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| As Pensions Fade, Retirees Will Need More Savings | |
| Eighty-one percent of today’s retirees receive some income from a pension plan, and for 42% of these people, their pension provides half or more of their retirement income, according to a study by the Insured Retirement Institute (IRI). However, for those not yet retired, only 24% have a defined benefit (DB) plan. Future retirees will need upwards of $400,000 to make up for the pension income shortfall, IRI says. Read more > | |
| Economic Events | |
Sales of new single-family houses in August were at a seasonally adjusted annual rate of 609,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.6% below the revised July rate of 659,000, but is 20.6% above the August 2015 estimate of 505,000. | |
| Sponsored message from J.P. Morgan | |
| Half of participants admit they don’t have a plan regarding retirement. Our Plan Participant Survey Findings takes a closer look at DC plan participants’ attitudes and behaviors when it comes to saving and investing for retirement. Read more > | |
| Market Mirror | |
Monday, the Dow lost 166.62 points (091%) to finish at 18,094.83, the NASDAQ closed 48.26 points (0.91%) lower at 5,257.49, and the S&P 500 decreased 18.59 points (0.86%) to 2,146.10. The Russell 2000 was down 7.01 points (0.56%) at 1,240.93, and the Wilshire 5000 fell 189.59 points (0.84%) to 22,367.52. On the NYSE, 3.1 billion shares traded, with declining issues outnumbering advancing issues more than 2 to 1. On the NASDAQ, 2.9 billion shares changed hands, with a 3 to 1 lead for decliners. The price of the 10-year Treasury note was up 10/32, decreasing its yield to 1.584%. The price of the 30-year Treasury bond increased 19/32, bringing its yield down to 2.317%. | |
| Compliance | |
| Many of the retirement challenges Americans face could be addressed by the current defined contribution (DC) plan system, if lawmakers move to effect changes, providers contend. Read more > | |
| Company Stock Registration Not Necessarily Required With Brokerage Window | |
| The Securities and Exchange Commission (SEC) says whether offering a brokerage window in a 401(k) through which investments in employer securities can be made involves an offer of employer securities requiring Securities Act registration depends on the extent of the plan sponsor’s involvement.Read more > | |
| Supreme Court Stays Relief in Dignity Health Plan Case | |
| Supreme Court Justice Anthony Kennedy has granted a stay of a court’s mandate that Dignity Health get its pension plan in compliance with the Employee Retirement Income Security Act (ERISA) until a decision is made on the health care provider’s petition for writ of certiorari of its lawsuit. Read more > | |
| Court Finds ERISA Can Be Used to Enforce Top-Hat Plan Terms | |
| U.S. District Judge William Alsup of the U.S. District Court for the Northern District of California ruled equitable remedies under Section 502(a)(3) of the Employee Retirement Income Security Act (ERISA) can be used to enforce provisions of a top-hat retirement plan. The case involves Steven K. Buster, former president and chief executive officer of Mechanics Bank, who in 2012, when terminated was presented with a separation agreement. Among other things, Alsup held that “appropriate equitable relief” under ERISA Section 502(a)(3) may extend to remedy inequitable conduct pertaining to a supposed waiver of plan rights. Read more > | |
| Small Talk | |
| ON THIS DATE: In 1779, John Adams was elected to negotiate with the British over the American Revolutionary War peace terms. In 1954, the “Tonight!” show made its debut on NBC-TV with Steve Allen as host. In 1979, the Department of Education became the 13th Cabinet in U.S. history after final approval from Congress. In 1986, the U.S. Senate approved the Tax Reform Act, making the most sweeping federal tax code changes since World War II. In 1989, two men went over the 176-foot-high Niagara Falls in a barrel. Jeffrey Petkovich and Peter Debernardi were the first to ever survive the Horshoe Falls. In 1991, U.S. President George H.W. Bush eliminated all land-based tactical nuclear arms and removed all short-range nuclear arms from ships and submarines around the world. He called on the Soviet Union to do the same. In 1995, the U.S. government unveiled the redesigned $100 bill. The bill featured a larger, off-center portrait of Benjamin Franklin. | |
| TRIVIAL PURSUITS: What is wrong with the sentence, “The boy slid down the banisters”?Read more > | |
| 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 > |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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