| Ask the Experts | How Does the Fiduciary Rule Impact 403(b)s? | “I have received dozens of emails in my Inbox regarding the Department of Labor’s (DOL’s) final fiduciary rule. I realize that all these emails probably means that the new rule is important, but I don’t have time to sort through them all. As an Employee Retirement Income Security Act (ERISA) 403(b) retirement plan sponsor, can the Experts give me the “Cliffs notes” on the new rule and how it affects me?”Read more > | | Products, Deals and People | Fiduciary Rule Prompts New Provider Partnership | A new strategic partnership including Vertical Management Systems, Envestnet and United Retirement Plan Consultants will help deliver flexible fiduciary 3(21) and 3(38) outsourcing solutions.Read more > | | Economic Events | Privately owned housing starts in March were at a seasonally adjusted annual rate of 1,089,000, the Census Bureau announced. This is 8.8% below the revised February estimate of 1,194,000, but is 14.2% above the March 2015 rate of 954,000. Single-family housing starts in March were at a rate of 764,000; this is 9.2% below the revised February figure of 841,000. The March rate for units in buildings with five units or more was 312,000. | | Market Mirror | Tuesday, the Dow closed 49.44 points (0.27%) higher at 18,053.60, the NASDAQ fell 19.69 points (0.40%) to 4,940.33, and the S&P 500 was up 6.46 points (0.31%) at 2,100.80. The Russell 2000 was virtually unchanged at 1,140.23, and the Wilshire 5000 gained 94.59 points (0.44%) to finish at 21,681.65.
On the NYSE, 3.1 billion shares traded with advancing issues outnumbering declining issues 2 to 1. On the NASDAQ, 2.7 billion shares changed hands, with a slight lead for advancers.
The price of the 10-year Treasury note was down 5/32, increasing its yield to 1.788%. The price of the 30-year Treasury bond decreased 10/32, bringing its yield up to 2.595%. | | Compliance | Judge Says City National Was Self-Dealing in 401(k) | A federal judge in the U.S. District Court for the Central District of California found that City National Corp. violated employee retirement laws when it chose its own staff to administer its employee retirement plan in exchange for millions of dollars of unchecked, unreasonably high compensation.Read more > | Senators Fighting Fiduciary Rule | Three senators introduced a resolution to stop the DOL’s new fiduciary rule, which they say will make retirement planning unaffordable for low- to middle-income Americans.Read more > | Fiduciary Rule Offers Positives for Retirement Plan Sponsors | Experts say plan sponsors will see an expansion of fiduciary services, and sponsors and participants will be offered more information to help them make informed decisions.Read more > | | Small Talk | WalletHub’s analysts compared the 50 states and the District of Columbia across 20 key metrics that represent financial savvy—or lack thereof. Its data set ranges from annual savings account average to personal bankruptcy rate to credit card debt as a percentage of income. WalletHub found the top five financially savvy states are Minnesota, New Hampshire, North Dakota, Connecticut and New York.Read more > | ON THIS DATE: In 1775, American troops began the siege of British-held Boston. In 1832, Hot Springs National Park was established by an act of the U.S. Congress. It was the first national park in the U.S. In 1836, Congress created the U.S. territory of Wisconsin. In 1861, Robert E. Lee resigned from the U.S. Army. In 1902, scientists Marie and Pierre Curie isolated the radioactive element radium. In 1912, Fenway Park opened as the home of the Boston Red Sox. In 1916, Chicago’s Wrigley Field held its first Cubs game with the first National League game at the ballpark. In 1940, the first electron microscope was demonstrated by RCA. In 1945, during World War II, Allied forces took control of the German cities of Nuremberg and Stuttgart. In 1953, Operation Little Switch began in Korea. It was the exchange of sick and wounded prisoners of war. Thirty Americans were freed. In 1961, the FCC approved FM stereo broadcasting. In 1971, the U.S. Supreme Court upheld the use of busing to achieve racial desegregation in schools. In 1972, the manned lunar module from Apollo 16 landed on the moon. In 1988, the U.S. Air Force’s Stealth (B-2 bomber) was officially unveiled. In 1989, scientists announced the successful testing of high-definition TV. In 1999, Jane Seymour received a star on the Hollywood Walk of Fame.
WEDNESDAY WISDOM: “I’m proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money.”—Arthur Godfrey, radio and television broadcaster and entertainer | Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
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