Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 26th, 2018
Betterment Settles FINRA Allegations Tied to Bookkeeping Practices
Without admitting guilt or even the facts of the matter, Betterment has settled various allegations of improper recordkeeping and “window dressing” leveled by FINRA, to the tune of $400,000. Read more >
MetLife Faces Court Challenges for Pension Risk Transfer and Beneficiary Practices
According to the text of the complaint, the action seeks to hold MetLife accountable for the company’s conversion of more than $500 million in annuitized retirement benefits, interest, and unlawful profits over the last 25 years. State regulatory authorities in Massachusetts are also getting involved. Read more >
ESG Fund Performance Goes Under Cerulli’s Microscope
As an investment professional or a client, there are a lot of reasons to feel positive about the topic of environmental and socially minded investing, but new Cerulli research offers a reminder that not all “ESG” funds are created equal. Two important criteria to keep in mind are materiality and intentionality.  Read more >
Retirees More Worried About Health Than Money
Ninety-one percent of retirees are confident their savings will last throughout their lifetime, compared to only 56% of pre-retirees. While 28% of pre-retirees worry they will not have enough money to enjoy themselves in retirement, this is only true for 7% of retirees. In fact, retirees’ biggest concern, cited by 29%, is health care costs. Read more >
6th Circuit Backs Defense in Fidelity Freedom Funds ERISA Suit
Ready for PTE 2020-02 July 1 Enforcement?
Olin Corp. Soundly Defeats ERISA Lawsuit
Retirement Industry People Moves
Senate Finance Committee Advances EARN Act
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E-Delivery Would Benefit DC Plan Participants
The American Retirement Association announced findings of a new study it commissioned with the Investment Company Institute that concludes that shifting the default medium for defined contribution plan disclosures from paper would save plan participants hundreds of millions of dollars annually. Read more >
Tax Law Prompts DB Plans to Boost Funding
Corporations have until mid-September to deduct pension plan contributions at the rate of 35%; after that, the lower 21% rate kicks in. Read more >
Market Mirror
Yesterday, the Dow lost 328.09 points (1.33%) to finish at 24,252.80, the NASDAQ closed 160.81 points (2.09%) lower at 7,532.01, and the S&P 500 decreased 37.81 points (1.37%) to 2,717.07. The Russell 2000 was down 28.07 points (1.67%) at 1,657.51, and the Wilshire 5000 fell 421.25 points (1.46%) to 28,406.42. The price of the 10-year Treasury note was up 6/32, decreasing its yield to 2.875%. The price of the 30-year Treasury bond increased 7/32, bringing its yield down to 3.027%.
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