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| Products, Deals & People | |
| PNC Offers ‘Zero Revenue’ Mutual Fund Platform | |
| PNC Retirement Solutions expects its new zero revenue mutual fund platform for defined contribution retirement plans will help produce lower expense ratios and improved investing outcomes for participants. As explained by PNC, the platform is built around mutual fund share classes with zero revenue sharing. The company says this approach offers better flexibility to plan sponsors, providing additional options for paying plan fees.Read more > | |
| Economic Events | |
The U.S. Census Bureau announced that the combined value of distributive trade sales and manufacturers’ shipments for November, adjusted for seasonal and trading-day differences but not for price changes, was estimated at $1,345.8 billion, down 0.2% from October 2014, but up 2.2% from November 2013. Advance estimates of U.S. retail and food services sales for December, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $442.9 billion, a decrease of 0.9% from the previous month, but up 3.2% from December 2013. Total sales for the 12 months of 2014 were up 4.0% from 2013. Retail trade sales were down 1.1% from November, but 2.6% above last year. Auto and other motor vehicle dealers were up 9.8% from December 2013 and food services and drinking places were up 8.2% from last year. | |
| Market Mirror | |
The Federal Reserve released its Beige Book Wednesday, which revealed concern about consumer spending and oil prices. The Dow fell 186.59 points (1.06%) to 17,427.09, the NASDAQ decreased 22.18 points (0.48%) to 4,639.32, and the S&P 500 lost 11.77 points (0.58%) to finish at 2,011.26. The Russell 2000 was down 3.59 points (0.30%) at 1,177.04, and the Wilshire 5000 closed 115.61 points (0.54%) lower at 21,164.95. On the NYSE, 3.2 billion shares traded, with 1.5 declining issues for every advancing issue. On the NASDAQ, 2.8 billion shares changed hands, with a 1.8 to 1 ratio of decliners to advancers. The price of the 10-year Treasury note was up 16/32, bringing its yield down to 1.846%. The price of the 30-year Treasury bond increased 28/32, decreasing its yield to 2.463%. | |
| Compliance | |
| Tim Bishop, a partner with Mayer Brown LLP, filed an amicus brief on behalf of the International Municipal Lawyers Association in support of the State of Illinois in its appeal of a circuit court decision that struck down the legislature’s attempt to reform the state’s public pensions. “A State’s government may not stand at the sidelines while a fiscal disaster of this dimension plays out, trusting to luck that some economic miracle will come along and save the day. Government has an obligation to all the State’s citizens—and to the United States of which it is an integral part—to use its police powers to avoid impending disaster. That is just what the General Assembly did when it passed the Pension Reform Law,” Bishop wrote.Read more > | |
| From the Magazine | |
| Barry’s Pickings: Updated Mortality Tables | |
| On October 27, 2014, the Society of Actuaries (SOA) released updated mortality tables, reflecting significantly increased longevity. The headline claimed defined benefit (DB) liability valuations will increase significantly—by 4% to 8%. On October 30, the Government Accountability Office (GAO) revealed the interest rates used to value pension liabilities for U.S. multiemployer and state and municipal systems are fully 200 basis points (bps) higher than those used anywhere else.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1870, the first recorded use of a donkey to represent the Democratic Party appeared in Harper’s Weekly. In 1929, Martin Luther King Jr. was born in Atlanta, Georgia. In 1967, at the Los Angeles Coliseum, the Green Bay Packers beat the Kansas City Chiefs in the first-ever Super Bowl. In 1972, “American Pie,” an epic poem in musical form, hit No. 1 on the Billboard charts. In 1974, “Happy Days” premiered on ABC-TV. In 1986, U.S. President Ronald Reagan signed legislation making Martin Luther King, Jr.’s birthday a national holiday, to be celebrated on the third Monday of January. In 2009, a potential disaster turned into a heroic display of skill and composure when Captain Chesley Burnett Sullenberger III safely landed the plane he was piloting on New York City’s Hudson River after a bird strike caused its engines to fail. | |
| SURVEY SAYS: This weekend, the results of the AFC and NFC championship games will reveal who will compete in Super Bowl XLIX. Competing for the AFC title are the Indianapolis Colts and the New England Patriots. Competing for the NFC title are the Green Bay Packers and the Seattle Seahawks. This week, I’d like to know, which team would you most like to see compete in the Super Bowl? You may respond to this week’s survey by 6 p.m .Pacific time today.Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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