Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
August 8th, 2018
Wells Fargo Gets Dismissal of Proprietary TDF Suit Affirmed
A federal appellate court has affirmed dismissal of a lawsuit against Wells Fargo alleging that the bank engaged in self-dealing and imprudent investing of its own 401(k) plan’s assets by funneling billions of dollars of those assets into Wells Fargo’s proprietary target-date funds (TDFs). The 8th Circuit ruled that the plaintiff failed to allege sufficient facts to demonstrate that the Wells Fargo TDFs were an imprudent choice. Read more >
Millennial Spending Habits Won’t Impede Retirement Savings
A recent LendEDU study of more than 1,000 Millennial Americans, ages 22 to 37, revealed 27% of respondents expend more on coffee monthly than on retirement savings and 49% of Millennials spend more on restaurants than into their 401(k) or other plan. However, the average Millennial will save $480 for retirement in a month. Read more >
Financial Wellness Offerings a Value-Added Service for DC Plan Clients
Nearly three-quarters (73%) of advisers report that they specifically offer financial wellness support to defined contribution (DC) plan clients, according to LIMRA Secure Retirement Institute (LIMRA SRI). While most advisers support financial wellness services, managing debt is one of the least likely features to be included in the wellness programs. Read more >
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Court Orders Business Owner to Prison for Embezzling 401(k) Funds
The U.S. District Court for the District of Kansas has sentenced business owner Brenda Wood to serve 50 months of imprisonment followed by an additional five years of supervised release, and to make restitution including $69,000 in employee and matching employer contributions, as well as lost earnings due to the 401(k) plan, and approximately $4.3 million for fraudulent loans and identity theft. Read more >
U.S. Equities Boost Institutional Investor Returns in Q2 2018
Institutional assets tracked by Wilshire Trust Universe Comparison Service (Wilshire TUCS) posted an all-plan median return of 0.88% for the second quarter and 7.50% for the year ending June 30. Read more >
Market Mirror
Market Mirror
Tuesday, the Dow climbed 126.73 points (0.50%) to 25,628.91, the NASDAQ gained 23.99 points (0.31%) to finish at 7,883.66, and the S&P 500 closed 8.05 points (0.28%) higher at 2,858.45. The Russell 2000 was up 3.99 points (0.24%) at 1,688.30, and the Wilshire 5000 increased 75.40 points (0.25%) to 29,764.56.   The price of the 10-year Treasury note was down 9/32, increasing its yield to 2.978%. The price of the 30-year Treasury bond decreased 20/32, bringing its yield up to 3.122%.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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