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| Market Mirror | |
Friday, the Dow rose 65.06 points (0.37%) to 17,763.24, the NASDAQ was up 6.71 points (0.14%) at 4,886.94, and the S&P 500 closed 7.27 points (0.35%) higher at 2,066.96. The Russell 2000 increased 3.95 points (0.32%) to 1,255.66, and the Wilshire 5000 gained 77.56 points (0.35%) to finish at 21,946.62. On the NYSE, 3.2 billion shares traded, with a 1.8 to 1 ratio of advancers to decliners. On the NASDAQ, 2.8 billion shares changed hands, with 1.5 advancing issues for every declining issue. The price of the 10-year Treasury note was up 20/32, decreasing its yield to 1.843%. The price of the 30-year Treasury bond increased 31/32, bringing its yield down to 2.489%. WEEK’S WORTH: For the week ending April 3, the Dow closed 0.29% higher, the NASDAQ slipped 0.09%, and the S&P 500 was up 0.27%. The Russell 2000 climbed 1.23%, and the Wilshire 5000 gained 0.46%. | |
| Compliance | |
| IRS Expands Auto Feature Voluntary Correction Safe Harbor | |
| The Internal Revenue Service (IRS) says a new revenue procedure, 2015-28, “modifies but does not supersede” an earlier revenue procedure, 2013-12, which in part defines methods for plan sponsors to voluntarily correct issues with plan “auto features” so as to avoid jeopardizing their plans’ tax-advantaged status. In short, the 2015-28 revenue procedure modifies the safe harbor correction methods and examples in Appendices A and B of the 2013-12 revenue procedure to provide additional leeway and alternative correction methods for employee elective deferral failures.Read more > | |
| From the Magazine | |
| Insights: Pension (Mis)perceptions | |
| I recently saw a press release discussing a poll about Americans’ opinions of public pensions. The headline claimed “72% of Americans are concerned about public pension costs.” After reading the results and finding the content did not seem relevant to our audience, I put it aside. Later, however, the survey positioning nagged at me. After revisiting the poll’s questions and responses, I debated whether they were presented in a way that suggested government employees get a better benefit than private-sector workers do. Also, the survey did not clarify whether the respondents knew anything about how much government workers pay into their pensions or the degree to which those plans are funded by tax money.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1841, John Tyler was sworn in as president. Tyler was elected as William Harrison’s vice president earlier in 1841 and was suddenly thrust into the role of president when Harrison died one month into office. In 1896, the Olympic Games, a long-lost tradition of ancient Greece, were reborn in Athens 1,500 years after being banned by Roman Emperor Theodosius I. At the opening of the Athens Games, King Georgios I of Greece and a crowd of 60,000 spectators welcomed athletes from 13 nations to the international competition. In 1917, two days after the U.S. Senate voted 82 to 6 to declare war against Germany, the U.S. House of Representatives endorsed the declaration by a vote of 373 to 50, and America formally entered World War I. In 1965, U.S. President Lyndon B. Johnson authorized the use of ground troops in combat operations in Vietnam. In 1985, William J. Schroeder became the first artificial heart recipient to be discharged from the hospital. In 1987, Sugar Ray Leonard took the middleweight title from Marvin Hagler. | |
| SURVEY SAYS: NCAA Contenders | |
| Last week, I asked NewsDash readers, “Which of the final four would you like to see win the tournament?” Three in ten (30.8%) of responding readers would like to see the University of Wisconsin win the tournament, while 18.5% wanted the championship to go to Michigan State University. Nine percent of readers are pulling for Duke University, and 10.8% were hoping the University of Kentucky would win. Six percent of readers said they hope anyone but Duke wins the tournament, and 9.2% of readers already have their wish that anyone but Kentucky will win. Slightly more than 15% of respondents chose “none/don’t care.” Early on, I realized, due to a couple of reader comments, that my choice of “anyone but Michigan” was not correct, as Michigan is not the same Michigan State, so about two hours into the survey, I changed that choice. Among the verbatim responses, there was excitement about March Madness and feelings that it boosted morale in the workplace, though a few respondents don’t care much for basketball. Regarding my reference to “March Madness” in the survey, Editor’s Choice goes to the reader who said: “Isn’t it April?” Thanks to everyone who participated in our survey!Read more > | |
| Share the good news with a friend! Pass the Dash along – and tell your friends/associates they can sign up for their own copy.Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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