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August 1, 2017
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What Works Well for Public Pension Communications
Cost Considerations When Freezing Your DB Plan
Millennials Lack Confidence in Social Security
Not All With Access to Retirement Plan Use It
Maryland Pension System Further Reduces Return Assumption
5th Circuit Hears Latest Round of Fiduciary Rule Arguments
Investor Demand Reshapes Active Fund Market
Benefits & Administration
What Works Well for Public Pension Communications:
More than half (72%) of public pension plans follow the Government Finance Officers Association (GFOA) reporting standards in producing their comprehensive annual financial reports (CAFR), according to a study by The Center for State & Local Government Excellence. About half develop a plain language financial report. Moreover, the study also found several plans are actively engaging with key stakeholders through robust communications and reporting initiatives. Read more »
Cost Considerations When Freezing Your DB Plan:
Just because a defined benefit (DB) plan is frozen doesn’t mean fees will go away altogether, so a reassessment of needs and services is always in order once a plan is frozen. Read more »
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2017 Recordkeeping Survey
Millennials Lack Confidence in Social Security:
The majority of young Americans lacks confidence in the future of Social Security, according to the most recent GenForward study from the University of Chicago. Asked what type of retirement savings or pension they have, the most common response in each racial and ethnic group is that Millennials have no retirement savings or pensions. Read more »
Not All With Access to Retirement Plan Use It:
Among private-industry workers, 66% had access to a retirement plan, but only 75% of this group either chose to or met eligibility requirements to participate, according to Bureau of Labor Statistics (BLS) estimates. Read more »
Maryland Pension System Further Reduces Return Assumption:
State Treasurer Nancy K. Kopp says, “Recognizing that both the inflation experience and expectations for future inflation remain lower than the rate currently assumed, the Board felt it reasonable to reduce the expected return accordingly.” Read more »
Market Mirror

Yesterday, the Dow increased 60.81 points (0.28%) to 21,891.12, the NASDAQ closed 26.55 points (0.42%) lower at 6,348.12, and the S&P 500 decreased by 1.80 (0.07%) to 2,470.30. The Russell 2000 was down 3.67 points (0.26%) at 1,425.14, and the Wilshire 5000 decreased 26.81 points (0.10%) to 25,685.19.

The price of the 10-year Treasury note was virtually unchanged, with its yield up to 2.294%. The price of the 30-year Treasury bond was up 1/32, decreasing its yield to 2.896%.
Compliance
5th Circuit Hears Latest Round of Fiduciary Rule Arguments:
Lawyers for the Department of Labor (DOL) faced tough questions from one judge on the 5th U.S. Circuit Court of Appeals, which on Monday heard oral arguments in the consolidated lawsuit filed to block the DOL’s fiduciary rule expansion by investment and insurance trade groups, among others, including the U.S. Chamber of Commerce. According to Erin Sweeney, previously a senior benefit law specialist at the DOL and currently a member in the Employee Benefits Policy practice of Miller and Chevalier, who attended the arguments and afterwards shared her analysis with PLANSPONSOR, the DOL had a tough day in court. In particular, one judge on the three-judge panel that has been assigned to the case seemed to have little sympathy for the basic strokes of the DOL’s arguments. Read more »
Investing
Investor Demand Reshapes Active Fund Market:
“Advisers invested client assets in actively managed funds in the first half of 2017, but net new flows were driven entirely by low fee and institutional priced share classes,” according to new data released by Broadridge Financial Solutions. The data focuses on the investing behavior of independent broker/dealers and wirehouse firms, which added net new assets of $150 billion and $40 billion, respectively, into institutionally priced actively managed funds during the first two quarters of 2017. These advisers serve clients beyond defined contribution (DC) retirement plans, but the trends in the data are clearly impacting the retirement savings marketplace. Read more »
Small Talk
ON THIS DATE: In 1790, the first U.S. census was completed with a total population of 3,929,214 recorded. The areas included were the present states of Connecticut, Delaware, Georgia, Kentucky, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, North Carolina, South Carolina, Tennessee, Vermont and Virginia. In 1876, Colorado became the 38th state to join the United States. In 1893, shredded wheat was patented by Henry Perky and William Ford. In 1907, the U.S. Army established an aeronautical division that later became the U.S. Air Force. In 1943, in the Solomon Islands, the U.S. Navy patrol torpedo boat PT-109 sank after being hit by the Japanese destroyer Amagiri. The boat was under the command of Lt. John F. Kennedy. Eleven of the thirteen crew survived. In 1956, the Social Security Act was amended to provide benefits to disabled workers ages 50 to 64 and disabled adult children. In 1993, Reggie Jackson was admitted into the Baseball Hall of Fame in Cooperstown, New York. In 1995, Westinghouse Electric Corporation announced a deal to buy CBS for $5.4 billion.
TRIVIAL PURSUITS: Many of you may be surprised to learn that the expression ‘D-Day’ was first used during World War I, not World War II, though it became more known during that war. What does the ‘D’ stand for in ‘D-Day?’ Read more »
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EDITORIAL

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

Rebecca Moore | NewsDash Editor | rebecca.moore@strategic-i.com

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