| With the state’s deficit growing, Illinois lawmakers trying to establish a budget are batting around the idea of taxing retirement income. According to news reports, no formal legislation has been put in writing. And, some state legislators and lobbying groups are trying to preempt any such legislation.Read more > | A Time for Education and Exchanging Ideas | This year’s PLANSPONSOR National Conference was very successful in addressing issues with which plan sponsors may be struggling, educating about trends to help some catch up to their peers and improve participant outcomes, and providing forward-thinking ideas to present to retirement plan committees. Plan sponsors attending the PLANSPONSOR National Conference were reminded of the important role they play in solving the retirement crisis in America. PLANSPONSOR is preparing for another successful conference, and in 2016, it will be at the Renaissance Hotel in Washington, D.C.Read more > | | Sponsored message from MetLife | 2015 Stable Value Study The 2015 Stable Value Study is commissioned to gain insight into the market for this capital preservation option in DC plans.Read more > | | Economic Events | Existing-home sales dropped off considerably in November to the slowest pace in 19 months, but some of the decrease was likely because of an apparent rise in closing timeframes that may have pushed some transactions into December, according to the National Association of Realtors. All four major regions saw sales declines in November. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 10.5% to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million) from a downwardly revised 5.32 million in October. After last month’s decline (largest since July 2010 at 22.5%), sales are now 3.8% below a year ago—the first year-over-year decrease since September 2014. | | Market Mirror | Tuesday, the Dow climbed 165.65 points (0.96%) to 17,417.27, the NASDAQ closed 32.19 points (0.65%) higher at 5,001.11, and the S&P 500 increased 17.75 points (0.88%) to 2,038.90. The Russell 2000 was up 9.94 points (0.88%) at 1,137.68, and the Wilshire 5000 gained 178.55 points (0.86%) to finish at 20,925.01.
On the NYSE, 3.1 billion shares traded, with a more than 3 to 1 lead for advancers. On the NASDAQ, 2.7 billion shares changed hands, with 1.7 advancing issues for every declining issue.
The price of the 10-year Treasury note was down 13/32, increasing its yield to 2.237%. The price of the 30-year Treasury bond decreased 31/32, bringing its yield up to 2.959%. | | Compliance | Want to Weigh In on Providing SARs to Participants? | The Office of Management and Budget (OMB) is asking for comments about the necessity of providing Summary Annual Reports to participants, the amount of burden it creates for responders and how to improve the reporting.Read more > | GASB Issues Several New Standards for Governmental Plans | The Governmental Accounting Standards Board (GASB) has made good its promise to issue Exposure Drafts proposing accounting and financial reporting guidance related to fiduciary activities, certain asset retirement obligations, and pension issues.Read more > | | Small Talk | One in five workers has argued with a coworker about office temperature, and the wrong temperature can lead to lower productivity, a survey finds.Read more > | ON THIS DATE: In 1788, Maryland voted to cede a 100-square-mile area for the seat of the national government. About two-thirds of the area became the District of Columbia. In 1823, the poem “A Visit from St. Nicholas” by Clement C. Moore (” ‘Twas the night before Christmas…”) was published. In 1856, Ralph Collier was issued a U.S. patent for the first rotary egg-beater with rotating parts. In 1893, the Engelbert Humperdinck opera “Hansel und Gretel” was first performed, in Weimar, Germany. In 1913, the Federal Reserve Bill was signed into law by U.S. President Woodrow Wilson. The act established 12 Federal Reserve Banks. In 1922, the British Broadcasting Corporation began daily news broadcasts. In 1942, Bob Hope agreed to entertain U.S. airmen in Alaska. It was the first of his traditional Christmas shows. In 1951, a National Football League (NFL) championship game was televised nationally for the first time. The Los Angeles Rams beat the Cleveland Browns 24-17. In 1954, the Walt Disney movie “20,000 Leagues Under the Sea” was released. In 1986, the experimental airplane Voyager, piloted by Dick Rutan and Jeana Yeager, completed the first nonstop, around-the-world flight without refueling as it landed safely at Edwards Air Force Base in California. In 1997, Terry Nichols was convicted by a Denver jury on charges of conspiracy and involuntary manslaughter in the 1995 federal building bombing in Oklahoma City.
WEDNESDAY WISDOM: “Remember that the happiest people are not those getting more, but those giving more.”— H. Jackson Brown, Jr., American author | 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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