| Special Coverage | QDIAs Expected to Gravitate to Customization, Managed Accounts | Experts believe managed accounts could gradually replace target-date funds as the most popular qualified default investment alternative (QDIA) in defined contribution plans.Read more > | PPA Reduced Lawsuits Against Cash Balance Plans | The Pension Protection Act also provided guidance about how to convert a traditional pension to a cash balance plan.Read more > | You can find more of our special coverage of the Pension Protection Act’s 10-year anniversary through the rest of the month on our dedicated microsite.Read more > | | Economic Events | In the week ending August 6, the advance figure for seasonally adjusted initial claims for unemployment insurance was 266,000, a decrease of 1,000 from the previous week’s revised level of 267,000, the Labor Department reported. The four-week moving average was 262,750, an increase of 3,000 from the previous week’s revised average of 259,750.
The average interest rate for a 30-year fixed-rate mortgage is 3.45%, up from 3.43% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 2.76%, up from 2.74%. | | Market Mirror | Thursday, the Dow climbed 117.86 points (0.64%) to 18,613.52, the NASDAQ closed 23.81 points (0.46%) higher at 5,228.40, and the S&P 500 increased 10.30 points (0.47%) to 2,185.79. The Russell 2000 was up 5.84 points (0.48%) at 1,229.11, and the Wilshire 5000 gained 103.79 points (0.46%) to finish at 22.670.50.
On the NYSE, 3 billion shares changed hands, and on the NASDAQ, 2.7 billion shares traded, with 1.7 advancing issues for every declining issue on both exchanges.
The price of the 10-year Treasury note decreased 17/32, bringing its yield up to 1.564%. The price of the 30-year Treasury bond climbed 1 1/32, increasing its yield to 2.275%. | | Compliance | Duke University Employees Sue Over 403(b) Plan | The suit calls out the traditional 403(b) plan model of offering multiple funds, including individual annuities, and using multiple recordkeepers.Read more > | | From the Magazine | Saxon Angle: Actively Managed Funds | Over the last several years, fee litigation under the Employee Retirement Income Security Act (ERISA), as amended, has caused some plan sponsors to rethink the investment options they make available to participants in ERISA-covered plans. Specifically, plan fiduciaries have been increasingly concerned that offering actively managed funds might unnecessarily raise scrutiny from the U.S. Department of Labor (DOL) or the plaintiffs’ bar. While such a sentiment continues to grow within the retirement plan community, it is not grounded by the evidence.Read more > | | Small Talk | ON THIS DATE: In 1851, Isaac Singer was issued a patent on the double-headed sewing machine. In 1865, disinfectant was used for the first time during surgery by Joseph Lister. In 1867, U.S. President Andrew Johnson sparked a move to impeach him when he defied Congress by suspending Secretary of War Edwin M. Stanton. In 1877, Thomas Edison made the first sound recording on a phonograph. In 1898, the Spanish-American War was ended with the signing of the peace protocol. The U.S. acquired Guam, Puerto Rico and the Philippines. Hawaii was also annexed. In 1939, “The Wizard of Oz” premiered in Oconomowoc, Wisconsin. In 1960, the balloon satellite Echo One was launched by the U.S. from Cape Canaveral, Florida. It was the first communications satellite. In 1973, Jack Nicklaus won his 14th major golf title. The win broke the record that had been held by Bobby Jones for 50 years. In 1981, IBM unveiled its first PC. In 1986, Rod Carew became the first player in the history of the California Angels franchise to have his uniform (#29) retired. In 1992, the U.S., Canada, and Mexico announced that the North American Free Trade Agreement had been created after 14 months of negotiations.
And now it’s time for FRIDAY FILES! | This teacher really knows how to make a safety lesson come alive.Read more > | A man late for his flight jumped off the boarding ramp and chased the plane on the runway.Read more > | In Charles City, Iowa, a freight train car derailed and crashed into a bar, the Associated Press reports. The bar’s name? DeRailed.
In Centralia, Washington, there’s a right and a wrong way to kill cockroaches, and one resident used the wrong way. KOMO-TV reports that fire crews were called to an apartment after receiving a report of a fire. A preliminary investigation found that the resident was using bug spray and a lighter to create a flamethrower for killing cockroaches, which sparked the fire. The resident had extinguished the flames before firefighters arrived. | In New Orleans, Louisiana, the Times-Picayune published one creative and funny obituary.Read more > | In Atlantic City, New Jersey, two versions of a New Jersey man’s obituary have appeared together in a newspaper. According to the Associated Press, both obituaries in the Press of Atlantic City say Leroy Bill Black, of Egg Harbor Township, died Tuesday of lung cancer caused by fiberglass exposure. However, the obituary with top billing says he’s survived by his “loving wife” and a son. The second announcement, right beneath the first one with the same photo of Black, says he’s survived by his son, a host of siblings and his long-time girlfriend.
Between Columbus, Ohio, and Las Vegas, an airline passenger was discovered stowing a monkey in his shirt during a flight. According to the Associated Press, law enforcement met up with the plane and determined the monkey was a certified service animal, but a Frontier Airlines spokesman says the passenger broke policy by not informing the airline that he was bringing a service animal onboard, and then refusing to turn over documents verifying the monkey’s status.
Have a great weekend, everyone! | 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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