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Week ending February 17, 2017
NOTE FROM THE EDITOR
Happy Friday, PLANSPONSOR readers! The week started out with the announcement of an acquisition of Aon Hewitt’s HR and Benefits administration business. Then we faced another development affecting the retirement plan industry—President Donald Trump’s Labor Secretary nominee dropped himself out of consideration. Trump seems to have reversed course with his newest nominee. In other news, just as one retirement plan provider agreed to settle a self-dealing suit over its retirement plan for employees, another provider was just charged with self-dealing. Finally, we get research from Willis Towers Watson about a new way of thinking about diversification in this new market environment. All this and more in this edition of PLANSPONSOR Weekend!
EDITOR'S CHOICE
Compliance
DOL Secretary Nominee Backs Down
The day before his Senate confirmation hearing was set to kick off, Department of Labor (DOL) Secretary nominee Andrew Puzder withdrew himself from consideration.
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Compliance
Former NLRB Leader Could Fill DOL Secretary Role
Days after the surprise withdrawal of Andrew Puzder as President Trump’s Labor Secretary nominee, the White House is now confirming their new pick for the job, former member of the National Labor Relations Board R. Alexander Acosta.
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Compliance
New York Life Agrees to Settle Self-Dealing Suit
The lawsuit accuses the insurance company of offering its proprietary fund in its retirement plans when lower-cost options were available.
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Compliance
T. Rowe Price Latest Target of Self-Dealing Lawsuit
A lawsuit accuses T. Rowe Price and its affiliates of not only offering just proprietary funds in the company’s 401(k) plan, but only offering the highest-priced versions of those funds.
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Investing
Market Environment Means a New Take on Diversification
The holdings in your portfolio should fluctuate for different reasons and in different environments, Willis Towers Watson says.
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MOST POPULAR STORIES
Benefits
Move to HDHPs Creates Need for Health Literacy and Wellness Tools
Organizations looking to make employees their own best care managers, understand it requires creating an informed health care shopper and providing an environment that guides positive employee behavior and promotes engagement.
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Deals and People
Retirement Industry People Moves
Nationwide combines public and private retirement plan teams; Lincoln Financial names new president of tax-exempt retirement plans; IRIC names first executive director; and more
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Deals and People
Blackstone to Acquire Aon Hewitt’s Benefits and HR Administration Platform
Aon Hewitt says this transaction sharpens its focus on delivering advice and solutions, accelerates innovation on behalf of clients and improves return on invested capital.
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Compliance
TIAA Faces Suit Over 403(b) Plan Participant Loans
Participants' loans were paid from TIAA's general account and the firm kept some of the interest participants paid, which the suit says "is the epitome of self-dealing.”
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Research
2016 Recordkeeping Survey
The market's growth has manifested itself with more recordkeeping assets concentrated in the 20 largest providers. This trend also highlights the homogenization and commoditization of a growing number of recordkeeper services that were considered added value just ten years ago. Although providers in the 2016 PLANSPONSOR Recordkeeping Survey are ranked according to various criteria, none of the rankings can definitively answer the question of whether bigger recordkeepers are better recordkeepers.
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
Advertising: Paul Zampitella paul.zampitella@strategic-i.com
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