| Change in Pension Calculations Drives Up CEO Pay | S&P 500 firms last year funded an average
$1.3 million to their CEO retirement benefits, compared to $467,000 in 2013—a
10.6% one-year increase, according to research released by The Conference
Board. The research found that among larger firms (with market capitalization
of $5 billion or greater), these exceptional one-year rises in 2014 mostly
resulted from decisions by many organizations to revise their calculations for
CEO pension contributions. What are the key factors that prompted these changes?Read more > | A report from Celent explores how a new
generation of plan providers is making 401(k) administration less painful and
more cost-effective for smaller companies, providing them access to services
previously reserved for much larger firms.Read more > | Retirement Planning Takes a Life Vision | Experts assembled for a retirement-themed
webcast hosted by the American Institute of Certified Public Accountants
(AICPA) and 360 Degrees of Financial Literacy covered a range of topics, but one
interesting point stood out: There is more to retirement planning than making
financial calculations—more to living in retirement than securing an income
stream.Read more > | Sales of group pension buy-outs reached $3.8
billion in the second quarter of 2015—a record for second quarter sales dating
back to the early 1990’s, according to a LIMRA Secure Retirement Institute
sales survey. And, it’s not just big companies making the move.Read more > | | Products, Deals & People | Investment Product Launches for the Week | This week’s investment product launches include
an expanded fund lineup from Guardian Retirement Solutions and a multi-asset
growth fund from Oppenheimer.Read more > | | Economic Events | New orders for manufactured durable
goods in July increased $4.6 billion or 2.0% to $241.1 billion, the U.S. Census
Bureau announced. This increase, up two consecutive months, followed a 4.1%
June increase. Excluding transportation, new orders increased 0.6%. Excluding
defense, new orders increased 1.0%. Transportation equipment, also up two
consecutive months, led the increase, jumping $3.8 billion or 4.7% to $83.2
billion.
In the week ending August 22, the
advance figure for seasonally adjusted initial claims for unemployment
insurance was 271,000, a decrease of 6,000 from the previous week’s unrevised
level of 277,000, the Labor Department reported. The four-week moving average
was 272,500, an increase of 1,000 from the previous week’s unrevised average of
271,500.
The average interest rate for a 30-year fixed-rate
mortgage is 3.84%, down from 3.93%, according to Freddie Mac. The average
interest rate for a 15-year fixed-rate mortgage is 3.06%, down from 3.15%.
| | Market Mirror | Major U.S.
stock indices continued their rebound Thursday. The Dow increased 369.26 points
(2.27%) to 16,654.77, the NASDAQ climbed 115.17 points (2.45%) to 4,812.71, and
the S&P 500 gained 47.15 points (2.43%) to finish at 1,987.66. The Russell
2000 was up 21.42 points (1.89%) at 1,153.61, and the Wilshire 5000 closed
493.63 points (2.42%) higher at 20,921.50.
On the NYSE,
3.2 billion shares changed hands, with advancing issues outnumbering declining
issues more than 8 to 1. On the NASDAQ, nearly 2.8 billion shares traded, with
a more than 3 to 1 lead for advancers.
The price of the 10-year Treasury note was down 4/32,
increasing its yield to 2.189%. The price of the 30-year Treasury bond was up
3/32, decreasing its yield to 2.929%.
| | Compliance | Boeing Settles 401(k) Fee Case | Boeing has reportedly moved to settle Spano vs. Boeing, with news of the
settlement coming a day after the long-running 401(k) fee case was slated for
another round of arguments before a district court. Earlier this month the U.S.
District Court for the Southern District of Illinois said it would hear new
arguments in the case August 26, but according to the law firm Schlichter,
Bogard and Denton, Boeing has instead decided to settle accusations that it
violated Employee Retirement Income Security Act (ERISA) provisions.Read more > | | From the Magazine | Avoiding Common Loan and Hardship Mistakes | Sponsors may face several types of loan
problems, says Carol Buckmann, counsel, pensions and benefits, at law firm
Osler, Hoskin & Harcourt LLP. “The sponsor may make loans that exceed the
maximum dollar limit allowed. The plan may have used the wrong loan-repayment
schedule. It may not have calculated the interest owed correctly. Or it may not
have handled a participant loan default correctly.”Read more > | | Small Talk | ON
THIS DATE: In 1907,
the American Messenger Company was started by two teenagers, Jim Casey and
Claude Ryan. The company’s name was later changed to “United Parcel
Service.” In 1922, the first
radio commercial aired on WEAF in New York City. The Queensboro Realty Company
bought 10 minutes of time for $100. In 1963,
on the steps of the Lincoln Memorial, Reverend Dr. Martin Luther King, Jr. gave
his “I Have a Dream” speech at a civil rights rally in Washington, D.C.
And now it’s time for FRIDAY FILES!
| Each state’s most embarrassing Google searches.Read more > | This cat didn’t need a new cat door.Read more > | In Hanover, Germany, a
Norwegian man was driving back to Oslo When he decided to stop at a bank to get
money. When he was unable to withdraw money from that bank, he walked to
another to withdraw funds. Germany’s The Local reported that he was unable to
retrace his steps to find his car, and he had lost the piece of paper on which
he wrote down the name of the street where he parked. His search for his car
lasted three weeks, in which a local resident helped him look and let him stay
at her residence. Finally, a reader of the Hannoverische Allgemeine Zeituing
told the newspaper she noticed an abandoned car parked in front of her house.
In Beijing, China, a woman
was stopped by security at the airport and told she could not bring a bottle of
imported cognac on the plane in her carry-on. It was too late to transfer the
cognac to her checked-in luggage, so she sat down in a corner and drank the
entire bottle by herself. According to The Nanfang newspaper’s website, the
woman started acting wildly and yelling incoherently. She fell to the floor and
was unable to get up. When police arrived at the scene, they decided not to let
her board her flight out of concern that she had become a security risk to
others and herself. The woman was taken to a convalescence room and was checked
out by a doctor. She was eventually released by police to her family who had
come to Beijing Airport to escort her home.
| In Wildwood,
Missouri, a woman shared with a TV station that she saw the face of Donald
Trump in a tub of butter. (Shaking my head.)Read more > | In New York, New York, as a
JetBlue flight arriving from Jamaica was taxiing toward a gate at JFK Airport,
a 61-year-old passenger seated at a window attempted to climb over her seat
mate, and the two women got into an altercation. The 61-year-old pulled out an
eyebrow razor and slashed at her 52-year-old seat mate, and the younger woman
pulled out pepper spray, according to CBS News. Seven people were treated for
difficulty breathing, and the two women were arrested at the airport.
In Madisonville,
Kentucky, a woman broke into a home with the intention of stealing
prescription medication and cigarette filters. But, while there, she noticed
the stove had been left on by the owners and she worried it was a fire hazard,
according to the local NBC News station. So, she called 911. She is now in
jail.
Have a great weekend! | 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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