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| Kimberly-Clark Divides Pension Obligations Between Insurers | |
| Kimberly-Clark has entered into purchase agreements with The Prudential Insurance Company of America and Massachusetts Mutual Life Insurance Company for group annuity contracts that will transfer payment responsibility for retirement pension benefits owed to approximately 21,000 Kimberly-Clark retirees in the U.S. An independent fiduciary decided a transaction split between the two insurers was the safest available annuity structure to provide retiree benefits.Read more > | |
| Sponsored message from SEI | |
| Is your plan lineup designed to help participants succeed? SEI’s DC Trends Research Series investigates the actions plan sponsors are taking in terms of simplifying the menus of their defined contribution plans.Read more > | |
| Products, Deals & People | |
| Thomas E. Clark, Jr., an Employee Retirement Income Security Act (ERISA) specialist and employee benefits lawyer, has joined the Wagner Law Group. “Clark is a well-seasoned litigator complementing the strong ERISA and employment litigation department, which will be expanding in 2015,” says Marsha Wagner, managing director of the Wagner Law Group.Read more > | |
| Alliance Benefit Group-Illinois is now providing Dave Ramsey’s SmartDollar financial counseling program to 401(k), 403(b) and 457(b) retirement plan participants. Ramsey, a well-known personal finance guru, says his SmartDollar program helps teach defined contribution (DC) retirement plan participants sound financial principles, like saving, spending wisely and eliminating debt, so they can avoid financial difficulties and become retirement ready.Read more > | |
| Economic Events | |
| Existing-home sales declined in January to their lowest rate in nine months, but the pace was higher than a year ago for the fourth straight month, according to the National Association of Realtors. All major regions experienced declines in January, with the Northeast and West seeing the largest drops. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 4.9% to a seasonally adjusted annual rate of 4.82 million in January (the lowest since last April’s 4.75 million) from an upwardly-revised 5.07 million in December. Despite January’s decline, sales are higher by 3.2% than a year ago. | |
| Market Mirror | |
The slump in crude oil prices and disappointing U.S. home sales data helped nudge stocks mostly lower on Monday, according to the Associated Press. The Dow was down 23.60 points (0.13%) at 18,116.84, the NASDAQ was up 5.01 points (0.10%) at 4,960.97, and the S&P 500 decreased by 0.64 of a point (0.03%) to 2,109.66. The Russell 2000 was virtually unchanged at 1,231.83, and the Wilshire 5000 slipped 18.55 points (0.08%) to 22,260.00. On the NYSE, 3.2 billion shares traded, with a slight lead for decliners. On the NASDAQ, 2.8 billion shares changed hands, with 1.3 declining issues for every advancing issue. The price of the 10-year Treasury note was up 17/32, decreasing its yield to 2.055%. The price of the 30-year Treasury bond increased 1 6/32, bringing its yield down to 2.658%. | |
| Compliance | |
| Pushback and Applause for Fiduciary Rule Remarks | |
| Brian Hamburger, president and chief executive of MarketCounsel, a business and regulatory compliance consulting firm, says he is thrilled the concept of fiduciary responsibility is getting attention. “However,” he says, “the comments show the White House is as confused about this issue as we fear Americans are confused.” It’s disturbing to Hamburger that the White House continues to look at “financial adviser” as if all advisers are alike. The issue has less to do with advisers bilking clients out of retirement savings, he thinks. It is more broadly about conflicts of interest and how broker/dealers operate.Read more > | |
| Obama Weighs In on Fiduciary Rule | |
| The Obama administration published an outline of remarks the president would deliver to the AARP, in which he argues financial advisers are subject to serious conflicts of interest. The administration says these conflicts of interest are costing middle class families and individuals billions of dollars every year.Read more > | |
| Small Talk | |
ON THIS DATE: In 1803, the Supreme Court, led by Chief Justice John Marshall, decided the landmark case of Marbury v. James Madison, Secretary of State of the United States and confirmed the legal principle of judicial review—the ability of the Supreme Court to limit Congressional power by declaring legislation unconstitutional. In 1868, the U.S. House of Representatives voted 11 articles of impeachment against President Andrew Johnson, nine of which cited Johnson’s removal of Secretary of War Edwin M. Stanton, a violation of the Tenure of Office Act. The House vote made President Johnson the first president in U.S. history to be impeached. In 1982, Wayne Gretzky scored his 77th goal, breaking a record held by Phil Esposito of 76 goals in a single season. In 1991, after six weeks of intensive bombing against Iraq and its armed forces, U.S.-led coalition forces launched a ground invasion of Kuwait and Iraq.
TUESDAY TRIVIA: The original M&M colors were red, yellow, brown, green and violet. | |
| TRIVIAL PURSUITS: What does each “M” stand for in M&Ms?Read more > | |
| 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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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