| DISRUPTION: Transamerica’s New TPA Requirement Denotes Industry Pressures | | Our series of exclusive interviews with retirement plan service providers, new and established, continues with Transamerica—which just recently announced a requirement that all new plans coming onto the platform with less than $3 million in assets must employ a retirement specialist TPA.
Read more > | | | Adviser Off the Hook in NYU 403(b) Plans Case | |
A federal court judge has denied a motion for summary judgment in a case alleging New York University allowed excessive fees in two 403(b) plans by retaining high-cost and poor performing investment options and by using multiple recordkeepers instead of a single provider. In a one-page, hand-written order, U.S. District Judge Katherine B. Forrest of the U.S. District Court for the Southern District of New York, said, “No reply is necessary on this matter. It is clear that the remaining issues in this case implicate questions of fact.”
Read more > | | | Two Thirds of Millennials Have No Retirement Savings | | A new NIRS study finds that 66.2% of working Millennials have nothing saved for retirement. While 66% of Millennials work for an employer that offers a retirement plan, only 34.3% are participating in the plan.
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| From the Magazine: Warming to ESG | | At the start of 2016, 26% of professionally managed assets in Asia, Australia and New Zealand, Canada and the U.S., equal to $23 trillion, was managed under some type of social criteria, according to the Global Sustainable Investment Alliance.
Read more > | | | More Than Half of Americans Not Contributing to a 401(k) | | Furthermore, only 37% are contributing to an IRA, and 18% to a HSA, Edward Jones learned in a survey
Read more > | | | Value Added | | Plan sponsors often fail to comprehend or value their advisers’ fiduciary services, according to those service providers themselves in attendance at the 2017 PLANADVISER National Conference (PANC). Asked if they think plan sponsors understand what it means to have their adviser serve as a fiduciary, 43% of attendees polled said, “No.” And, asked if they thought plan sponsors value their adviser serving as a fiduciary, 54% responded, “Yes, some do.”
Read more > | | | Market Mirror | | Tuesday, the Dow was down 299.24 points (1.16%) at 25,410.03, the NASDAQ decreased 91.11 points (1.23%) to 7,330.35, and the S&P 500 closed 35.32 points (1.27%) lower at 2,744.28. The Russell 2000 fell 22.86 points (1.47%) to 1,536.47, and the Wilshire 5000 lost 369.59 points (1.29%) to finish at 28,339.84.
The price of the 10-year Treasury note decreased 11/32, bringing its yield up to 2.903%. The price of the 30-year Treasury bond was down 7/32, increasing its yield to 3.167%.
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