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| Benefits & Administration | |
| New School Year: Time to Educate Educators About Saving | |
| A survey conducted in 2014 by Greenwald and Associates and commissioned by Security Benefit found Generations X and Y K–12 educators would prefer to learn about financial planning issues at work, and there are certain areas in which they need more help. Plan sponsors and advisers need to educate educators, at the workplace and in some cases online, says Jim Kiley, senior vice president and national sales manager for Security Benefit, covering the Eastern U.S. The beginning of the school year is a great time to get public school employees on track for a secure retirement.Read more > | |
| Women in More Urgent Need of Savings Help Than Men | |
| A new study from Financial Finesse suggests that, in general, working women will need to save more—and at a much faster pace—than men to satisfy the average cost of expenditures in retirement. The analysis found a 26% gap in the shortfall between men’s and women’s retirement savings. The analysis included a look at median incomes, deferral rates, retirement savings, life expectancies and projected health care costs to determine how much the median 45-year-old man and woman would need to save in order to replace 70% of their income in retirement. Greg Ward, director of Financial Finesse’s Think Tank, shared ways plan sponsors can help.Read more > | |
| Sponsored message from Transamerica | |
| PLANSPONSOR Interview Jeremy Hersch Click here to see PLANSPONSOR’s interview of Jeremy Hersch, Vice President of Investment Solutions for Transamerica Retirement Solutions. Read more > | |
| Market Mirror | |
Major U.S. stock indices closed higher Tuesday, as the market in China rallied. The Dow closed 390.30 points (2.42%) higher at 16,492.68, the NASDAQ climbed 128.01 points (2.73%) to 4,811.93, and the S&P 500 gained 48.10 points (2.50%) to finish at 1,969.32. The Russell 2000 was up 25.59 points (2.25%) at 1,161.75, and the Wilshire 5000 increased 491.12 points (2.42%) to 20,795.28.
On the NYSE, 3.2 billion shares traded, and on the NASDAQ, 2.8 billion shares changed hands, with advancing issues outnumbering declining issues more than 3 to 1 on both exchanges.
The price of the 10-year Treasury note increased 18/32, bringing its yield down to 2.192%. The price of the 30-year Treasury bond climbed 1 19/32, decreasing its yield to 2.967%. | |
| Compliance | |
| School Settles Age Bias Suit | |
| A voucher school located in Racine, Wisconsin, has agreed to settle an age and gender bias lawsuit filed against it by the Equal Employment Opportunity Commission (EEOC). The lawsuit alleges that, after hiring Boro Bosovich as a principal/supervisor and learning that he had retired from a prior job, Renaissance School’s owners began questioning his fitness for the job and making comments related to his age. Ultimately, they fired him a few days after hiring him.Read more > | |
| Final Rules for DB Minimum Required Contributions Issued | |
| The Internal Revenue Service (IRS) has issued final regulations providing guidance on the determination of minimum required contributions for single-employer defined benefit (DB) plans, as well as final regulations regarding the excise tax for failure to satisfy the minimum funding requirements for defined benefit plans. The regulations apply to plan years beginning on or after January 1, 2016.Read more > | |
| Investing | |
| The Challenges of Picking a QDIA | |
| The Department of Labor (DOL) created a regulatory safe harbor in 2007 to limit the liability of a plan sponsor that invested contributions on behalf of employees into default investments. The safe harbor allowed plan sponsors to choose from three default investments that would qualify a plan for safe harbor protection. In “401(k)Plans: Clearer Regulations Could Help Plan Sponsors Choose Investments for Participants,” the Government Accountability Office (GAO) set out to examine which options plan sponsors selected as default investments and why; how plan sponsors monitor their default investment selections; and what challenges, if any, plan sponsors report facing when adopting a default investment for their plan.Read more > | |
| Small Talk | |
| Nearly half of human resource (HR) professionals surveyed claim their organization previously had a policy against rehiring former employees—even if the employee left in good standing—yet 76% say they are more accepting of hiring boomerang employees today than in the past, according to the first study released in The Employee Engagement Lifecycle Series commissioned by The Workforce Institute at Kronos Incorporated and WorkplaceTrends.com. While only 15% of employees report they had boomeranged back to a former employer, nearly 40% say they would consider going back to a company where they once worked. Employers listed a couple of leading reasons they would rehire a former employee.Read more > | |
| ON THIS DATE: In 1776, the second Continental Congress officially made the term “United States,” replacing the previous term “United Colonies.” In 1850, California became the 31st state to join the union. In 1926, the National Broadcasting Company (NBC) was created by the Radio Corporation of America (RCA). In 1979, Tracy Austin, at age 16, became the youngest player to win the U.S. Open women’s tennis title. In 1999, the Sega Dreamcast game system went on sale. By 1:00 p.m. all Toys “R” Us locations in the U.S. had sold out. | |
| WEDNESDAY WISDOM: “Many of life’s failures are people who did not realize how close they were to success when they gave up.” —Thomas A. Edison | |
| 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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Copyright © Asset International, Inc., 2015. All rights reserved. No reproduction without prior authorization. |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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