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| Products, Deals and People | |
| DST Systems announced the implementation of a streamlined enrollment functionality on its TRAC recordkeeping platform that allows eligible plan participants to enroll in their retirement plans in as few as two clicks.Read more > | |
| Market Mirror | |
Tuesday, the Dow lost 90.74 points (0.49%) to finish at 18,313.77, the NASDAQ closed 46.46 points (0.90%) lower at 5,137.73, and the S&P 500 decreased 13.81 points (0.64%) to 2,157.03. The Russell 2000 was down 16.78 points (1.38%) at 1,202.34, and the Wilshire 5000 fell 161.96 points (0.72%) to 22,339.78. On the NYSE, 3.1 billion shares traded, with declining issues outnumbering advancing issues more than 3 to 1. On the NASDAQ, 2.6 billion shares changed hands, with a near 3 to 1 lead for decliners. The price of the 10-year Treasury note decreased 9/32, bringing its yield up to 1.555%. The price of the 30-year Treasury bond fell 26/32, increasing its yield to 2.307%. | |
| Sponsored message from Alger | |
| Alger: Conversations With Tomorrow The Future of Technology: Smarter Tech, Smarter People, Smarter PlanetRead more > | |
| Compliance | |
| Franklin Templeton 401(k) Plan Latest Cited in Self-Dealing Suit | |
| A participant in the Franklin Templeton 401(k) plan has sued Franklin Resources and the plan’s investment committee alleging that defendants breached their fiduciary duties by causing the plan to invest in funds offered and managed by Franklin Templeton, when better-performing and lower-cost funds were available.Read more > | |
| Trustee and Counsel for Union Found Guilty of Retaliation | |
| The U.S. District Court for the Central District of California found that the trustee for the Cement Masons Southern California Trust Funds Scott Brain and trust counsel Melissa Cook violated sections 510 and 404 of the Employee Retirement Income Security Act (ERISA) when they caused the firing of Cheryle Robbins and Cory Rice. Robbins and Rice, both of whom served the trust funds, filed an internal complaint regarding wrongdoing by Brain as a trustee and cooperated with a federal criminal investigation.Read more > | |
| From the Magazine | |
| True-Up Employer Matches Even Things Out | |
| For employers that match periodically throughout the year, each employer contribution is based on the participant deferral for that time period. Any contribution changes an employee makes during the year could alter the match, even if he contributes enough that year to receive the full amount. A true-up is how the employer’s contributions are evened out so participants receive the maximum value from the employer match.Read more > | |
| Small Talk | |
| Employed persons worked an average of 7.6 hours on the days they worked, according to the American Time Use Survey (ATUS) from the Bureau of Labor Statistics (BLS). On the days they worked, employed men worked 42 minutes more than employed women. The survey also found men spend more time on leisure activities, while women spend more time on household activities.Read more > | |
ON THIS DATE: In 1492, from the Spanish port of Palos, Italian explorer Christopher Columbus set sail in command of three ships—the Santa Maria, the Pinta, and the Nina—on a journey to find a western sea route to China, India, and the fabled gold and spice islands of Asia. In 1900, Firestone Tire & Rubber Co. was founded. In 1923, Calvin Coolidge was sworn in as the 30th president of the United States, hours after the death of President Warren G. Harding. In 1936, runner Jesse Owens won the first of his four Olympic gold medals. In 1949, after a damaging three-year battle to win both players and fans, the rival Basketball Association of America (BAA) and National Basketball League (NBL) merged to form the National Basketball Association (NBA). In 1958, the U.S. nuclear submarine Nautilus accomplished the first undersea voyage to the geographic North Pole. In 1984, gymnast Mary Lou Retton won a gold medal at the Los Angeles Summer Olympics. In 1996, “Macarena (Bayside Boys Mix)” started a record-setting run at No. 1 on the Billboard Hot 100 (60 weeks). WEDNESDAY WISDOM: “Correction does much, but encouragement does more.”—Johann Wolfgang von Goethe, German writer | |
| 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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