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| Market Mirror | |
Yesterday, the Dow was down 106.31 points (0.59%) at 17,852.48, the NASDAQ closed 40.06 points (0.84%) lower at 4,740.69, and the S&P 500 decreased 15.06 points (0.73%) to 2,060.31. The Russell 2000 fell 15.12 points (1.28%) to 1,167.31, and the Wilshire 5000 lost 193.33 points (0.89%) to finish at 21,581.91. On the NYSE, 3.2 billion shares changed hands, with 2.3 declining issues for every advancing issue. On the NASDAQ, 2.8 billion shares traded, with a near 3 to 1 lead for decliners. The price of the 10-year Treasury note was up 14/32, decreasing its yield to 2.258%. The price of the 30-year Treasury bond increased, bringing its yield down to 2.910%. | |
| Compliance | |
| Fiduciaries of Fake Union Plan Ordered to Pay $4.7M | |
| A federal judge has found the fiduciaries of a defunct national multi-employer benefit plan based in Cherry Hill, New Jersey, are liable for approximately $4.7 million in assets that were improperly diverted. James Doyle and Cynthia Holloway, fiduciaries to the Professional Industrial Trade Workers Union Health and Welfare Fund, must make restitution to the plan, with interest, for violating the Employee Retirement Income Security Act (ERISA). The court determined that Doyle and others used the fake Professional Industrial Trade Workers Union as a front for a scheme to operate a purported, union-sponsored employee benefit plan.Read more > | |
| IRS Issues Determination Letter Request Guidance | |
| The Internal Revenue Service (IRS) has provided the 2014 Cumulative List of Changes in Plan Qualification Requirements to be used by plan sponsors and practitioners submitting determination letter applications for plans during the period beginning February 1, 2015, and ending January 31, 2016. Plans using this Cumulative List will primarily be single employer individually designed defined contribution plans and single employer individually designed defined benefit plans that are in Cycle E. In a separate announcement, the IRS extended to June 30, 2015, the deadline for submitting on-cycle applications for opinion and advisory letters for pre-approved defined benefit plans for the plans’ second six-year remedial amendment cycle.Read more > | |
| Small Talk | |
ON THIS DATE: In 1803, the 12th Amendment to the U.S. Constitution was passed by the U.S. Congress. With the amendment, Electors were directed to vote for a President and for a Vice-President rather than for two choices for President. In 1884, Levant M. Richardson received a patent for the ball-bearing roller skate. In 1921, a young engineer at General Motors named Thomas Midgeley Jr. discovered that when he added a compound called tetraethyl lead (TEL) to gasoline, he eliminated the unpleasant noises (known as “knock” or “pinging”) that internal-combustion engines make when they run. For more than five decades after his discovery, oil companies saturated the gasoline they sold with lead. In 1955, Sugar Ray Robinson knocked out Carl Olson and regained his world middleweight boxing title. In 1972, “I Am Woman” by Helen Reddy topped the U.S. pop charts. In 1983, “Scarface,” starring Al Pacino, opened in theaters. In 2002, United Airlines filed for Chapter 11 bankruptcy after losing $4 billion in the previous two years. It was the sixth largest bankruptcy filing in the U.S. at the time.
TUESDAY TRIVIA: As of 2013, the 10 largest U.S. company bankruptcies are Lehman Brothers Holdings, Washington Mutual, Worldcom, General Motors Corporation, CIT Group, Enron Corp., Conseco, MF Global Holdings, Chrysler and Thornburg Mortgage. | |
| TRIVIAL PURSUITS: As big a hit as the movie “Scarface” was, it is not in the top 10 of the highest grossing Al Pacino movies. How many of the top 10 can you guess?Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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