investment Solutions for Transamerica Retirement Solutions. Read more > | |
| Products, Deals & People | |
| Conrad Siegel Unveils Retirement Income Solution | |
| Conrad Siegel Investment Advisors has launched Check Mate, a retirement income planning solution designed to assist defined contribution (DC) plan participants with spending down their DC accounts.Read more > | |
| Health Pathfinder, a collaborative effort by Jiff and Mercer, aims to help employers cultivate healthier work forces by leveraging the latest health management solutions to cut health care costs and cultivate more engaged employees. Using a range of custom-designed health applications, including Mercer-specific plug-in products and content, Health Pathfinder by Mercer will provide instant feedback and rewards to employees who use the system. The product will encourage actions that help employees use their health care benefits.Read more > | |
| SPARK Issues Recordkeeper Guidelines for Income Options | |
| The SPARK Institute released its guidelines on the integration of guaranteed lifetime income options on 401(k) and other defined contribution (DC) plan recordkeeping and Web platforms. The guidelines allow recordkeepers to translate information delivery and decisionmaking supported by all income product providers to their own systems.Read more > | |
| Economic Events | |
| The U.S. Census Bureau of the Department of Commerce announced that construction spending during July was estimated at a seasonally adjusted annual rate of $1,083.4 billion, 0.7% above the revised June estimate of $1,075.9 billion. The July figure is 13.7% above the July 2014 estimate of $952.5 billion. During the first seven months of this year, construction spending amounted to $583.2 billion, 9.3% above the $533.7 billion for the same period in 2014. | |
| Market Mirror | |
Stocks plunged again Tuesday, after gloomy economic data out of China rekindled fears that its economy is slowing more than previously anticipated, the Associated Press reports. The Dow plunged 469.68 points (2.84%) to 16,058.35, the NASDAQ lost 140.40 points (2.94%) to finish at 4,636.11, and the S&P 500 fell 58.24 points (2.95%) to 1,913.94. The Russell 2000 closed 31.40 points (2.71%) lower at 1,128.06, and the Wilshire 5000 plummeted 596.90 points (2.87%) to 20,206.07.
On the NYSE, 3.2 billion shares traded, with declining issues outnumbering advancing issues more than 6 to 1. On the NASDAQ, 2.8 billion shares changed hands, with a more than 4 to 1 lead for decliners.
The price of the 10-year Treasury note was up 17/32, decreasing its yield to 2.157%. The price of the 30-year Treasury bond increased 26/32, bringing its yield down to 2.919%. | |
| Compliance | |
| IRS Proposes Rules for Multiemployer Plan Benefit Reductions | |
| The Internal Revenue Service (IRS) published temporary regulations and proposed final regulations governing the process of reducing benefit payments by distressed multiemployer retirement plans under the Multiemployer Pension Reform Act of 2014 (MPRA).Read more > | |
| From the Magazine | |
| Avoiding Common Mistakes: Overlooking Eligible Employees | |
| How to avoid missing employees’ eligibility dates for joining the retirement plan.Read more > | |
| Small Talk | |
| Beloit College has released the Beloit College Mindset List, providing a look at the cultural touchstones that shape the lives of students entering college this fall. Students heading into their first year of college this year are mostly 18 and were born in 1997. Among those who have never been alive in their lifetimes are Princess Diana, Notorious B.I.G., Jacques Cousteau and Mother Teresa. For this year’s entering class there has always been Google, and email, which is considered informal by older Millennials, has emerged as “the new formal” for them. Read on for more interesting points on the list.Read more > | |
| ON THIS DATE: In 1789, the United States Treasury Department was founded. In 1901, Theodore Roosevelt, then Vice President, said “Speak softly and carry a big stick” in a speech at the Minnesota State Fair. In 1963, “The CBS Evening News” was lengthened from 15 to 30 minutes. In 1969, NBC-TV canceled “Star Trek.” The show had debuted on September 8, 1966. In 1969, America’s first automatic teller machine (ATM) made its public debut, dispensing cash to customers at Chemical Bank in Rockville Center, New York. In 1998, a United Nations court found Jean-Paul Akayesu, the former mayor of a small town in Rwanda, guilty of nine counts of genocide, marking the first time that the 1948 law banning genocide was enforced. | |
| WEDNESDAY WISDOM: “It is not fair to ask of others what you are not willing to do yourself.” —Eleanor Roosevelt | |
| Share the good news with a friend! Pass the Dash along – and tell your friends/associates they can sign up for their own copy.Read more > | |
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Copyright © Asset International, Inc., 2015. All rights reserved. No reproduction without prior authorization. |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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