|
| Market Mirror |
Wednesday, the Dow decreased 39.73 points (0.16%) to 24,140.91, the NASDAQ increased 14.16 points (0.215) to 6,776.38, and the S&P 500 was virtually unchanged at 2,629.27. The Russell 2000 closed 7.88 points (0.52%) lower at 1,508.88, and the Wilshire 5000 was down 25.13 points (0.09%) at 27,267.42. The price of the 10-year Treasury note was up 6/32, decreasing its yield to 2.332%. The price of the 30-year Treasury bond increased 7/32, bringing its yield down to 2.723%. |
|
| Sponsored message from AVIVA |
| Will U.S. tax reform create a tailwind for credit?A dramatic shift in US tax policy is on the horizon, and some key provisions could affect credit markets. Aviva Investors discusses how borrowers and investors may react, and where interest rate spreads could go from here.Read more > |
|
| Compliance |
| CenturyLink Faces ERISA Lawsuit on Custom Large Cap Fund Design |
| The complaint seeks to state a claim—without relying on hindsight—by arguing the underperformance of a large cap fund was “virtually guaranteed because it contained a serious design flaw from inception.”Read more > |
| Court Decision in PBGC Suit Shows Sponsors Have Ultimate Fiduciary Liability |
| U.S. Magistrate Judge Candy W. Dale of the U.S. District Court for the District of Idaho has denied Idaho Hyberbarics Inc. (IHI) a motion for leave to file a third-party complaint. The case concerns a Pension Benefit Guaranty Corporation (PBGC) audit of the termination of IHI’s defined benefit (DB) plan. During the audit, the agency found that full distribution of assets to plan participants was not made in a timely manner and that IHI failed to pay them the full value of their annuity contracts. IHI now argues that a third party bears responsibility for any improper administration of the plan, and seeks to file a third-party complaint against CJA & Associates. “IHI cannot delegate fully its statutory responsibilities under ERISA [Employee Retirement Income Security Act],” Dale says in her opinion.Read more > |
|
| Industry Voices |
| When Creating a 401(k) Engagement Strategy, Don’t Forget Those Outside the Plan |
| Many current 401(k) engagement strategies ignore those employees who would like to save in a 401(k) but feel as though they can’t, suggests Nathan Voris, managing director, business strategy, Schwab Retirement Plan Services.Read more > |
|
| Small Talk |
| ON THIS DATE: In 1787, Delaware became the first state to ratify the U.S. constitution. In 1796, John Adams was elected to be the second president of the United States. In 1836, Martin Van Buren was elected the eighth president of the United States. In 1925, swimmer Johnny Weissmuller set a world record in the 150-yard freestyle with a time of 1 minute, 25 and 2/5 seconds. He went on to play “Tarzan” in several movies. In 1926, the gas-operated refrigerator was patented by The Electrolux Servel Corporation. In 1941, Pearl Harbor, located on the Hawaiian island of Oahu was attacked by nearly 200 Japanese warplanes. The attack resulted in the U.S. entering into World War II. In 1972, Apollo 17 was launched at Cape Canaveral. It was the last U.S. moon mission. In 1987, Soviet leader Mikhail S. Gorbachev set foot on American soil for the first time. He had come to the U.S. for a Washington summit with U.S. President Ronald Reagan. In 1989, East Germany’s Communist Party agreed to cooperate with the plan for free elections and a revised constitution. In 1995, a probe sent from the Galileo spacecraft entered into Jupiter’s atmosphere. The probe sent back data to the mothership before it was presumably destroyed. |
| SURVEY SAYS: It’s time for our biennial favorite holiday movie survey. This week, I’d like to know, “What is your favorite holiday movie?” You may respond to this week’s survey by 6 p.m. Pacific time today.Read more > |
| Share the news with a friend! Pass the NewsDash along and tell your friends/associates they can sign up for their own copy.Read more > |
