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Quarterly Considerations 06/30/2015

Plan Sponsors

Continuous Duty – The U.S. Supreme Court, in its ruling against Edison International, broadened the responsibility of defined contribution plan sponsors. The Court ruled that sponsors have a “continuing duty to monitor trust investments and remove imprudent ones” even though federal law sets a six-year statute of limitations for lawsuits alleging breaches of fiduciary duty.

Down the Drain – U.S. workers are throwing away $24 billion each year. One-fourth of workers missed out on at least part of their company’s match, the
equivalent of $1,336 each year for the average worker, according to a Financial Engines study.

Nonprofit Organizations

Speedy Recovery – Charitable giving rose 5.4% last year to a record $358.4 billion. Donations topped the record giving figure achieved in 2007, just before the recession. The 2009-2014 recovery is the fastest on record in the past 40 years, according to Giving USA.

Private Clients

Now is the Time! – Slower summertime schedules provide a great opportunity to spend some time reviewing your personal finances. From insurance needs to beneficiary designations to cash flow projections, please contact our Advisors if you need assistance with evaluating any areas of your financial life.

Flunking Social Security – Approximately 70% of people who took a 10-question quiz about Social Security facts flunked, according to a survey conducted by insurer MassMutual. The opportunity cost of not understanding your benefit options could be meaningful. Please contact our Advisors for a discussion on this entitlement program.

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