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April 23rd, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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Compliance
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Amended Lawsuit Targets Hess Corp.
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The amended complaint against the Hess Corp. alleges Hess plan fiduciaries provided target-date mutual funds instead of collective investment trusts in the investment lineup. 
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| MARKET MIRROR |
Monday, the Dow rose 253.58 points (0.67%) to close at 38,239.98, the Nasdaq rose 169.30 points (1.11%) to close at 15,451.31 and the S&P 500 rose 43.37 points (0.87%) to close at 5,010.60. The Russell 2000 rose 19.82 points (1.02%) to close at 1,967.47, and the FT Wilshire 5000 Index fell 119.78 points (0.24%) to close at 50,331.53.
The 10-year Treasury note rose 1/32, bringing the yield to 4.614%. The 30-year Treasury bond fell 1/32, bringing the yield to 4.718%.
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SPECIAL COVERAGE
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403(b) Plans
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A consideration of the challenges and considerations employers face when offering 403(b) plans.
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ON THIS DATE: In 1914, Wrigley Field (then known as Weeghman Park) hosted its first Major League Baseball game; the stadium later became the home of the Chicago Cubs. In 1931, the film “The Public Enemy,” was released in theatres, and James Cagney’s landmark performance as a gangster made him a star. In 1936, singer-songwriter Roy Orbison, known for his soaring voice and for his carefully crafted ballads of loneliness and heartache, was born in Vernon, Texas. In 1975, the band the Ramones, which was hugely influential in the rise of punk rock on both sides of the Atlantic Ocean, released its eponymous debut album. In 1984, U.S. Secretary of Health and Human Services Margaret Heckler announced that researchers had found what was believed to be the virus that causes AIDS; the infectious agent was later named HIV. In 1985, the Coca-Cola Company introduced New Coke, a reformulated soft drink meant to replace its flagship beverage; due to public outrage, however, the previous version of Coke was brought back as “Coca-Cola Classic” less than three months later. In 1993, Eritrea began three days of voting on a referendum to make official its independence from Ethiopia. In 1998, James Earl Ray, convicted assassin of Martin Luther King, Jr., died in prison at age 70. In 2005, the first video—which was of YouTube cofounder Jawed Karim’s visit to the San Diego Zoo—was uploaded on the YouTube Web site; approximately one year later the site had some 100 million videos. In 2007, Russian politician Boris Yeltsin—who became in 1991 the first popularly elected leader in his country’s history and guided Russia through a stormy decade of political and economic retrenching until his resignation on the eve of 2000—died at age 76.
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