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August 10, 2017
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Nonqualified Plans Attract Top Talent
Court Decision Leaves Open Question of Responsibility for Government Plans
Participant Fails to Establish Class Status in Prudential Lawsuit
Sanctions Bill Affects Retirement Plans
DOL Signals Extension of Fiduciary Rule Transition Period
Search for Yield in TDFs Can Leave Older Investors Over Exposed
Industry Voices
Nonqualified Plans Attract Top Talent:
Traditional 401(k) retirement plans don’t do enough to attract and retain highly compensated employees, and companies are pivoting to nonstandard compensation programs to address that need. Nonqualified, or NQ, plans are a growing part of the human resources (HR) tool kit for recruiting and retaining critical leaders. Cynthia Dash, general manager for Matrix Financial Solutions, a Broadridge company, discusses three key factors for successfully adopting NQ retirement plans. Read more »
Economic Events
June sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $465.8 billion, up 0.7% from the revised May level and up 5.5% from the June 2016 level, the Census Bureau announced. The April to May percent change was revised from the preliminary estimate of down 0.5% to down 0.1%.
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2017 Recordkeeping Survey
Market Mirror

Wednesday, the Dow decreased 36.64 points (0.17%) to 22,048.70, the NASDAQ closed 18.13 points (0.28%) lower at 6,352.33, and the S&P 500 was virtually unchanged at 2,474.02. The Russell 2000 lost 13.21 points (0.94%) to finish at 1,396.94, and the Wilshire 5000 was down 35.75 points (0.14%) at 25,634.29.                             

The price of the 10-year Treasury note was up 5/32, decreasing its yield to 2.247%. The price of the 30-year Treasury bond increased 16/32, bringing its yield down to 2.820%.
Compliance
Court Decision Leaves Open Question of Responsibility for Government Plans:
In the ongoing saga regarding the termination of the Mississippi-based Singing River Health System’s defined benefit (DB) plan, an appellate court has determined it was proper for a district court to release Jackson County, Mississippi, the owner of the health system, from any further litigation. In addition, the 5th Circuit found a settlement agreement between Singing River Health System and its current and former employees was unfair, as there was no guarantee of future payments. Read more »
Participant Fails to Establish Class Status in Prudential Lawsuit:
A federal district court judge has denied class action status to an Employee Retirement Income Security Act (ERISA) challenge filed by a retirement plan participant invested in a stable value product offered by Prudential. The suit, filed against Prudential Retirement Insurance and Annuity Company in the U.S. District Court for the District of Connecticut, alleged that the firm improperly assessed and failed to disclose compensation derived from clients’ investment in a stable value fund. Read more »
Sanctions Bill Affects Retirement Plans:
Groom Law Group attorneys say they have seen an increase in the number of pension plans that have faced possible Office of Foreign Assets Control violations arising from distributions and investments. Read more »
DOL Signals Extension of Fiduciary Rule Transition Period:
A "notice of administrative action" submitted by Department of Labor (DOL) attorneys to the U.S. District Court for the District of Minnesota indicates the regulator will extend the transition period preceding full implementation of the expanded fiduciary rule. Read more »
Investing
Search for Yield in TDFs Can Leave Older Investors Over Exposed:
Greater exposure to higher-yielding corporate bonds can notably dampen a fixed-income allocation’s diversification benefits to equity investments. Read more »
Small Talk
ON THIS DATE: In 1821, Missouri became the 24th state to join the Union. In 1846, the Smithsonian Institution was chartered by the U.S. Congress. It was made possible by $500,000 given by scientist Joseph Smithson. In 1869, the motion picture projector was patented by O.B. Brown. In 1921, Franklin D. Roosevelt was stricken with polio. In 1927, Mount Rushmore was formally dedicated. The individual faces of the presidents were dedicated later. In 1944, U.S. forces defeated the remaining Japanese resistance on Guam. In 1945, the day after the atomic bombing of Nagasaki, Japan announced they would surrender. The only condition was that the status of Emperor Hirohito would remain unchanged. In 1947, William Odom completed an around-the-world flight. He set the solo record by completing the flight in 73 hours and 5 minutes. In 1948, on ABC, "Candid Camera" made its TV debut. In 1949, the National Military Establishment had its name changed to the Department of Defense. In 1981, Pete Rose hit a single and broke the National League all-time hit record with his 3,631st hit. In 1988, U.S. President Ronald Reagan signed a measure that provided $20,000 payments to Japanese-Americans who were interned by the U.S. government during World War II.
SURVEY SAYS: We covered a survey in which 62% of employees said having co-workers who are friends outside of the office positively affects productivity. In addition, professionals who feel they have good friends at work are 1.6 times more likely to be happy at work than those who don't. This week, I’d like to know, do you have co-workers who are your friends outside of work, and if so, does this make your work day better? You may respond to this survey by 6 p.m. Pacific time today. 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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