| Court Enforces 401(a) Plan’s Mandatory Arbitration Provision | The U.S. District Court for the District of New Jersey ruled that a 401(a) plan’s mandatory arbitration provision for benefits claims does not violate the Employee Retirement Income Security Act (ERISA). In its opinion, the court noted that Section 1133(2) of ERISA requires that employee benefit plans provide “a reasonable opportunity to any participant whose claim for benefits has been denied for a full and fair review by the appropriate named fiduciary of the decision denying the claim.” Plaintiff Lorraine H. Luciano alleged that the 401(a) plans arbitration provision required her to share the cost of arbitration, which violated Section 1133(2) of ERISA.Read more > | | Products, Deals and People | MassMutual Offers New Group Insurance Coverages | Massachusetts Mutual Life Insurance Co. introduced new insurance coverages to help working Americans protect their finances and savings against critical illnesses and accidents.Read more > | | 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 VideoRead more > | | Market Mirror | Yesterday, the Dow closed 14.24 points (0.08%) lower at 18,529.29, the NASDAQ decreased 7.98 points (0.15%) to 5,213.14, and the S&P 500 decreased by 1.98 (0.09%) to 2,180.89. The Russell 2000 closed 10.48 points (0.86%) higher at 1,230.42, and the Wilshire 5000 was down 6.64 points (0.03%) at 22,627.91.
On the NYSE, 3.1 billion shares traded, with 1.3 advancing issues for every declining issue. On the NASDAQ, 2.7 billion shares changed hands, with a slight lead for decliners.
The price of the 10-year Treasury note was down 1/32, increasing its yield to 1.594%. The price of the 30-year Treasury bond was up 5/32, decreasing its yield to 2.309%. | | Investing | TDF Market Complexity Brings Opportunity | The latest research from Cerulli Associates highlights the possibility of offering more than one target-date fund (TDF) suite within the defined contribution (DC) plan investment menu.Read more > | | Small Talk | ON THIS DATE: In 1831, the first steam locomotive began its first trip between Schenectady and Albany, New York. In 1842, the U.S. and Canada signed the Webster-Ashburton Treaty, which solved a border dispute. In 1854, “Walden” was published by Henry David Thoreau. In 1859, the escalator was patented by Nathan Ames. In 1892, Thomas Edison received a patent for a two-way telegraph. In 1910, A.J. Fisher received a patent for the electric washing machine. In 1936, Jesse Owens won his fourth gold medal at the Berlin Olympics. He was the first American to win four medals in one Olympics. In 1944, the Forest Service and the Wartime Advertising Council created “Smokey the Bear.” In 1945, the U.S. dropped an atomic bomb on Nagasaki. The bombing came three days after the bombing of Hiroshima. About 74,000 people were killed. In 1974, U.S. President Richard Nixon formally resigned. Gerald R. Ford took his place, and became the 38th president of the U.S. In 1975, the New Orleans Superdome as officially opened when the Saints played the Houston Oilers in exhibition football. In 2004, Donald Duck received the 2,257th star on the Hollywood Walk of Fame. In 2004, Trump Hotel and Casino Resorts announced plans to file for Chapter 11 bankruptcy.
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