Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
September 24th, 2014
Webcast Event
As the percentage of workers with defined benefit (DB) plans declines, many Americans continue to lose a critical element of their retirement security: guaranteed lifetime income. In the quest for the best ways to address this and other challenges within defined contribution (DC) plans, Prudential Retirement has conducted a study of plan participant outcomes based on client adoption of a default investment that includes a guaranteed lifetime income solution. Join us today for a webcast that takes an in-depth look at how plan design is key to unlocking the full potential of lifetime income solutions, including how overall plan design impacts participant outcomes, and how a default investment with a lifetime income option impacts plan design.Read more >
Second Opinions
SECOND OPINIONS: ACA Reporting Forms and Instructions
Experts from Groom Law Group answer questions received about draft forms and instructions released by the Internal Revenue Service (IRS) for employer reporting responsibilities under the Patient Protection and Affordable Care Act (ACA).Read more >
Benefit Briefs
Eight in 10 U.S. workers believe defined contribution (DC) plans are an effective way to save for retirement, a LIMRA Secure Retirement Institute survey reveals. Six in 10 workers who participate in a 401(k) or other DC plan said they would likely achieve a secure retirement, and more than three-quarters believe all workers should have access to a retirement savings plan.Read more >
ABC Outlines Vision for Employee Benefits
A new strategy outline issued by the American Benefits Council (ABC) suggests the advocacy group will work to achieve public policy reform that more closely unifies health care and retirement concerns. ABC’s new strategy manifesto shows the organization expects recent trends in personal health and financial well-being to gain steam in the medium- and long-term, through which individuals and employers are embracing a broader view of lifetime income protection that includes not only health coverage and retirement savings, but also incorporates life insurance, disability and long-term care coverage in a much more integrated way.Read more >
“If we switch recordkeepers should the contribution sources be preserved? What if it is just a 403(b) plan to 403(b) plan transfer (and not a complete plan transfer)?”Read more >
Buyer's Market
Booklet Discusses Using Homes for Retirement Income
The Center for Retirement Research (CRR) at Boston College has released a booklet explaining ways retirement savers can use home equity to achieve additional income in retirement. According to the CRR, home equity is the largest store of wealth for retirees and, with reduced support from Social Security and pensions, many more will need it for retirement income. The two primary ways to tap home equity are downsizing, meaning moving to a less expensive house, and a reverse mortgage.Read more >
Andrew Daly joined investment management and processing firm SEI as a client investment strategist on the firm’s U.S. institutional advisory team. Daly will work with clients to provide strategic advice on various investment vehicles tailored to their unique goals and objectives. SEI says Daly’s hiring supports its commitment to bringing advanced alternative investment solutions to retirement plan clients and other institutional investors.Read more >
JPMorgan HSA Business Goes to HSA Bank
Webster Financial Corporation has signed a definitive agreement to acquire the health savings account (HSA) business from JPMorgan Chase Bank. Under the agreement, approximately 700,000 accounts, including an estimated $1.3 billion in deposits and $175 million in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank and administrator and depository of HSAs.Read more >
Industry Voices
Industry Voice: Mobile Apps Redefine How Workers Tap Benefits
As mobile phones continue to play a central role in the everyday lives of American workers, people are increasingly using their devices for more than just texting, shopping, and playing games. They are also managing the day-to-day affairs for both their jobs and their personal lives. As a result, employers are seeking ways to provide employees with easy access to their retirement and health benefits on mobile devices. Since mobile phones are the gateway for Americans to do business, socialize and entertain themselves—sometimes all at once—it’s critical that workplace benefit applications go beyond just providing account balance information.Read more >
Market Mirror
Tuesday, the Dow closed 116.81 points (0.68%) lower at 17,055.87, the NASDAQ was down 19.00 points (0.42%) at 4,508.69, and the S&P 500 decreased 11.52 points (0.58%) to 1,982.77. The Russell 2000 fell 10.65 points (0.94%) to 1,118.72, and the Wilshire 5000 lost 131.37 points (0.63%) to finish at 20,877.00. On the NYSE, 3.2 billion shares traded, and on the NASDAQ, 2.8 billion shares changed hands, with 2.4 declining issues for every advancing issue on both exchanges. The price of the 10-year Treasury note increased 11/32, bringing its yield down to 2.528%. The price of the 30-year Treasury bond was up 24/32, decreasing its yield to 3.249%.
Small Talk
Tampa Tops Best Places to Retire Ranking
To help American retirees find the best and most wallet-friendly places to call home for their Golden Years, WalletHub analyzed the retirement-friendliness of the 150 largest cities in the United States. The five best cities to retire, according to WalletHub, are Tampa, Florida; Grand Prairie, Texas; Orlando, Florida; St. Petersburg, Florida; and Scottsdale, Arizona. The five worst are Chicago, Illinois (ranked 146); New York, New York; Philadelphia, Pennsylvania; Newark, New Jersey; and Providence, Rhode Island. WalletHub ranked 25 key metrics, including the most fishing facilities per capita.Read more >
ON THIS DATE:  In 1789, the Judiciary Act of 1789 was passed by Congress and signed by President George Washington, establishing the Supreme Court of the United States as a tribunal made up of six justices who were to serve on the court until death or retirement. In 1890, Mormon leaders issued the “Mormon Manifesto,” in which they commanded all Latter-day Saints to uphold the anti-polygamy laws of the nation. In 1957, U.S. President Eisenhower sent federal troops to Little Rock, AR, to enforce school integration. In 1960, the first nuclear powered aircraft carrier was launched. The USS Enterprise set out from Newport News, Virginia. In 1966, the made-for-television Monkees’ first single, “Last Train To Clarksville” entered the Billboard Top 40. In 1968, “60 Minutes” premiered on CBS-TV. In 2003, Anthony Hopkins received a star on the Hollywood Walk of Fame.   WEDNESDAY WISDOM: “It is easier to go down a hill than up, but the view is from the top.”—Arnold Bennett, English writer
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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