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Sponsored message from Fidelity Investments |
The Fidelity Global Institutional Investor Survey: The Future of Investment Management What will the investment world look like in 2025?Read more > |
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Industry Voices |
Voluntary Benefits Have a Vital Role in Protecting Employees’ Retirement Savings |
These employee-paid benefits provide essential protection in the event of a critical illness, disability, accident or other event, such as identity theft, that could quickly undermine an individual’s financial stability, says John A. Thornton, executive vice president, sales and marketing, with Amalgamated Life Insurance Company.Read more > |
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Market Mirror |
Monday, the Dow climbed 265.06 points (1.15%) to 23,327.46, the NASDAQ closed 50.76 points (0.77%) higher at 6,635.28, and the S&P 500 increased 21.11 points (0.85%) to 2,506.85. The Russell 2000 was up 10.63 points (0.79%) at 1,348.55, and the Wilshire 5000 gained 209.06 points (0.82%) to finish at 25,750.23. The price of the 10-year Treasury note increased 10/32, bringing its yield down to 2.683%. The price of the 30-year Treasury bond was up 8/32, decreasing its yield to 3.015%. |
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Compliance |
DOL Urged to Expand Association Retirement Plan Proposal |
Many industry groups that submitted comments to the Department of Labor (DOL) argued that the plain language of Section 3(5) of the Employee Retirement Income Security Act (ERISA) indicates non-related employers could participate in multiple employer plans (MEPs).Read more > |
Chevron Plaintiffs Make One More Attempt to Win ERISA Challenge |
In a case that alleges, among other things, that defendants breached their ERISA duties by offering a money market fund rather than a stable value fund as a capital preservation option, plaintiffs say the 9th Circuit imposed strict pleading standards that conflict with its own decisions as well as those of other circuits.Read more > |
DOL Asked for Guidance on Retirement Plan Cybersecurity |
The ERISA Advisory Council is asking the DOL to provide guidance on how plan sponsors should evaluate the cybersecurity risks they face and to require them to be familiar with the various security frameworks used to protect data as well as to build a cybersecurity process.Read more > |
MetLife Settles With Massachusetts Regarding Pension Risk Transfer Beneficiary Payments |
MetLife has been accused of failing to take sufficient measures to locate annuitants, declaring them dead and transferring the assets for their benefits to the firm.Read more > |
PBGC to Provide Early Financial Assistance to Union Pension |
The Pension Benefit Guaranty Corporation (PBGC) has approved a partition application and will provide early financial assistance to the Plasters & Cement Masons Local No. 94 Pension Plan. The early financial assistance, together with benefit reductions that are required as a condition for receiving assistance, will help the plan avoid insolvency.Read more > |
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Small Talk |
GOBankingRates polled 1,001 Americans to find out their plans for their tax refunds and found 27% said they plan to pay off debt. Only 7% said they will put their tax refund into a retirement savings account.Read more > |
ON THIS DATE: In 1788, Georgia became the 4th state to ratify the U.S. Constitution. In 1842, in Fairmount, Pennsylvania, the first wire suspension bridge was opened to traffic. In 1882, the Standard Oil Trust agreement was completed and dated. The document transferred the stock and property of more than 40 companies into the control of nine trustees lead by John D. Rockefeller. This was the first example of what became known as a holding company. In 1890, Alice Sanger became the first female White House staffer. In 1892, Ellis Island opened as America’s first federal immigration center. Annie Moore, at age 15, became the first person to pass through. In 1935, Bruno Richard Hauptmann went on trial for the kidnap-mur.der of Charles Lindbergh’s baby. In 1960, Senator John F. Kennedy of Massachusetts announced his candidacy for the Democratic presidential nomination. In 1965, Joe Namath signed the richest rookie contract ($400,000) in the history of pro football. In 1971, in the U.S., a federally imposed ban on television cigarette advertisements went into effect. In 1974, President Richard M. Nixon signed a bill requiring all states to lower the maximum speed limit to 55 MPH. The law was intended to conserve gasoline supplies during an embargo imposed by Arab oil-producing countries. WEDNESDAY WISDOM: “Be at war with your vices, at peace with your neighbors, and let every new year find you a better [person].”—Benjamin Franklin |
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