Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
September 24th, 2018
Benefits & Administration
The Perils of Ignoring Participant Complaints
Participants do lodge complaints against their retirement plans from time to time, and all of these complaints should be addressed, experts say. If a retirement plan sponsor ignores a participant complaint, that participant is liable to turn to the Department of Labor (DOL) on their own or hire a lawyer who will do so on their behalf, says Blaine Aikin, executive chairman of Fi360 in Pittsburgh. Read more >
Auto-Portability, Universal Coverage Would Reduce Retirement Shortfall
The Employee Benefit Research Institute (EBRI) says that if the Automatic Retirement Plan Act of 2017 was combined with auto-portability, the retirement savings shortfall of $4.13 trillion would be reduced by $932 billion, or 22.6%. Read more >
Products, Deals and People
Sources Say Invesco Will Buy OppenheimerFunds
Sources say that Invesco, Ltd., an American independent investment management company in in Atlanta, Georgia, will buy OppenheimerFunds, a leading global asset manager located in New York City. The acquisition would bring $248 billion in new client assets. Read more >
Retirement Industry People Moves
The Wagner Law Group Welcomes Attorneys Quinn and Burwick; Independent Retirement Hires Retirement Plan Consultant; SageView Hires Managing Director; and more. Read more >
MOST READ ARTICLES
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AT&T Sued Over Calculation of Early Retirement Benefits
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New Lawsuit Highlights Importance of Cybersecurity for Retirement Plans
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IRS Releases 2019-2020 Priority Guidance Plan
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DC Plans 3.0 Will Really be Tailored to Individual Situations
Economic Events

THE ECONOMIC WEEK AHEAD: Tomorrow, the Conference Board will reveal its Consumer Confidence Index for September. Wednesday, the Census Bureau will report about new home sales for August. Thursday, the Labor Department will release its initial claims report, the Census Bureau will report about durable goods orders for August.

Market Mirror

Friday, the Dow closed 86.52 points (0.32%) higher at 26,743.50, the NASDAQ lost 41.28 points (0.51%) to finish at 7,986.96, and the S&P 500 was down 1.08 points (0.04%) at 2,929.67. The Russell 2000 closed 7.87 points (0.46%) lower at 1,712.32, and the Wilshire 5000 decreased 38.29 points (0.13%) to 30,424.00.

 

The price of the 10-year Treasury note was unchanged, with its yield at 3.064%. The price of the 30-year Treasury bond was down 2/32, increasing its yield to 3.200%.

 

WEEK’S WORTH: For the week ending September 21, the Dow climbed 2.25%, the NASDAQ was down 0.29%, and the S&P 500 gained 0.85%. The Russell 2000 finished 0.55% lower, and the Wilshire 5000 increased 0.49%.

Sponsored message from Voya
Voya Research on Enrollment Default Savings Rates in Retirement Plans
Study uncovers opportunity to push enrollment default savings rate much higher in retirement plans Read more >
Compliance
Sanctions Called for Workers and Attorneys in Sacerdote et al. v. NYU
New York University, which recently defeated a lawsuit against management of its 403(b) plans, called for sanctions against the workers and attorneys Schlichter Bogard & Denton behind the now-dismissed proposed class action suit arguing in their suit had been an attempt to avoid unfavorable rulings in an earlier, identical case. There were four different bases on which the court could sanction the workers and their attorneys, for their “frivolous and vexatious conduct,” the university said. Read more >
Protecting the Rights of Alternate QDRO Payees, When it Comes to Divorce
Senator Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor and Pensions (HELP) Committee, sent a letter to Government Accountability Office (GAO) Comptroller General Gene Dodaro requesting a study on the process for obtaining a Qualified Domestic Relations Order (QDRO), which allows for pensions or retirement accounts to be divided following a divorce or legal separation. The Senator’s letter includes data from a GAO study which found that women’s household income and assets, on average, fell by 41% with divorce, with the income decline being almost twice the size of the decline that men experienced. One protection available to women is the QDRO, which creates or recognizes the existence of a right to receive a share of retirement benefits. Read more >
Investing
How to Talk Through Volatility with Plan Participants
“At some point we are going to experience market volatility, which is why it is important to educate investors how their portfolio may perform both on the upside and the downside,” says David Brinkman, investment relationship manager with Schneider Downs Wealth Management in Columbus, Ohio. Read more >
Small Talk

ON THIS DATE: In 1789, Congress passed the First Judiciary Act. The act provided for an Attorney General and a lower federal courts. In 1934, Babe Ruth played his last game as a New York Yankee player. In 1938, Don Budge became the first tennis player to win all four of the major titles when he won the U.S. Tennis Open. He had already won the Australian Open, the French Open and the British Open. In 1957, the Brooklyn Dodgers played their last game at Ebbets Field. In 1957, President Eisenhower sent federal troops to Little Rock, Arkansas, to enforce school integration. In 1960, the first nuclear powered aircraft carrier was launched. The USS Enterprise set out from Newport News, Virginia. In 1968, “60 Minutes” premiered on CBS-TV. In 1977, “The Love Boat” debuted on ABC-TV. In 1998, the U.S. Federal Reserve released into circulation $2 billion in new harder-to-counterfeit $20 bills. In 2003, Anthony Hopkins received a star on the Hollywood Walk of Fame.

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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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