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| Economic Events | |
| THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about new home sales for July and the Conference Board will release its Consumer Confidence Index for August. Wednesday, the Census Bureau will report about durable goods orders for July, and Thursday, the Labor Department will issue its initial claims report. | |
| Market Mirror | |
U.S. stocks took a beating again Friday amid a global sell-off sparked by fears about China’s slowing economy, and oil tumbled below $40 per barrel for the first time since the financial crisis, according to the Associated Press. The Dow plummeted 530.94 points (3.12%) to 16,459.75, the NASDAQ fell 171.45 points (3.52%) to 4,706.04, and the S&P 500 dropped 64.46 points (3.17%) to 1,971.27. The Russell 2000 closed 15.72 points (1.34%) lower at 1,156.80, and the Wilshire 5000 plunged 624.97 points (2.92%) to 20,770.28. On the NYSE, 3.2 billion shares changed hands, with declining issues outnumbering advancing issues more than 5 to 1. On the NASDAQ, 2.7 billion shares traded, with a more than 2 to 1 lead for decliners. The price of the 10-year Treasury note and the price of the 30-year Treasury bond each increased 6/32, bringing their yields down to 2.048% and 2.737%, respectively. WEEK’S WORTH: For the week ending August 21, the Dow plummeted 5.82%, the NASDAQ plunged 6.78%, and the S&P 500 dropped 5.73%. The Russell 2000 finished 4.61% lower, and the Wilshire 5000 fell 5.63%. | |
| Sponsored message from Charles Schwab | |
| “The unique value of Target-Date Funds” from Charles Schwab Investment ManagementRead more > | |
| Compliance | |
| Court Affirms Dismissal of Verizon Pension Risk Transfer Suit | |
| The 5th U.S. Circuit Court of Appeals has affirmed dismissal of a class-action lawsuit that arose from the decision by Verizon Communications in October 2012 to purchase a single premium group annuity contract from The Prudential Insurance Company of America to settle approximately $7.4 billion of Verizon’s pension plan liabilities. The decision answers allegations that the choices to amend the plan and transfer certain assets to an annuity contract were fiduciary functions, that affected participants should have been asked for consent, and that fees paid for the transaction were excessive, among other things.Read more > | |
| From the Magazine | |
| PLANSPONSOR National Conference Highlights | |
| In early June, hundreds of retirement plan sponsors and industry experts attended our 10th annual PLANSPONSOR National Conference. Read on for highlights from the conference, the results from audience polls and favorite conference tweets. (There’s even a picture of the angry Ewok that moderated a panel of speakers :)).Read more > | |
| Small Talk | |
| Tooth Fairy Earnings Could Add $20K to Retirement Savings | |
| If today’s six-year-olds invest all the money they receive from the Tooth Fairy, they could be sitting on a collective total of roughly $70 billion by the time they reach 67, according to a new analysis from Delta Dental Plans Association. That equals $21,000 per child. Delta Dental’s The Original Tooth Fairy Poll found the average Tooth Fairy gift reached a record high last year.Read more > | |
| ON THIS DATE: In 79, Mount Vesuvius erupted killing approximately 20,000 people. The cities of Pompeii, Stabiae and Herculaneum were buried in volcanic ash. In 1814, Washington, D.C. was invaded by British forces that set fire to the White House and Capitol Building. In 1869, a patent for the waffle iron was received by Cornelius Swarthout. In 1949, the North Atlantic Treaty Organization (NATO) went into effect. The agreement was that an attack against on one of the parties would be considered “an attack against them all.” In 1954, the Communist Party was virtually outlawed in the U.S. when the Communist Control Act went into effect. In 1959, three days after Hawaii was granted statehood, Hiram L. Fong was sworn in as the first Chinese-American U.S. senator, and Daniel K. Inouye was sworn in as the first Japanese-American U.S. representative. In 1967, Paul Anka earned a No. 1 hit with “(You’re) Having My Baby,” a duet with singer Odia Cotes. In 1989, Pete Rose, the manager of the Cincinnati Reds, was banned from baseball for life after being accused of gambling on baseball. In 2005, the planet Pluto was reclassified as a “dwarf planet” by the International Astronomical Union (IAU). Pluto’s status was changed due to the IAU’s new rules for an object qualifying as a planet. Pluto met two of the three rules because it orbits the sun and is large enough to assume a nearly round shape. However, Pluto’s oblong orbit, which overlaps the orbit of Neptune, disqualifies Pluto as a planet. | |
| SURVEY SAYS: Last week, I asked NewsDash readers to help us gauge what changes plan sponsors are making to their plans by telling us when their firm or retirement plan sponsoring entity last executed a plan amendment that was not dictated by new legislation or regulations, and for what reason(s) the amendment was made. We’d like to hear from more of you, so we’re holding the survey open. You may respond to the survey by 6 p.m. Pacific time today.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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