Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
September 2nd, 2016
Benefits & Administration
Gen X Most Concerned About Retirement Prospects
Spectrem Group’s DC Participant Insight Series report, “Financial Behaviors and the Investor’s Mindset,” which surveyed 1,442 participants in an employer-sponsored defined contribution (DC) retirement plan, found fewer than half of DC plan participants expect to have enough income to live comfortably during their retirement. Gen Xers were the most worried about depleting their retirement funds too early. Read more >
Industry Voices
Barry’s Pickings Online: Retirement Policy and the 2017 Election
Michael Barry, president of the Plan Advisory Services Group, says it’s time the government stopped raiding “the retirement policy cookie jar” for infrastructure investments and focus on real retirement policy.Read more >

2023 DC Survey Standouts
Understanding Investments and Fees: A Key Part of Plan Committee Education
Data and Research
Financial Literacy Quiz Reveals Americans Lack Understanding of Retirement Income
Products, Deals and People
Investment Products and Service Launches
State Street Global Advisors adds 88 firms to Gender Diversity Index, and Morningstar Credit Ratings now ranking financial institutions. 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 $1,153.2 billion, nearly the same as the revised June estimate of $1,153.5 billion. The July figure is 1.5% above the July 2015 estimate of $1,135.9 billion. During the first 7 months of this year, construction spending amounted to $647.7 billion, 5.6% above the $613.1 billion for the same period in 2015.

In the week ending August 27, the advance figure for seasonally adjusted initial claims for unemployment insurance was 263,000, an increase of 2,000 from the previous week’s unrevised level of 261,000, the Department of Labor (DOL) reported. The four-week moving average was 263,000, a decrease of 1,000 from the previous week’s unrevised average of 264,000. 

The average interest rate for a 30-year fixed-rate mortgage is 3.46%, up from 3.43% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 2.77%, up from 2.74%.


Market Mirror
Thursday, the Dow closed 18.42 points (0.10%) higher at 18,419.30, the NASDAQ increased 13.99 points (0.27%) to 5,227.21, and the S&P 500 was virtually unchanged at 2,170.73. The Russell 2000 was also virtually unchanged at 1,240.16, and the Wilshire 5000 was up 2.25 points (0.01%) at 22,563.48.

On the NYSE, 3.1 billion shares changed hands, with a slight lead for declining issues. On the NASDAQ, 2.9 billion shares traded, with a slight lead for advancing issues.

 The price of the 10-year Treasury note increased 5/32, bringing its yield down to 1.566%. The price of the 30-year Treasury bond was up 2/32, decreasing its yield to 2.229%. 

Debt Owed to 401(k) Plan Not Dischargeable in Bankruptcy
The Labor Department has obtained a consent order and judgment requiring a 401(k) plan fiduciary to continue to restore losses to the plan agreed to in a previous court order. A court said since the amount owed to the 401(k) plan was due to the fiduciary not performing his duties to the 401(k), it is non-dischargeable under bankruptcy code.Read more >
Fiduciaries Ordered to Restore More Than $200K to 401(k) Plan
The DOL has obtained a default judgment ordering fiduciaries of a defunct medical research company’s 401(k) plan to restore $221,225.08 to the plan. The company and the plan trustee failed to remit employer and employee contributions to the plan between 2010 and 2013. Read more >
Small Talk

ON THIS DATE: In 1775, Hannah, the first American war vessel, was commissioned by General George Washington. In 1789, the U.S. Treasury Department was established. In 1864, during the U.S. Civil War, Union forces led by Gen. William T. Sherman occupied Atlanta following the retreat of the Confederates. In 1969, NBC-TV cancelled “Star Trek.” The show had debuted on September 8, 1966. In 1992, the U.S. and Russia agreed to a joint venture to build a space station.


And now it’s time for FRIDAY FILES!

This paper saw can surprisingly cut many things, including wood.Read more >
I’ve often thought if everyone would just accelerate at the same time, more people would be able to get through a green light, and those in the back of the line wouldn’t sit still through the green light and move after it turns red. This video confirms my hypothesis, and also gives a plug for humanless cars. Read more >

In Sydney, Australia, a woman who escaped from prison didn’t like the mug shots police were supplying to the media to help find her. According to the Sydney Morning Herald, she made a Facebook post asking the police to use a more flattering picture. The post helped officers track her down and arrest her.

 In West Palm Beach, Florida, a man was arrested at a Publix supermarket. Police say the man was screaming at employees and refused to leave the store, according to the Associated Press. The interesting part of the story—his name is Vladimir Putin.

In Columbine, Colorado, a member of the high school boys’ soccer team made an amazing goal. However, it didn’t count because the player was called offside.Read more >

In Wilkes-Barre, Pennsylvania, a man visiting an emergency room says he was tired of caretakers treating his leg and wanted to go home. The Times Leader reports that he found an ambulance left running outside the emergency room while its crew transported a patient. The man hopped in the car and left. However, police used a GPS device in the ambulance to track the man. He has now been sentenced to 15 to 30 months in prison.

In Napier, New Zealand, some “Pokémon Go” players were out hunting virtual cartoon characters when they stumbled across something else. They heard a car alarm and saw a masked man run past. According to Reuters, they were able to hold the man until police arrived.

In Cornwall, England, contractors laid new tarmac and safety markings outside a top-performing private girls’ school. However, they spelled out ‘SHCHOOL’ in big yellow letters, the Metro UK reports.  Headmaster Dr. Glenn Moodie said: “Our A Level students have just achieved a fantastic set of results with 100 percent of those taking English getting grade A. If the road repair team need any advice on spellings in the future, we would be more than happy to help!”

Have a great holiday weekend! NewsDash will be back in your inbox Tuesday.


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 >

Editorial: Alison Cooke Mintzer


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