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| Best of PSNC | |
| PLANSPONSOR is taking the show on the road to bring plan sponsors and retirement plan advisers across the country the same in-depth and insightful information provided at our National Conference each year. In a concise 1/2 day format, we’ll drill down into the latest trends and best practices, as well as future thinking about retirement plan design, participant engagement and education, investment options and solutions, and, of course, regulatory and litigation updates. Request an invitation and select the location you would most prefer.Read more > | |
| Market Mirror | |
Yesterday, the Dow closed 59.58 points (0.32%) higher at 18,636.05, the NASDAQ gained 29.12 points (0.56%) to finish at 5,262.02, and the S&P 500 was up 6.10 points (0.28%) at 2,190.15. The Russell 2000 increased 12.04 points (0.98%) to 1,241.86, and the Wilshire 5000 climbed 89.38 points (0.39%) to 22,748.74. On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues nearly 2 to 1. On the NASDAQ, 2.7 billion shares changed hands, with a more than 2 to 1 lead for advancers. The price of the 10-year Treasury note decreased 14/32, bringing its yield up to 1.559%. The price of the 30-year Treasury bond fell 1 3/32, increasing its yield to 2.283%. | |
| Sponsored message from Alger | |
| Smarter Technologies, Healthier Bodies Visionary medical expert Dr. Daniel Kraft discusses the future of medicine and its impact on our lives. View Video:Read more > | |
| Compliance | |
| More University 403(b) Plans Targeted in Excessive Fee | |
| Excessive fee lawsuits have been filed against 403(b) plans of Emory University, the University of Pennsylvania, Johns Hopkins University and Vanderbilt University. The complaints are nearly identical to those filed against other large universities, alleging that instead of using the plans’ bargaining power to benefit participants and beneficiaries, the defendants allowed unreasonable expenses to be charged to participants for administration of the plans, and retained high-cost and poor-performing investments compared to available alternatives. The suits call out the traditional 403(b) plan model of offering multiple funds (fund lineups of the plans in the suits range from 78 to more than 400), including individual annuities, and using multiple recordkeepers. Read more > | |
| Claims Survive Dismissal in Allianz Self-Dealing Suit | |
| The U.S. District Court for the Central District of California has mainly denied a motion from Allianz Asset Management to dismiss a self-dealing Employee Retirement Income Security Act (ERISA) lawsuit?but the motion was not entirely unsuccessful. Read more > | |
| From the Magazine | |
| Insights: What the 'PPA' Stands For | |
| It’s amazing to see the clear preponderance of lawmakers who supported the Pension Protection Act (PPA), not only in the majority party in Congress but the support by all of Congress. In our recent and current political climate, when can you remember such a law bringing folks together and working across the aisle? Read more > | |
| Small Talk | |
| ON THIS DATE: In 1842, in New York City, the U.S. government took over operations of the City Despatch Post. This was the first congressionally authorized local postage delivery. In 1858, a telegraphed message from Britain’s Queen Victoria to U.S. President James Buchanan was transmitted over the recently laid trans-Atlantic cable. In 1861, U.S. President Abraham Lincoln prohibited the Union states from trading with the states of the Confederacy. In 1923, Carnegie Steel Corporation put into place the eight-hour workday for its employees. In 1937, Harvard University became the first school to have graduate courses in traffic engineering and administration. In 1954, Sports Illustrated was published for the first time. In 1984, the U.S. Jaycees voted to admit women to full membership in the organization. | |
| TRIVIAL PURSUITS: Have you ever wondered what causes the curved shape of bananas?Read more > | |
| 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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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