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May 24, 2017
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Multiemployer Plans Have Hope and a Future
Pre-Retirees Could Use More Retirement Planning Help
Advice Linked to Retirement Readiness and Confidence
Transamerica, Sage Advisory Team Up for Cash Balance Plan Solution
No More Delays for DOL Fiduciary Rule
Benefits & Administration
Nearly 75% of adults have financial regrets, Bankrate.com found in a survey. The most common is not saving early enough for retirement, cited by 22%, followed by not saving enough for an emergency (16%). The survey finds remorse over not saving early enough for retirement grows steadily from ages 18 to 62. Read more »
Multiemployer Plans Have Hope and a Future :
We’ve all seen the headlines: The Pension Benefit Guaranty Corporation (PBGC) multiemployer plan program is running out of money because it is helping so many plans, and a number of multiemployer plans have asked the Treasury for permission to reduce benefits under the Multiemployer Pension Reform Act (MPRA). But, according to Zane Dalal, executive vice president of Benefit Programs Administration (BPA), who is based in Los Angeles, the industry needs to take a balanced view. Doom and gloom headlines are not the whole story about multiemployer plans. Read more »
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Pre-Retirees Could Use More Retirement Planning Help:
Although people approaching retirement have a strong vision for what success looks like, many are unsure of how to get there, and many are still afraid of running out of money, a TIAA survey finds. Read more »
Advice Linked to Retirement Readiness and Confidence:
Findings from the Northwestern Mutual Planning and Progress study show Americans who receive regular guidance from financial advisers feel markedly more prepared for retirement and other financial challenges, leading to far greater confidence. According to the data shared by the firm, seven in 10 Americans with advisers say their retirement plan is designed to withstand market cycles, compared to 30% of those who do not use an adviser. At the same time, 49% of people without an adviser have taken no steps to address the possibility of outliving their savings—three times as many as those with an adviser (15%). Read more »
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Products, Deals and People
Transamerica, Sage Advisory Team Up for Cash Balance Plan Solution :
Transamerica introduced the Transamerica Sage Cash Balance Solution to help small and mid-size businesses with retirement planning. An employer that sponsors a cash balance retirement plan will consult with the plan’s adviser to select one of three investment solutions independently managed by Sage Advisory Services. Read more »
Economic Events
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced sales of new single-family houses in April were at a seasonally adjusted annual rate of 569,000. This is 11.4% below the revised March rate of 642,000, but is 0.5% above the April 2016 estimate of 566,000. 
Market Mirror

 

Tuesday, the Dow gained 43.08 points (0.21%) to finish at 20,937.91, the NASDAQ was up 5.09 points (0.08%) at 6,138.71, and the S&P 500 increased 4.40 points (0.18%) to 2,398.42. The Russell 2000 closed 3.85 points (0.28%) higher at 1,380.98, and the Wilshire 5000 gained 28.91 points (0.12%) to finish at 24,948.11.

The price of the 10-year Treasury note was down 9/32, increasing its yield to 2.286%. The price of the 30-year Treasury bond decreased 21/32, bringing its yield up to 2.946%.

 

Compliance
No More Delays for DOL Fiduciary Rule :
Fiduciary rule guidance for financial advisors, retirement plan sponsors, and individual workers and retirees has been published on the U.S. Labor Department’s website. This information comes in advance of the rule’s June 9 applicability date. Read more »
Ask the Experts
“I know participants can apply part of their distributions as ministers’ housing allowance (granted they meet the requirements) in a 403(b)(9) church retirement income account.  But can they also do so from a 403(b)(7) mutual fund custodial account?” Read more »
Investing
Investors paid lower fees for U.S. open-end mutual funds and exchange-traded funds (ETFs) in 2016 than ever before, according the latest analysis by independent investment research company Morningstar. The firm found that the asset-weighted average expense ratio across these funds, excluding money market funds and funds of funds, was 0.57% in 2016—marking a decrease from 0.61% in 2015 and 0.65% from three years ago. Read more »
Small Talk
Fewer companies are offering summer perks such as flexible schedules, shorter hours on Fridays and a relaxed dress code, a survey from OfficeTeam finds. HR managers feel employees are less productive during the summer months, but OfficeTeam suggests offering summer perks can help keep them engaged. Read more »

ON THIS DATE: In 1624, after years of unprofitable operation Virginia’s charter was revoked and it became a royal colony. In 1738, the Methodist Church was established. In 1764, Bostonian lawyer James Otis denounced "taxation without representation" and called for the colonies to unite in demonstrating their opposition to Britain’s new tax measures. In 1830, the first passenger railroad service in the U.S. began. In 1844, Samuel F.B. Morse formally opened America's first telegraph line. The first message was sent from Washington, D.C., to Baltimore, Maryland. The message was "What hath God wrought?" In 1883, after 14 years of construction the Brooklyn Bridge was opened to traffic. In 1931, B&O Railroad began service with the first passenger train to have air conditioning throughout. The run was between New York City and Washington, D.C. In 1958, United Press International was formed through a merger of the United Press and the International News Service. In 1980, the International Court of Justice issued a final decision calling for the release of the hostages taken at the U.S. embassy in Tehran on November 4, 1979. In 1994, the four men convicted of bombing the New York's World Trade Center were each sentenced to 240 years in prison. In 2001, Temba Tsheri, 15, became the youngest person to reach the summit of Mount Everest. In 2011, NASA announced the development of the Orion Multi-Purpose Crew Vehicle (MPCV) spacecraft. It is intended to facilitate exploration of the Moon, asteroids and Mars.

 

WEDNESDAY WISDOM: “It is better to offer no excuse than a bad one.”—George Washington

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

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

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