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| Market Mirror | |
EDITOR’S NOTE: The stock market results in yesterday’s NewsDash were for Thursday, April 2, not Friday, April 3, as the stock market was closed Friday. Yesterday, the Dow gained 117.61 points (0.66%) to finish at 17,880.85, the NASDAQ increased 30.38 points (0.62%) to 4,917.32, and the S&P 500 climbed 14.75 points (0.71%) to 2,081.71. The Russell 2000 was up 4.88 points (0.39%) at 1,260.54, and the Wilshire 5000 closed 136.54 points (0.62%) higher at 22,083.17. On the NYSE, 3.2 billion shares traded, with a more than 2 to 1 lead for advancers. On the NASDAQ, 2.8 billion shares changed hands, with 1.2 advancing issues for every declining issue. The price of the 10-year Treasury note decreased 16/32, bringing its yield up to 1.898%. The price of the 30-year Treasury bond fell 1 14/32, increasing its yield to 2.557%. | |
| Compliance | |
| IRS Answers Questions About Reference Lists | |
| The Internal Revenue Service (IRS) has made available frequently asked questions (FAQs) about reference lists of changes in qualification requirements for retirement plans. In February, the agency announced it offers fillable reference lists as tools to help plan sponsors ensure that their plan document incorporates all relevant mandatory and optional changes in plan qualification requirements.Read more > | |
| Reminder About Distributions to Foreign Persons | |
| Sponsors of U.S. retirement plans must generally withhold 30% from a plan distribution paid to a foreign payee unless the plan sponsor can reliably associate the payment with valid documentation that establishes the payee is a U.S. person or a foreign person entitled to a rate of withholding lower than 30%. On an updated page on its website, the Internal Revenue Service (IRS) says documentation can include Form W-9, Form W-8BEN, or other appropriate sources.Read more > | |
| Not Forwarding Contributions and Loans Costs Fiduciaries | |
| A court judgment received by the U.S. Department of Labor (DOL) orders retirement plan fiduciaries to restore $485,560.77 to plan participants. In 1984, Fletcher-Thompson, Inc., an architectural, engineering and interior design firm headquartered in Bridgeport, Connecticut, established The Fletcher-Thompson Savings Plan to provide retirement benefits for its employees. An investigation by the DOL’s Employee Benefit Security Administration (EBSA) found that, beginning in 2008, the company became delinquent in remitting employee deferrals and loan repayments to the plan.Read more > | |
| Investing | |
| Market Timing Among Costliest Participant Mistakes | |
| Effectively timing equity markets is extremely difficult to do, and over the long term, emotional decisionmaking during market lows can rob investors of huge portions of potential returns. During a recent research briefing with J.P. Morgan Asset Management, some of the firm’s top retirement strategists highlighted a stark statistic about the impact of emotional decisionmaking on portfolio returns: ill-timed trading can easily cut 50% or more of participant wealth if not identified and prevented. As David Kelly, J.P. Morgan’s chief global strategist, explains, the difference between a $65,450 balance over 10 years on a $10,000 initial investment and a $32,650 balance in the same time period is just 10 days. In other words, the top-10 days of returns for a decade can bring in as much as half of the gross positive daily returns generated.Read more > | |
| Small Talk | |
ON THIS DATE: In 1930, the first steel columns were set for the Empire State Building. In 1933, prohibition ended in the United States. In 1947, Henry Ford, the founder of Ford Motor Company, which developed the first affordable, mass-produced car–the Model T–and also helped pioneer assembly-line manufacturing, died at his estate in Dearborn, Michigan, at the age of 83. In 1948, the musical “South Pacific” by Rodgers and Hammerstein debuted on Broadway. In 1953, IBM unveiled the IBM 701 Electronic Data Processing Machine. It was IBM’s first commercially available scientific computer. In 1963, at the age of 23, Jack Nicklaus became the youngest golfer to win the Green Jacket at the Masters Tournament. In 1970, John Wayne won his first and only Oscar for his role in “True Grit.” In 2000, U.S. President Clinton signed the Senior Citizens Freedom to Work Act of 2000. The bill reversed a Depression-era law and allows senior citizens to earn money without losing Social Security retirement benefits.
TUESDAY TRIVIA: The Empire State Building was designed by William F. Lamb from the architectural firm Shreve, Lamb and Harmon, in part using its earlier designs for the Reynolds Building in Winston-Salem, North Carolina. To acknowledge its ‘lineage’ from the Reynolds Building, the staff of the Empire State Building sends an annual Father’s Day card to the staff at the Reynolds Building. | |
| TRIVIAL PURSUITS: Have you ever been unable to remember a word or put your finger on the right word? Well, there’s a word for that—do you know what it is?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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