 | June 26th, 2024
Insight on Plan Design & Investment Strategy Every Weekday | | | Compliance | | PNC Wins ERISA 401(k) Excessive-Fee Lawsuit | | | A Pennsylvania federal judge ruled that an expert witness to the plaintiffs was unreliable, dismissing the argument that the plan paid excessive fees to its recordkeeper Alight. | | | Benefits | | Employers Can Trust Address Provided by Employees | | For employers, mailing COBRA notices by first-class mail to a former employee’s last known address is acceptable, Illinois federal court rules. | | | Most Read | Compliance
DOL’s Late IB 95-1 Report Concludes More Time Is Needed | Compliance
PNC Wins ERISA 401(k) Excessive-Fee Lawsuit | Data and Research
Vanguard: Auto-Enrollment Continues to Boost Savings, Deferral Rates | | | |
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| | ECONOMIC EVENTS | | The Conference BoardConsumer Confidence Indexdipped in June to 100.4, down from 101.3 in May. ThePresent Situation Index—based on consumers’ assessment of current business and labor market conditions—increased to 141.5 from 140.8 last month. However, theExpectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—fell to 73.0 in June, down from 74.9 in May. The Expectations Index has been below 80 (the threshold which usually signals a recession ahead) for five consecutive months. | | |
| | MARKET MIRROR | | Tuesday, the Dow fell 299.05 points (0.76%) to close at 39,112.16, the Nasdaq rose 220.84 points (1.26%) to close at 17,717.65 and the S&P 500 rose 21.43 points (0.39%) to close at 5,469.30. The Russell 2000 fell 8.47 points (0.42%) to close at 2,022.35, and the FT Wilshire 5000 Index rose 156.73 points (0.29%) to close at 54,477.15. The 10-year Treasury note decreased 23/32, bringing the yield to 4.252%. The 30-year Treasury bond decreased 3/32, bringing the yield to 4.382%. | | | | Opinions | | Why PBGC’s Flat-Rate Premiums Need to Drop | | Lowering premiums might spur some organizations to consider offering a defined benefit plan, which could be an additional form of income in retirement. | | | Ask the Experts | | What Tests Determine Who Is a Highly Compensated Employee? | | Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations. | |
| | SMALL TALK
| ON THIS DATE: In 1945, the Charter of the United Nations was signed in San Francisco. In 1974, baseball player Derek Jeter—who, as one of the game’s leading competitors, helped the New York Yankees win multiple World Series—was born. In 1976, Toronto’s CN Tower opened to public. At 1,815 feet, it was the world’s tallest freestanding structure until being surpassed in 2007 by the Burj Khalifa in Dubai, United Arab Emirates. In 1977, Elvis Presley performed in public for the last time. In 1979, after almost 20 years of professional fights, heavyweight champion Muhammad Ali announced his retirement from boxing. In 1997, J.K. Rowling’s “Harry Potter and the Philosopher’s Stone” (also called “Harry Potter and the Sorcerer’s Stone”), and the first book of the author’s popular series about a boy wizard, was first published in London. In 2003, politician Strom Thurmond—who was one of the longest-serving senators in U.S. history and a prominent states’ rights and segregation advocate—died at age 100. In 2013, in “United States v. Windsor,” the Supreme Court struck down the provision in the Defense of Marriage Act that defined marriage for federal purposes as a legal union between one man and one woman. In 2015, in “Obergefell v. Hodges,” the Supreme Court rules that state bans on same-sex marriage were unconstitutional; writing for the majority, Justice Anthony Kennedy stated that “no longer may this liberty be denied.” | | | Industry Intel Roundup—Featured Webinars | | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring webinars sponsored by experienced providers in the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. | | | September 19, 2024 | | Financial Wellness | | Plan sponsors, advisers and policy experts will offer suggestions for how best to define and measure the financial wellness of participants and drive financial confidence. The panel will also review how they evaluate the myriad new offerings appearing as a result of the voluntary benefits provisions of SECURE 2.0. Attendees will come away with tangible metrics for determining which programs will offer the most useful and valuable programs for their employees. |
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| | | December 12, 2024 | | Plan Benchmarking | | How do plan sponsors determine the right goals for their plans or measure plan success? What tools are available to benchmark retirement plans? What should plans be measuring and how often? What kinds of actions or improvements can measurements drive? These questions and more will be answered in PLANSPONSOR’s final editorial webinar of 2024. |
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| | | SPONSORED BY: Corebridge Financial | June 20, 2024 | | The Future of Work in an Aging World | | A combination of longer life expectancy and plunging birth rates has created a very different demographic future, especially in industrialized countries. In the US, we are entering Peak 65®, the period when most of the Baby Boom generation will have already retired, and by the end of this decade, people over the age of 65 in the US will outnumber people under the age of 18 for the first time ever. Over the last century, the population over the age of 65 has grown at a rate five times faster than the total population and will continue to do so for the foreseeable future.Other countries have begun to feel the consequences of aging long before the US. In Japan, 30% of the population is already over 65, and 10% is over 80. Countries like Japan, South Korea and Singapore have already begun to reshape work, retirement, health care, and housing rules to prepare for the “silver tsunami”.These changes will have profound implications on everything from how we work to how and when we retire to how we think about healthy aging. |
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| | | SPONSORED BY: Newport, an Ascensus company | June 13, 2024 | | Gain the Edge: Navigating NQDC Trends | | Recent changes in the nonqualified deferred compensation (NQDC) plan landscape present new opportunities for employers. Tap into the latest trends—and use them to your advantage.Newport, an Ascensus company, and PLANSPONSOR have partnered to bring you the 2024 Newport/PLANSPONSOR NQDC Trends Survey. Don’t miss this year’s webinar, where our experts will share critical insights from the report.Leveraging data from over 268 of the country’s leading employers, this report is the retirement industry’s broadest and most comprehensive employer view of NQDC plans. |
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