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| Products, Deals & People | |
| The new website of Millennium Trust Co. allows clients to remotely access agreements, tools and resources from the firm’s line of retirement account rollover solutions. The site allows for clients to complete the automatic rollover process in three steps and download and read about current issues affecting the automatic rollover industry.Read more > | |
| Market Mirror | |
| The Dow was down 10.22 points (0.06%) at 17,540.47, the NASDAQ closed 34.40 points (0.67%) higher at 5,139.94, and the S&P 500 gained 6.52 points (0.31%) to reach 2,099.84. The Russell 2000 rose 2.91 points (0.24%) to 1,231.75, and the Wilshire 5000 increased 49.89 points (0.23%) to 22,116.82. On the NYSE, 3.2 billion shares changed hands, with 1 advancing issue for every decliner, and on the NASDAQ, 2.8 billion shares traded, with a nearly 3:2 ratio of advancers to decliners. The price of the 10-year Treasury note fell 13/32, bringing its yield up to 2.271%. The price of the 30-year Treasury bond dropped 1 2/32, making its yield 2.951%. | |
| Compliance | |
| DOL Publishes Fiduciary Rule Hearing Schedule | |
| The schedule of testimony is posted on the department’s website. Hearings on the controversial rulemaking will take place August 10 through 13 at the Department of Labor (DOL) offices in Washington, D.C. With the hearings, the DOL is bringing to a head years of heated public debate and discussion, much of it written into formal comment letters.Read more > | |
| IRS Unveils Mortality Tables for 2016 Pension Funding | |
| The IRS notice provides mortality assumptions “to be used for defined benefit pension plans under Section 430(h)(3)(A) of the Internal Revenue Code [IRC] and Section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406, as amended (ERISA). These updated tables … apply for purposes of calculating the funding target and other items for valuation dates occurring during calendar year 2016.”Read more > | |
| 11th Circuit Reaffirms Delta Air Lines Stock Drop Victory | |
| A district court initially dismissed Dennis Smith v. Delta Airlines Inc., et al. in March 2006, but the subsequent appeals have only just concluded, with the 11th Circuit ruling that the Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer “does not alter our prior disposition of this case.”Read more > | |
| Small Talk | |
| ON THIS DATE: In 1787, at the Constitutional Convention in Philadelphia, debate began on the first draft of the U.S. Constitution. In 1914, Austria-Hungary declared war against Russia. Serbia declared war against Germany. In 1926, at age 19, Gertrude Ederle became the first American woman to swim the English Channel. The swim took her 14 1/2 hours. In 1926, Warner Brothers premiered its Vitaphone system in New York. The movie was “Don Juan,” starring John Barrymore. In 1965, President Lyndon B. Johnson signed the Voting Rights Act. In 2012, The Mars rover Curiosity landed on the floor of Gale Crater; it had launched from Cape Canaveral Air Force Station, Florida, on November 26, 2011. SURVEY SAYS: Health Care Costs in Retirement Yesterday, we reported on yet another survey that calculates significant health care costs in retirement. This latest data suggests a 65-year-old couple retiring today should expect to spend as much as $220,000 on health care over the course of 20 years. On top of that, health care spending is projected to grow 5.8% each year through 2022. This week, we’d like to know, are you worried being able to cover health care costs in retirement and have you communicated such expected costs to participants?Read more > |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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