Break from the Grind January 31, 2022

SURVEY SAYS: 2022 Super Bowl Contenders

NEWSDash readers choose which teams they’d like to see play in the Super Bowl and their pick for the winner.

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We are close to knowing which teams will play in this year’s Super Bowl. Last week, I asked NewsDash readers, “Which teams would you like to see play in the Super Bowl, and which team would you like to see win?”

The majority of responding readers (59%) said they’d like to see the Cincinnati Bengals win the AFC Championship game and move on to play the winner of the NFC Championship game. More than one-third (35%) indicated they’d like to see the Kansas City Chiefs win, and 7% said they don’t care.

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As for the NFC Championship game, 46% are pulling for the Los Angeles Rams, while 39% are rooting for the San Francisco 49ers and 15% said they don’t care.

When it comes to the ultimate championship, 46% of respondents are pulling for the Bengals to win the Super Bowl. Nearly one-quarter (24%) want the Chiefs to win, 17% are rooting for the Rams, and 11% will be cheering on the 49ers. Two percent indicated that they don’t care who wins the Super Bowl.

Some of the readers who left comments noted that “their team” is not in the running, so that would make them less interested in the outcomes of the games. Still, several are looking forward to a good game and to the commercials, of course. One reader expressed that they are “more focused on the Puppy/Kitten Bowl.” Several readers who left comments expressed relief that Tom Brady would not be at the Super Bowl this year. And I have to agree with the readers who noted that last week’s playoff games would be hard to beat. Just because it was a humorous response and made me laugh out loud, Editor’s Choice this week goes to the reader who said, “Who Dey!!!”

A big thank you to all who participated in the survey!

Verbatim

Cincinnati has a long history of playing the 49ers in the SuperBowl. Could this be the year my Bengals beat the 49ers?!!

Anyone but Mahomes. It’s time for Matt Stafford to be recognized after his long stint with the sad sack Lions.

Just looking for a good game as neither of these teams is my team. Kinda like the Joe Burrow swagger…….

As long as it is a good game, I’ll be a happy football fan! Not sure the Super Bowl could top last weekend’s games.

Who Dey!!!

I hope that it is a great game and that all the players enjoy themselves.

Another year without the Browns or Lions in the Super Bowl, the streak continues. Maybe just once in my lifetime?

Actually, any of these four teams will do. Once we got rid of the Patriots, the Cowboys, and Tom Brady, there was no one left to hate!

The Bengals have only been to two Super Bowls and lost both times – to the 49ers. What are the chances of a rematch?

Go Packers GO!!!! Tom Brady and Aaron Rodgers are the BEST QB’s EVER!

CHIEFS ALL THE WAY BABY!!!!! Yes I live in KC 🙂

I’m just so happy not to see Tom Brady’s ugly mug this year…phew!

Last week’s conference championship games made for the best weekend of playoff games ever

My team did not make it, so I am not quite as engaged in the outcome. I will be more focused on the commercials.

Going for the underdogs, even though my husband is a Chiefs fan! My team, the Packers, once again is out, sigh.

I’m more focused on the Puppy/Kitten Bowl on the Discovery channel!

It’s just exciting to have a Super Bowl without Tom Brady. It’s time that someone else gets a chance to display their talents. Go Joe Burroughs!!!

Of the teams remaining, no one deserves a Super Bowl ring more than Matthew Stafford, who has been an excellent QB over his career, but stuck in a horrible organization. Sorry Lions fans, but the leadership there never gave him a chance by putting together a complete team with talent and a coaching staff that would be able to guide this team to success, even with a top tier QB.

So glad Tom Brady is out! Now if Cincinnati could just take care of Mahomes…

Born and raised in Kansas City, so I’m hoping the Chiefs will make it to a 3rd consecutive Super Bowl and win this one (unlike last year’s loss)!

NOTE: Responses reflect the opinions of individual readers and not necessarily the stance of Institutional Shareholder Services (ISS) or its affiliates.
Compliance January 28, 2022

Lawsuit Against Trust Company Alleges Self-Dealing

The defendants are accused of using the company's 401(k) plan to prop up its mutual fund business. 

Reported by

A former retirement plan participant of the Bessemer Trust Company 401(k) and Profit-Sharing Plan has filed a lawsuit against the company and its plan committee alleging breaches of fiduciary duty under the Employee Retirement Income Security Act (ERISA).

The plaintiffs allege the plan was managed in a manner that benefited the company rather than participants. According to the complaint, the defendants used the plan to promote Bessemer Trust’s Old Westbury mutual fund business and maximize the company’s profits.

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The lawsuit alleges that among all plans with at least $100 million in assets, none other than the Bessemer plan invested in any Old Westbury funds.

“The defendants’ favoritism towards Old Westbury Funds has not only led to the retention of overpriced proprietary funds, but also the retention of underperforming proprietary funds,” the complaint states. “For example, the Old Westbury Large Cap Strategies fund, the plan’s largest holding, trailed its benchmark by a staggering 6.40% percent per year over the five-year period ending 2020.”

The plaintiffs say stuffing the plan with Old Westbury proprietary funds cost retirement plan participants millions in excess fees from high cost, poor-performing investments and subsequent lost compounding and uncaptured investment growth.

The lawsuit alleges the plan’s overall expenses were also excessive for its’ size.

“For plans with $100 million to $500 million in assets, like the plan, the average asset-weighted total plan cost is between 0.42% and 0.47%,” the complaint states. “In contrast, the plan’s total costs were approximately two times higher, ranging from 0.73% to 0.99% throughout the statutory period.

Additionally, high-cost Old Westbury funds comprised over 98% of the plan’s investment expenses, according to the complaint.  

“Despite the Old Westbury Funds’ clear disfavor among similarly situated plan fiduciaries, defendants have selected and retained a lineup of funds laden with Old Westbury Funds,” the complaint states. “Indeed, defendants have not passed up a single opportunity to self-deal in the plan: the only non-Old Westbury options in the plan represent 401(k)-staple asset classes or investment styles for which Old Westbury does not maintain a proprietary offering.”

Bessemer Trust has not yet responded to a request for comment about the lawsuit.

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