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March 14, 2017
Good Day!
Several Factors Contribute to Lack of Retirement Preparedness
Recordkeepers Amping Up Financial Wellness Resources
Holy Cross Hospital Settles ERISA Challenge
Court Moves Forward Insperity Excessive Fee, Self-Dealing Suit
What If the Last Day of the Plan Year Falls on a Weekend?
Benefits & Administration
Mercer reports no change in pension funded status for February, while Wilshire and LGIMA report a modest increase. Read more »
A recent Scarborough Capital Management survey of more than 1,000 participants found that while Americans may seem assured regarding their retirement savings, most are not educated in their 401(k) investments. The survey found that most (68.7%) Americans are ‘confident’ or ‘somewhat confident’ in their investment decisions, but only 22.7% believe they understand the works behind investing within a 401(k). More so, 25.8% do not consider themselves educated on the subject at all. Read more »
MOST READ ARTICLES
1
Retiring Later Not a Reliable Retirement Strategy
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Vanguard Outlines Last Best Chance for DB Plan Lump Sums
3
2016 Recordkeeping Survey
4
401k Nondiscrimination Tests Explained
Several Factors Contribute to Lack of Retirement Preparedness:
According to the latest Financial Freedom Survey by Capital One Investing, just 62% of Americans feel confident they will retire comfortably. That figure is down from 64%, which was recorded during the firm’s previous survey. The new study found that a range of factors contribute to Americans’ retirement-planning flaws. Read more »
Recordkeepers Amping Up Financial Wellness Resources:
Focusing on financial wellness education is one of the past year’s most prominent trends in the digital retirement space, with 75% of Corporate Insight’s Retirement Plan Monitor firms adding new financial wellness content to their participant websites and 40% either completely overhauling or making significant enhancements to existing content. Read more »
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Products, Deals and People
To help its 401(k) participants boost their savings and manage their accounts, Wells Fargo Institutional Retirement & Trust has added three new features to its participant website for tablet and desktop users. Read more »
Voya Financial announced that it is introducing a suite of financial planning and educational resources for plan sponsors. Different components will address various tasks including designing an effective plan with choice architecture and automated features, and re-enrolling plan participants who are not saving enough for retirement in appropriate investments. Read more »
Market Mirror

Yesterday, the Dow decreased 21.50 points (0.10%) to 20,881.48, the NASDAQ increased 14.06 points (0.24%) to 5,875.78, and the S&P 500 was virtually unchanged at 2,373.47. The Russell 2000 fell 23.85 points (1.71%) to 1,370.28, and the Wilshire 5000 was up 7.90 points (0.03%) at 24,650.18.

On the NYSE, 3.1 billion shares changed hands, with 3 advancing issues for every 2 declining issues. On the NASDAQ, 2.9 billion shares traded, with 1.6 advancers for every decliner.

The price of the 10-year Treasury note decreased 11/32, bringing its yield up to 2.616%. The price of the 30-year Treasury bond fell 27/32, increasing its yield to 3.209%.
Compliance
The Pension Benefit Guaranty Corporation (PBGC) and Sears Holdings Corporation have reached a final agreement that provides additional funding and security for the company's two pension plans. According to PBGC, the additional funding and security for the company's defined benefit pension plans is being provided in connection with the sale of Sears' Craftsman brand to Stanley Black & Decker. Read more »
Holy Cross Hospital Settles ERISA Challenge:
A settlement agreement reached in the case Butler vs. Holy Cross Hospital will result in $4 million being paid to plan participants and their attorneys. Plaintiffs had alleged their employer falsely claimed church plan status for its retirement program. Read more »
Court Moves Forward Insperity Excessive Fee, Self-Dealing Suit:
A federal court judge has mostly denied motions to dismiss a lawsuit against Insperity, a professional employer organization (PEO) that offers a 401(k) plan to employees of small- and medium-sized businesses that contract with Insperity to provide human resources services. The lawsuit accused Insperity and some of its subsidiaries and providers with violating their fiduciary duties by offering plan funds with excessive fees and engaging in self-dealing, among other claims. Read more »
Ask the Experts
What If the Last Day of the Plan Year Falls on a Weekend?:
“A few employees terminated employment at the end of the year, and their last day of work was December 30, 2016, which was the last business day of the year for our firm, since December 31 was a Saturday last year. Our 403(b) retirement plan has a last-day rule, where the document language says you must be employed on the last day of the plan year (our plan year is calendar) in order to receive our annual employer contribution. Any thoughts from the Experts as to whether or not an employer contribution for the 2016 plan year should be provided?” Read more »
Small Talk
ON THIS DATE: In 1794, Eli Whitney received a patent for his cotton gin. In 1900, U.S. currency went on the gold standard with the ratification of the Gold Standard Act. In 1903, the U.S. Senate ratified the Hay-Herran Treaty that guaranteed the U.S. the right to build a canal at Panama. The Columbian Senate rejected the treaty. A deal was signed on November 6, 1903 with the newly independent Panama. In 1914, Henry Ford announced the new continuous motion method to assemble cars. The process decreased the time to make a car from 12½ hours to 93 minutes. In 1951, U.N. forces recaptured Seoul for the second time during the Korean War. In 1964, a Dallas jury found Jack Ruby guilty of the murder of Lee Harvey Oswald, the assassin of President John F. Kennedy. In 1996, U.S. President Bill Clinton committed $100 million for an anti-terrorism pact with Israel to track down and root out Islamic militants.
TRIVIAL PURSUITS: From where did the tooth fairy originate? Read more »
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EDITORIAL

Alison Cooke Mintzer | Editor-in-Chief | alison.mintzer@strategic-i.com

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