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| Products, Deals & People | |
| 401(k) Solutions for Micro Plans | |
| The recent announcement that Betterment is getting into the 401(k) business prompted a review of solutions for the micro plan market.Read more > | |
| Sovos Compliance announced the availability of a new, more streamlined Taxport ACA, its most recent Patient Protection and Affordable Care Act (ACA) reporting solution.Read more > | |
| PlanSource Provides ACA Education and Reporting | |
| PlanSource has launched a new product release, dubbed Kepler. PlanSource notes that many employees find the numerous choices of health benefits plans and the specialized terms used to describe them hard to understand. Considering that insurance and benefits typically are among a family’s greatest expenses, PlanSource has made consumer education a top priority in the Kepler release.Read more > | |
| Sponsored message from Vanguard | |
| Spending and saving in retirement Learn more about how the expansion of defined contribution plans is affecting the spending and saving behaviors of U.S. retired households.Read more > | |
| Economic Events | |
| Following three straight months of gains, existing–home sales dipped in August despite slowing price growth and a positive turnaround in the share of sales to first–time buyers, according to the National Association of Realtors. None of the four major regions experienced sales increases in August. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 4.8% to a seasonally adjusted annual rate of 5.31 million in August from a slight downward revision of 5.58 million in July. Despite last month’s decline, sales have risen year-over-year for 11 consecutive months and are 6.2% above one year ago (5 million). | |
| Market Mirror | |
Yesterday, the Dow gained 125.61 points (0.77%) to finish at 16,510.19, the NASDAQ was up 1.73 points (0.04%) at 4,828.95, and the S&P 500 closed 8.94 points (0.46%) higher at 1,966.97. The Russell 2000 climbed 24.91 points (2.19%) to 1,161.08, and the Wilshire 5000 increased 79.24 points (0.38%) to 20,757.98. On the NYSE, 3.2 billion shares changed hands, with 1.5 advancing issues for every declining issue. On the NASDAQ, 2.8 billion shares traded, with a small lead for decliners. The price of the 10-year Treasury note decreased 18/32, bringing its yield up to 2.199%. The price of the 30-year Treasury bond fell 1 22/32, increasing its yield to 3.022%. | |
| Compliance | |
| Don’t Get Left Behind by Money Market Fund Reform | |
| Survey data shared with PLANSPONSOR by SimCorp, a global provider of investment management solutions and services, reveals “a large amount of uncertainty and lack of preparedness for the pending money market fund reform, due for compliance by Q3 2016.” Some qualified retirement plan sponsors and service providers have misinterpreted the likely impact of the Securities and Exchange Commission’s (SEC) money market fund reforms, opining the rulemaking will necessarily drive defined contribution (DC) plans away from retail money market funds. But others, it seems, have failed to pick up on the wide-ranging impacts anticipated from the reforms.Read more > | |
| Stack Bros. Mechanical Contractors, Inc., a heating and plumbing contractor in northern Wisconsin and northern Minnesota, will pay $140,000 and furnish other relief to settle an age discrimination and retaliation lawsuit brought by the U.S. Equal Employment Opportunity Commission (EEOC). The agency’s investigation revealed Randy Virta and Karen Kolodzeske repeatedly warned the company’s owner that his plan to fire them when they turned 62 was illegal. However, the owner not only followed through with his plans, he further violated employment law.Read more > | |
| From the Magazine | |
| Insights: More Industry Missteps | |
| Last month, my column focused on two “uncommon errors” in the retirement plan industry—the mistakes of perpetuating the defined benefit (DB) myth and of not providing participants with sufficient information about an appropriate savings rate. Given the responses I received, some people really agreed, and others were quite happy to disagree—which is the sign of a good editorial, I think. In this issue, I add three more to that list of retirement plan mistakes.Read more > | |
| Small Talk | |
ON THIS DATE: In 1789, the U.S. Congress authorized the office of Postmaster General. In 1862, U.S. President Lincoln issued the preliminary Emancipation Proclamation. It stated that all slaves held within rebel states would be free as of January 1, 1863. In 1961, U.S. President John F. Kennedy signed a congressional act that established the Peace Corps. In 1964, “The Man From U.N.C.L.E.” debuted on NBC-TV.
TUESDAY TRIVIA: The lion is the most commonly used animal on countries’ flags. | |
| TRIVIAL PURSUITS: Not all countries’ flags are rectangular. Can you name the three that are not?Read more > | |
| 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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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