Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
May 24th, 2019
Compliance
SECURE Act Passes House, Bringing Calls for Senate Collaboration
Reflecting on the much-anticipated House vote, Kevin Walsh, principal with Groom Law Group, said today is an important day for the retirement industry, but it’s not the end of the story. Read more >
Senate and House Staff Already Discussing SECURE Act
Word on the Hill is that the Senate may decide to take up the House version of the SECURE Act as-is—and sooner rather than later. Read more >
DOL Anticipates Proposing Another Fiduciary Rule This Year
The item on the Department of Labor’s (DOL)’s regulatory agenda has moved from a final rule expected in September to a notice of proposed rulemaking in December. Read more >
MOST READ ARTICLES
1
J.P. Morgan Agrees to Settle Stable Value Funds Suit
2
SECURE Act Passes House, Bringing Calls for Senate Collaboration
3
Individuals, Employers and Government All Play a Part in Retirement Readiness
4
Participant Loans: A Fiduciary Storm Brewing?
5
What to Know About Financial Audits Filed with Form 5500s
Sponsored message from PIMCO
2019 PIMCO Defined Contribution Consulting Study
Providing retirement income potential, evaluating TDFs and plan costs, and simplifying investment menus are key. Read more >
Economic Events

Sales of new single‐family houses in April were at a seasonally adjusted annual rate of 673,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 6.9% below the revised March rate of 723,000, but is 7.0% above the April 2018 estimate of 629,000.

 

In the week ending May 18, the advance figure for seasonally adjusted initial claims for unemployment insurance was 211,000, a decrease of 1,000 from the previous week’s unrevised level of 212,000, the Labor Department reported. The four-week moving average was 220,250, a decrease of 4,750 from the previous week’s unrevised average of 225,000.

 

The average interest rate for a 30-year fixed-rate mortgage is 4.06%, down from 4.07% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 3.51%, down from 3.53%.

Market Mirror

Thursday, the Dow dropped 286.14 points (1.11%) to 25,490.47, the NASDAQ lost 122.56 points (1.58%) to finish at 7,628.28, and the S&P 500 closed 34.03 points (1.19%) lower at 2,822.24. The Russell 2000 fell 30.25 points (1.97%) to 1,501.38, and the Wilshire 5000 shed 395.31 points (1.34%) to close at 29,081.51.

 

The price of the 10-year Treasury note increased 28/32, bringing its yield down to 2.316%. The price of the 30-year Treasury bond climbed 1 2/32, decreasing its yield to 2.751%.

Products, Deals and People
Investment Product and Service Launches
American Century to offer ETFs with ActiveShares methodology, and Morningstar reveals global suite of bond indexes. Read more >
Investing
Lack of Track Records Hinder ESG Investing
Additional conclusive information about environmental, social and governance (ESG) investment performance may help retirement plan sponsors be less wary about making ESG investment decisions. Read more >
Small Talk

ON THIS DATE: In 1738, the Methodist Church was established. In 1764, Bostonian lawyer James Otis denounced “taxation without representation” and called for the colonies to unite in demonstrating their opposition to Britain’s new tax measures. In 1830, the first passenger railroad service in the U.S. began. In 1844, Samuel F.B. Morse formally opened America’s first telegraph line. The first message was sent from Washington, D.C., to Baltimore, Maryland. The message was “What hath God wrought?” In 1958, United Press International was formed through a merger of the United Press and the International News Service. In 1961, the Freedom Riders were arrested in Jackson, Mississippi. In 1980, the International Court of Justice issued a final decision calling for the release of the hostages taken at the U.S. embassy in Tehran on November 4, 1979. In 1994, the four men convicted of bombing the New York’s World Trade Center were each sentenced to 240 years in prison. In 2001, Temba Tsheri, 15, became the youngest person to reach the summit of Mount Everest.

 

 

And now it’s time for FRIDAY FILES!

Things our bodies do in 30 seconds. Read more >
Don’t go overboard with commencement celebrations. Read more >
Video shows the consequence of being impatient in a traffic jam. Read more >

In New York City, the police department used a photo of Woody Harrelson in its facial recognition program in an attempt to identify a beer thief who looked like the actor. According to the Associate Press, Georgetown University’s Center on Privacy and Technology highlighted the April 2017 episode in “Garbage In, Garbage Out,” a report on what it says are flawed practices in law enforcement’s use of facial recognition. The report says security footage of the thief was too pixelated and produced no matches while high-quality images of Harrelson, a three-time Oscar nominee, returned several possible matches and led to one arrest.

 

In Teaneck, New Jersey, a bird has displaced soccer players. The Record reports that a killdeer laid eggs on a patch of synthetic grass near one of the goals. It could take one to two months for the eggs to hatch. In the meantime, soccer teams are using alternative fields.

 

In Torrington, Connecticut, a fugitive has made a deal with police to turn himself in. Torrington police Lt. Brett Johnson posted on the department’s Facebook page that the man had contacted him through the social media site and agreed to turn himself in if the post containing his wanted poster gets 15,000 likes. The fugitive, contacted by The Associated Press through Facebook, said, “I wanted to give them a little incentive for all the hard work they put in to catch me.” Maki Haberfeld, an expert in police ethics and procedure at the John Jay College of Criminal Justice, says it is unethical for the police to do this.

 

Have a great Memorial Day weekend! NewsDash will be back in your inbox Tuesday.

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

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

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