Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 12th, 2018
Partial Summary Judgement in Deutsche Bank Self-Dealing ERISA Suit
In a detailed ruling, the Deutsche Bank defendants’ motion for summary judgment is granted with respect to certain prohibited transaction claims, but denied with respect to other breach of fiduciary duty claims. Read more >
4th Circuit Agrees Bank of America Cash Balance Participants Are Not Due More Relief
The appellate court found Bank of America did not profit from transferring participants’ 401(k) accounts to a cash balance plans and noted that previously the bank entered into a closing agreement with the IRS, paying a $10 million fine and setting up a special-purpose 401(k) plan to restore participants’ accounts. Read more >
Millennials Expect to Retire at Age 56
Seventeen percent have not yet achieved financial independence from their parents. In most cases, moving out of the home triggers being financially cut off. On average, Millennials expect to begin saving for retirement at age 36, and 28% do not plan to ever retire. Read more >
Data Points: The Adviser Difference
With interest in managed accounts growing, it is worth analyzing whether plans that have both an adviser and a managed account have better outcomes—i.e., with regard to deferral rates and average balances—than do plans without an adviser. Read more >
Is the Traditional Fiduciary Insurance Model at Risk?
'Massive' Fraud Charges Trigger Allianz Global Investors U.S. Sale to Voya
Why Small Business Owners Often Resist 401(k)s
Retirement Industry People Moves
SEC Votes to Propose Updated Fund Name Rules, ESG Disclosures for RIAs
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The Power of Progress: Innovations in Adviser Technology and Professional Advice
Discover how technology can change the way you talk about plan design with your clients. And see how advanced analytics is modernizing how people get advice. Join us as we discuss new ideas for your next client meeting; the impact of plan design and professional advice; new technology to help you measure the ROI of plan design changes; and a modern framework for evaluating retirement managed accounts. Read more >
Just Over Half of U.S. Households on Track for Retirement Success, EBRI Says
If all employers, regardless of size, had to offer a DC plan, EBRI says, the retirement deficit would decline by 19.4% or $802 billion. “Such initiatives would have correspondingly much greater impact on younger age cohorts,” EBRI says. Read more >
DC Plan Sponsors Choose Long-Term Retirement Objectives Over Short-Term Risks
According to a T. Rowe Price study, 65% of defined contribution plan sponsors believe achieving the highest retirement income opportunity for participants is their greatest priority.  Read more >
Market Mirror
Yesterday, the Dow was up 5.78 points (0.02%) at 25,322.31, the NASDAQ increased 14.41 points (0.19%) to 7,659.93, and the S&P 500 inched 2.97 points (0.11%) higher, finishing at 2,782.00. The Russell 2000 was up 2.19 points (0.13%) at 1,674.68, and the Wilshire 5000 closed 39.35 points (0.14%) higher at 29,026.63. The price of the 10-year Treasury note was down 1/32, increasing its yield to 2.953%. The price of the 30-year Treasury bond decreased 2/32, bringing its yield up to 3.093%.
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